Digital claims payments increase retention, lower costs, and reduce risk by delivering fast, secure payment disbursements for insurance claims.
Cardplatforms is pleased to announce that it has teamed up with One Inc to power digital prepaid cards for ClaimsPay®, part of the One Inc Digital Payments Platform designed specifically for insurance. One Inc serves the insurance payments needs of over 100 insurance companies for both inbound premiums and outbound claims while processing billions of dollars in premiums per year. One Inc anticipates having the same level of success processing insurance claims with ClaimsPay®.
Currently, 65% of all insurance claims are still paid by check. However, customer expectations have changed. Today’s consumers are demanding faster claims payments. According to PYMNTS.com, only 7% of people prefer checks while 22% prefer instant payments. The launch of ClaimsPay®will address this challenge by aligning how insurers pay with how consumers want to be paid.
Chris Ewing, Co-Founder and CEO of One Inc states, “Insurance companies often employ many people solely dedicated to cutting and managing checks. Checks are an antiquated, inefficient, and expensive method of paying insurance claims that take too long and result in very low customer satisfaction rates. With ClaimsPay®, insurance claims are paid digitally resulting in immediate payment, a superior experience for both the insurance company and their customers, and ultimately a healthier environment.”
Mr. Ewing adds,“We partnered with Cardplatforms because of their unparalleled experience and track record of delivering highly effective corporate payment solutions. The flexibility and security of their Blu Box technology platform allows One Inc to deliver payments to our insurance company clients and their customers in exactly the way they prefer.”
“We are excited to team with One Inc to help insurers turn claims payments from a burden into an opportunity,” commented Jeff Foster, CEO and Founder, Cardplatforms. “Hundreds of billions of dollars in insurance claims are paid each year with physical checks. Considering that the overall number of checks used has crashed by more than 50% since 2000, this is fairly astonishing. We believe we can convert a huge percentage of these claims checks into digital payments, replacing frustration and delays with speed and a much better experience.”
Mr. Foster adds, “This is another example of Cardplatforms further cementing our evolution into a digital corporate payments company while we remain one of the largest prepaid card providers in the United States.”
ClaimsPay®offers several digital ways for insurers to pay claims as part of the platform to best meet the needs of the insured. Digital cards allow insurers to disburse funds to policyholders instantly, accelerating the time-to-settle and serving insureds that prefer to use mobile payment methods such as Apple Pay. Consumers can manage funds through their online account and immediately make online purchases. The digital cards do not require a bank account, making them convenient choices for unbanked consumers and a lifesaver in catastrophes when banks are unavailable.
About One Inc
One Inc provides insurance companies a digital payments platform designed to increase retention, decrease admin expenses, and mitigate data security risk – while simplifying compliance. The One Inc Digital Payments Platform combines multi-channel digital communications with electronic payment processing and disbursement, creating a frictionless premiums and claims payments experience. As one of the fastest growing digital payments platforms in the insurance industry, One Inc manages billions of dollars per year in premiums and claims payments. For more information, please visit www.oneincsystems.com.
Cardplatforms®delivers impactful payment solutions to underserved populations and markets, where traditional financial services have failed to provide affordable and convenient options. Leveraging a unique blend of industry expertise and proprietary technology, we design and develop white-label payment solutions that are specifically tailored to the needs of our partners and their consumers. Our experience navigating an ever-changing payments landscape, combined with the control provided by our Blu Box™technology platform, allows us to fully customize programs and get them launched faster. Learn more at cardplatforms.com.