Insurance industry payments network One Inc has launched a collaboration with J.P. Morgan Payments.
The new partnership integrates J.P. Morgan Payments’ capabilities with One Inc’s PremiumPay and ClaimsPay solutions, giving insurance carriers access to One Inc’s suite of inbound and outbound digital payment services, the companies said in a Tuesday (Oct. 15) news release.
“The insurance industry has a unique and complex set of needs when it comes to digitization, and One Inc’s payments framework complements our commitment to providing innovative solutions that help address these challenges,” Jason Tiede, global head of corporate development and partnerships at J.P. Morgan Payments, said in the release.
“By expanding our relationship, we’re empowering our P&C insurance clients with the tools they need to streamline payments processes and meet the evolving demands of their policyholders.”
The partnership involves the addition of One Inc’s PremiumPay inbound solution to the existing ClaimsPay integration for disbursements, allowing mutual property and casualty (P&C) insurance clients to streamline payment processes with One Inc’s digital wallet.
In addition, the collaboration lets carriers swiftly adopt cloud-based ClaimsPay and PremiumPay solutions, while reducing implementation costs and time and enjoying lower administrative costs and enhanced fraud protection.
PYMNTS spoke recently with One Inc CEO Ian Drysdale about the complexities of the insurance sector, an industry so large it’s not clear how big it actually is. Some estimates peg it at $12 trillion, encompassing areas like health ($1.3 trillion), property and casualty ($1.5 trillion) and auto ($652 billion).
“Insurance is one of the most complex markets on the planet,” Drysdale told PYMNTS, adding it is sorely in need of a digital overhaul — and there are still $500 million worth of paper checks flowing in the United States alone.
The goal is for providers like his company to transform those paper payments into electronic ones, automatically reconciled in different back offices. In the meantime, the rise of the company’s digital payments network, connecting far-flung stakeholders, also enhances the user experience, he said, adding that embedded payments can help improve the overall user experience while helping to boost corporate margins.
“You might pay your auto insurance 12 times a year, or you might pay for other insurance several times a year,” Drysdale said. “That’s when you really ‘experience’ your insurance company.”
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