One launches network token optimisation for insurers

As part of the collaboration with Visa, One is leveraging Token ID, a Visa Solution, which enables banks, merchants, regional payments schemes, clearing houses, and other payments stakeholders like One to build, manage, and control their own tokenization capabilities.

Network tokenization, which allows One to tokenize cards directly with Visa and other card brands, continues to take hold across the payments landscape. One’s implementation of Token ID, along with its ability to provide this solution with other card brands, is a frictionless payment experience that the company enables for both insurers and their policyholders.

Network tokens have led to a 2.5% increase in approval rates, helping to increase revenue for insurers and spike policyholder renewals, according to the press release. Since network tokens are continually updated, the need for card re-issuance due to expiration date, card loss, and theft are reduced. This prevents decline scenarios that can cause friction within the customer experience and also policyholder defections, especially with recurring transactions.

One PremiumPay technology provides a foundation so insurers can use the full array of network tokenization benefits to ensure their payment authorisations are optimised and costs are mitigated. Representatives stated that through partnerships, they’re securing the payments ecosystem and bring simplified payment experiences to their customers.