One Inc is transforming the insurance sector by introducing a simplified and unified payment network. By concentrating solely on the insurance industry, One Inc assists carriers in raising their operations by lowering costs, boosting security, and improving customer experience.
The partnership ensures the integration of U.S. Bank’s money movement and banking services with One Inc’s solutions, upgrading customers' claims and premium processing experiences.
U.S. Bank ranks among the largest commercial banks in the US. Its stability and experience in payments and insurance will support managing complex claims and payment processes for mutual carrier customers. Moreover, with One Inc’s Digital Wallet, insurance carriers can simplify payment methods across various channels, including credit and debit cards, Apple Pay, Google Pay, PayPal, Venmo, and ACH transactions.
This partnership is set to increase the adoption of instant payments in the insurance sector in the coming years. U.S. Bank participated in the inaugural transaction on the RTP Network and was a launch partner for the FedNow Service. By merging U.S. Bank's instant payment capabilities with One Inc’s Digital Payments Network tailored for the insurance industry, this collaboration will enable insurance providers to offer quicker payment solutions for claims disbursements.
Representatives from One Inc stated that U.S. Bank and their company are both committed to upgrading the insurance payment experience, making it easier and more efficient for both insurers and their policyholders.
In September 2024, One Inc partnered with Cogitate, a cloud-native provider specialising in core policy, billing, and claims.
Cogitate has successfully integrated One Inc’s digital payment processing with its Digital_Edge_ Insurance Platform. This collaboration addresses a crucial aspect of the payment process, which has grown more complex due to the evolving digital insurance landscape and economic fluctuations. These challenges call for increased due diligence, which Cogitate and One Inc are actively addressing to improve both the efficiency and modernity of the policyholder experience.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now