One Inc., a leading provider of cloud-based software for the insurance industry, today announced the release of ClaimsPay, a claims payment solution that lets insurers deliver claim payouts, instantly, to a claimant’s bank account, debit card, or prepaid debit card.
As the insurance industry is undergoing a major transformation, the concept of sending checks to policyholders is expensive and doesn’t meet customer expectations in our evolving digital world. Checks are slow, get lost and require a host of reconciliation and other management procedures. It is estimated that the average check costs insurers up to $4.00 to send out and manage.
One, Inc. is pleased to announce its claims check replacement solution – ClaimsPay™. ClaimsPay is a new component of ProcessOne®, the industry leading payment cloud-based processing software. ClaimsPay puts One, Inc. in a leadership position with both inbound and outbound real time payments and solutions designed for the insurance industry. One, Inc. is currently the only insurance software that includes inbound and outbound real-time payment services as part of their payment software platform.
ProcessOne has an industry leading tokenization process that allows all payment methods, including check and credit card, to be tokenized without exposing credit card and other financial data. Most significantly, ClaimsPay uses the same tokens that were created for payments and can send claims payments using these rails ensuring a secure transaction and great customer experience.
“For many policyholders, the ability to receive payments in real time will be a game changer,” says Karen Furtado, Partner, SMA. “One, Inc’s continued focus on innovation in the insurance payment processing space continues to transform the customer experience positioning insurers to provide superior customer service.”
“We have just begun an initiative to remove claims checks from our processes and we are excited ClaimsPay is addressing this problem,” Raimundo Ruiz, Chief MGA Officer, Confie. “The innovation that One, Inc. is providing to us as a customer has enabled us to provide a modern customer experience.”
“With ClaimsPay we are proud to announce that the claims check is dead,” says Christopher Ewing, CEO of One, Inc. “It is well known that there is a direct correlation between the speed of adjudicating a claim and severity. With real time claims payments carriers can service a much wider range of customers, and they will love that their claims payments arrive instantly. ClaimsPay will also save carriers money by eliminating the need for couriers and wire transfers.”