The collaboration aims to simplify the claims experience for customers by leveraging J.P. Morgan’s liquidity and payments capabilities as part of One’s digital claim payouts platform, the companies said in a Thursday (Nov. 16) press release.
“This strategic partnership underscores our shared vision of providing cutting-edge solutions that address the evolving needs of the P&C insurance industry,” One Inc CEO Ian Drysdale said in the release. “Together, we will set new standards for modern and often instant insurance claims payments, benefiting insurers and policyholders alike.”
Traditionally, insurance claims payouts have relied heavily on checks, but in today’s digital age, claimants expect fast and convenient payment options, according to the release.
One Inc’s ClaimsPay solution seeks to expand claims payment capabilities for insurers while accelerating revenue realization, reducing operational costs through digitization and improving customer satisfaction, the release said.
By combining the expertise of both organizations, insurers can now offer solutions for a range of P&C insurance claims payment needs, per the release.
“The insurance vertical has very complex and unique requirements to drive further digitization in the industry, and as such, we are excited to partner with a leading vertical FinTech solution like One Inc to unlock new capabilities for joint P&C insurance clients,” Jason Tiede, global head of corporate development and partnerships at J.P. Morgan Payments, said in the release.
PYMNTS Intelligence found that as younger consumers enter the insurance market, there is often a gap between their digital expectations and the insurance processes offered by insurers.
For example, Generation Z consumers crave information and price comparison data, according to “Insuring Generation Next: Meeting the Digital Expectations of Younger Insurance Consumers,” a PYMNTS and American Express collaboration.
Younger consumers expect all the data they need to be online and want frictionless, effortless interaction with insurance companies, Drysdale told PYMNTS in an interview posted Nov. 3.
“They similarly expect a mobile-first solution for claims to be paid out to their payment type of choice — the one they use for premiums — without reentry,” Drysdale said.