PYMNTS SMB Instant Payments Deep Dive July 2024 Banner

One Inc Partners With Zurich to Digitize Claims and Payouts

insurance, disbursements, digital payments

One Inc has teamed with insurer Zurich North America to help digitize claim payments.

The insurance industry payments network announced Wednesday (June 26) that Zurich — which provides commercial and risk management services — had implemented One’s digital claims payment systems for outbound claims payment capabilities.

One Inc’s ClaimsPay tool gives insured users and other claimants digital payment options and “near real-time” capabilities the company said aren’t available with paper check payments, allowing for faster delivery.

Since implementing the solution, the company added, Zurich’s claimants have reacted positively, with more than 95% choosing electronic payment options over paper checks.

“Digitizing claims is a transformative initiative for any insurer, and we are thrilled to be selected by Zurich, a company that is recognized for providing value to their policyholders,” said Ian Drysdale, One Inc’s CEO.

“As carriers further diversify their policy offerings and place more focus on enhancing their claims workflow, it is crucial to work with a technology partner who understands their operational complexities and has the trusted industry knowledge in processing claims across their product lines,” added Drysdale.

One Inc’s efforts come amid what PYMNTS described last month as a “notable transformation” for the insurance space, which has often been seen as lagging in innovation.

Historically dependent on agents for product sales, the sector is seeing a gradual shift away from this model, said Andrea Heger, senior vice president of insurance services at Franklin Madison, leaving consumers with fewer resources to seek out insurance options.

Recognizing this gap, companies like Franklin Madison, which provides insurance products and marketing services to financial institutions (FIs), are emphasizing digital engagement to address consumer needs.

“One of the most important strategies is the ability to meet the customer in their home with insurance education and insurance product offers through the digital channels and devices that they frequently use,” Heger told PYMNTS.

Her company collaborated with PYMNTS Intelligence on the recent report “Why Consumers Are Looking to Financial Institutions for Insurance,” which found that close to one-third of consumers were more interested in purchasing insurance through their FI than they were three years ago.

“Ease of use and convenience are the two biggest factors behind the shift,” PYMNTS wrote earlier this month. “Right now, the most common insurance sources that consumers turn to to meet their insurance needs are their employers, government agencies and insurance providers themselves — three sources that are not exactly celebrated for the levels of customer experience they provide.”