One Inc & JP Morgan: Revolutionising Insurance Payments
Payment platforms are the backbone of the insurance sector, playing a pivotal role in managing premiums, claims and commissions. The interaction between insurers, policyholders and service providers hinges on these financial operations being efficient and reliable.
The fragmentation of payment systems, coupled with the rising demand for hassle-free, quick and safe payment methods, and the need to adhere to the latest financial norms have underscored the urgency to streamline these platforms.
Stepping up to this challenge, One Inc and JP Morgan Payments are joining forces to pave the way for a more cohesive payment structure.
Setting New Standards in Payment Processing
Since November 2023, One Inc and JP Morgan Payments have been in lockstep to overhaul the way insurance claim payments are handled. Their alliance is built on a foundation of fusing One Inc’s proficiency in digital insurance payouts with JP Morgan’s extensive global payments network.
This union is set to revolutionise the property and casualty (P&C) claims process by doing away with outdated cheque systems in favour of immediate digital alternatives—promising quicker, safer, and more cost-effective digital payment solutions.
Further enriching this partnership, JP Morgan Payments’ technological prowess will be intricately woven into One Inc’s PremiumPay and ClaimsPay solutions, equipping insurers with an all-encompassing suite of digital payment services designed for both incoming and outgoing transactions.
"We are very excited to be furthering our collaboration with JP Morgan Payments and help carriers achieve the greater cost savings and policyholder engagement that they’re looking for," says Ian Drysdale, CEO of One Inc.
"With our combined strengths and deep industry expertise, this expansion represents a major step toward our shared vision of transforming the insurance payments landscape by delivering a single, unified solution for inbound and outbound payments."
Thanks to this integration, mutual P&C insurance clients can look forward to streamlined payment operations, with One Inc’s Digital Wallet accommodating multiple payment formats, hence simplifying premium collection and claim settlements—guaranteeing a smooth and efficient journey for policyholders.
The Promise of Digital Transformation
"The insurance industry has a unique and complex set of needs when it comes to digitisation, and One Inc's payments framework complements our commitment to providing innovative solutions that help address these challenges," states Jason Tiede, Global Head of Corporate Development & Partnerships at JP Morgan Payments.
"By expanding our relationship, we're empowering our P&C insurance clients with the tools they need to streamline payment processes and meet the evolving demands of their policyholders."
- Unified payment integrations – carriers can swiftly adopt cloud-based solutions
- Lower integration expenses – reduction in implementation costs and time by more than 50%
- Enhanced ecosystem – connections with a broader network of insurance partners
- Improved efficiency – reduction in administrative costs, enhanced fraud protection, and quicker reconciliation processes
- Increased customer satisfaction – boosted policyholder retention and loyalty
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