Christopher Ewing, CEO
It is fascinating to witness the drastic evolution of global payment landscape over the years. With innovations that deliver convenience, security, and speed to payments, the payment and card industry is poised to reinvent itself. A large beneficiary of this evolution is the insurance industry that can leverage the time-proven and innovative e-payment solutions to simplify payments, drive efficiencies and improve customer experience. However, many insurance companies that want to embrace this transformation are often met with the same “one-size-fits-all” solutions used by banks and other industries. Per Christopher Ewing, CEO of One, Inc., there are seven big challenges around payments that are critical for insurance companies: PCI compliance, tokenization, security, reconciliation to their core systems, payments processing and associated costs, customer satisfaction, and the availability of portal and mobile application for enabling seamless digital payments. Headquartered in Folsom, CA, One, Inc. is transforming the insurance industry with their robust SaaS digital engagement solutions that enables insurance companies to grow their business and offer superior digital engagement and service to their customers.
The New Phase of Digital Payment
One, Inc.’s suite of solutions helps insurance carriers digitally engage with their customers while reducing the cost and time associated with managing payments. The solution takes into account multiple functions—from payment processing and reconciliation to inbound and outbound interactive voice response (IVR), data warehousing, and business intelligence—that are essential for insurance companies to succeed in today’s competitive landscape. “We operate in one vertical–insurance, and drive the digital engagement revolution through seamless payments,” says Ewing. Today, with an ever-growing rate of monthly transactions and increasing data integrity problems, carriers often struggle with monitoring of cash flow and reconciliation of those payments. To address these challenges caused by a sharp rise in credit card transactions, One, Inc. has developed ProcessOne®
, a payment processing and reconciliation solution. ProcessOne allows insurance carriers to streamline their internal workflows with aggregated payment routing and reconciliation capabilities. The solution can be quickly and easily integrated into a carrier’s existing billing and payment portals, allowing customers to make real-time payments via the most convenient means.
We operate in one vertical–insurance, and drive the digital engagement revolution through seamless payments
One, Inc.’s PCI-DSS certified endto-end tokenization reduces compliance concerns and provides data security beyond encryption, replacing a cardholder’s sensitive credit card data with a randomized token. The solution permits all payment methods—including check and credit card—to be tokenized, without exposing credit card and other financial data. Complementing the capabilities of ProcessOne, One, Inc. also offers PortalOne™, a personalized webbased credit card payment portal that improves the overall billing and payment experience for customers. With PortalOne, policyholders can make secure payments from any device and also gain 24/7 access to their account and payment information. “Our simple APIs empower app developers to bring cards to all apps on mobile, wearable, and other connected devices, enabling consumers to make payments and redeem offers,” says Tim Tyannikov, COO and Co-Founder, One, Inc..
The Secret to Self-service Payments
As a part of the payment solution, One, Inc. offers ContactOne®
, a digital engagement software suite that has customized, automated calling and messaging capability which helps carriers to reach the customers for cancellation, non-renewal or other policy events. It reduces inbound customer service calls by enabling the insured to make self-service payments. ContactOne even knows where a policyholder stands in their policy life cycle and sends automated messages to keep them engaged—resulting in increased customer retention and satisfaction. “We are the first company to handle both inbound and outbound real-time payments, and this is one of the things that make us unique,” says Ewing. One, Inc. has recently added one more tool to its arsenal, ClaimsPay, which is a claims payment solution that lets insurers instantly deliver claim payouts to a claimant’s bank account, debit card, or prepaid debit card.
With the most advanced and flexible methods that combine core insurance functions, One, Inc. has essentially eliminated paper checks from the claims payment landscape. For instance, by using the same tokens created by ProcessOne, carriers can receive claims payment instantaneously and serve a wider range of customers through secure transactions. To enable better customer service, One, Inc. has also developed ancillary payment products such as ePay™, SocialPay™, SignOne™, and ClaimsOne®
. With SocialPay, carriers can quickly streamline their payment processes and send reminders via social media. The solution has an inbuilt chatbot engine, and a natural language processor to help carriers boost the customer service.
On the other hand, ePay enables call center agents to process payments without recording the credit card details, which enhances the data security. These capabilities make One, Inc. not just a payment provider, but a policy management and enterprise-level solution provider for carriers to run their entire insurance business. The company’s scalable, reliable, and configurable solutions are developed and rigorously tested in real-world insurance management scenarios. “We are trusted by some of the world’s leading insurance companies to process their payments—millions of dollars every day,” asserts Ewing. In one instance, SafeAuto Insurance Company, a U.S. Property/Casualty (P&C) Insurer, embraced One, Inc. to provide a better payment processing experience to its customers through IVR, texting, and a host of other digital engagement solutions. By leveraging One, Inc.’s payment solutions, the client was able to reduce the complexity and cost of PCI DSS compliance by removing payment data and tokenizing this data in a safe and secure way. The speed and success of the implementation illustrate One, Inc.’s commitment to enabling clients to achieve maximum efficiency with reduced operational expense and increased customer satisfaction.
"One, Inc. looks to the future and tries to build products that the clients may not require now, but after a couple of years they will be glad that we have built them"
Taking the Legacy Forward
With the huge influx of new technologies, players, products, and business models, the opportunities for disruption in the insurance industry is not showing any signs of slowing down. Nevertheless, the legacy systems in place can cause organizations years to upgrade their processes and access new markets. As a trusted partner for many insurance companies, One, Inc.’s dedicated experts truly understand a carrier’s needs and where they are trying to go. “We are liberating organizations from the chains of legacy systems with our modern, cloud-based platform that provides immediate access to everything an organization needs to run their insurance business,” says Ewing. This helps carriers bring new offerings to market quickly, with the ability to go live and start selling the product to customers in weeks, rather than years. “Continuous improvement is our objective, and the SaaS architecture enables us to deliver our promise of providing frequent software upgrades to insurers, with less customer risk, and lower adoption costs,” says Tyannikov. For insurers, the future may be hard to predict, but need not be hard to prepare for. “One, Inc. looks to the future and tries to build products that the clients may not require now, but after a couple of years they will be glad that we have built them,” says Ewing. The latest innovation from One, Inc. is Alexa Voice integration, which can send reminders to policyholders about the upcoming due date or policy cancellations. One, Inc. promises to take its rich legacy forward in a manner conducive to client partnership while developing new and innovative products. In the last 90 days alone, the company has won five large national accounts and four deals. “We are confident that our team will continue to work together to ensure our platform meets the demands of an ever-changing market,” concludes Ewing.