One Inc, a digital payments platform exclusively serving the insurance industry, has unveiled the latest release of the company’s digital claims payments product, ClaimsPay®. With upgraded features and functionality, ClaimsPay solidifies the platform’s unique position as a complete inbound-outbound payments solution for insurance companies, managing general agencies (MGAs), and third-party administrators (TPAs).
The highly anticipated new release gives insurers the ability to expand claims payment methods to include Automated Clearing House (ACH), ClaimsCard™ instant payments, check processing, and direct-to-debit. These expedited payment methods allow insurance companies to close claims faster and at a lower cost than solely relying on the traditional process of mailing out paper checks.
In addition to facilitating a broader range of payment methods, ClaimsPay enables insurers to easily send one-off and automated repeat payments to a single claimant or multiple vendors, providers, and insureds. The platform allows the vendors and providers, as well as the policyholders, to easily select preferred payment methods. The One Inc Digital Payments Platform is the only platform that can tokenize and store payment methods within an account for the purpose of both premiums and claims payments. Other features include daily batch reporting with downloadable Excel files, a variety of digital engagement options for interacting with customers, and strong security measures, such as multi-party approval and two-factor authentication.
Embark General, a long-term customer of One Inc, implemented the latest version of ClaimsPay to help reduce the time and expense incurred utilizing existing claims processes.
“After years of working with One Inc for inbound payments, we were delighted to add digital claims payments to our system and expand our payment options, while reducing the burden of the entire claims process,” said Raimundo Ruiz, president and CEO at Embark General. “We have once again benefited from working with a company that truly knows our space. From implementation, to the focus on the insured’s experience, to the features they build into the platform, One Inc understands the business of insurance.”
ClaimsPay seamlessly integrates into any claims management system. It can function as both a stand-alone product to handle outbound payments only, or in conjunction with the entire One Inc Digital Payments Platform for a full-stack, inbound-outbound payments solution.
“We augmented our claims payments system to create a complete, holistic payments platform for our customers,” said Christopher W. Ewing, president and CEO of One Inc. “After years of focusing primarily on inbound payments, we knew it was time to give insurers the option for an equally powerful, secure, easy-to-use outbound solution. We are already seeing positive results among our customers who have implemented ClaimsPay, and I’m excited for the opportunity to help insurers modernize their organizations through digital payments.”