CIG Partners with One Inc for Digital Payment Modernisation
Columbia Insurance Group (CIG), a distinguished US mutual insurance company specializing in property and casualty insurance, has chosen One Inc, a provider of digital payment platforms for the insurance industry, to manage its inbound and outbound payment processes.
Integrating Cutting-Edge Payment Solutions
Based in Missouri, CIG is set to deploy One Inc's PremiumPay and ClaimsPay solutions across its operations spanning 14 states. PremiumPay, a low-code platform designed for handling incoming payments, will oversee the collection of premiums at CIG.
Low-code platforms are essentially systems that allow for the swift development of applications with minimal manual coding, thereby simplifying the implementation process and reducing technical complexities.
Moving to the outbound side, ClaimsPay is geared up to manage disbursements, enabling payments through various digital wallets like PayPal, Venmo and Zelle.
This shift towards modernised payment gateways underscores CIG's strategy to enhance digital engagement and streamline operations.
The entire setup will be integrated within Guidewire InsuranceSuite, a premier platform for property and casualty insurers, operating on Guidewire’s dependable cloud infrastructure.
This represents a significant modernisation leap from CIG's traditional systems to advanced cloud-based payment processing technologies.
Enhancing Digital Capabilities
“Partnering with One Inc represents a crucial milestone in our commitment to remain at the forefront of the industry"
With a client base comprising small to medium-sized enterprises across various sectors such as automotive, retail, and professional services, CIG is keen on revamping its traditional payment systems.
The new digital infrastructure will feature custom branding options and support multi-channel communications, thereby enhancing user engagement and satisfaction.
This system is also equipped to process payments in real time and includes functionalities like Interactive Voice Response (IVR) and SMS messaging for sending payment notifications to customers, adding layers of convenience and accessibility.
Lisa Wharton, Vice President and Chief Information Officer at Columbia Insurance Group, emphasises the significance of this collaboration, noting: "Partnering with One Inc represents a crucial milestone in our commitment to remain at the forefront of the industry and consistently meet the evolving needs of our customers.
"Their deep expertise in digital payments enables us to seamlessly integrate cutting-edge technology, providing our policyholders with a payment experience that is not only modern and efficient but also secure."
The Broader Market and Future Outlook
“One Inc and Columbia Insurance Group share a unified vision of leveraging digital payments technology to deliver exceptional customer experiences"
One Inc is not new to the game; the company processes billions in premiums and claims annually and is recognised among the leading fintech companies worldwide, having made it to CNBC's World's Top Fintech Companies for 2024 list as well as the prestigious Inc. 5000 list for three consecutive years.
Founded in 1889, CIG brings rich historical experience into the partnership, maintaining a wide-reaching presence with regional offices in Columbia, Atlanta, Austin and Omaha.
Unlike many modern insurers, CIG opts for partnerships with independent agents, distinguishing itself from the direct-to-consumer insurance model.
This strategic partnership surfaces at a time when the investment in insurance technology is heavily inclined towards refining payment systems.
Traditional insurers are increasingly feeling the pressure to match the digital prowess of fintech and insurtech companies, particularly in areas impacting customer interactions like premium collections and claims payments.
Ian Drysdale, Chief Executive Officer of One Inc, encapsulates the shared vision, adding: "One Inc and Columbia Insurance Group share a unified vision of leveraging digital payments technology to deliver exceptional customer experiences.
"Our advanced platform and industry expertise are designed to elevate Columbia Insurance Group's policyholder satisfaction by providing a streamlined and modern single payment solution."
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