PremiumPay will allow the carriers using Titanium to customize payment processes, enhance communication and reconciliation, and offer their policyholders a variety of options for making premium payments, the companies said in a Wednesday (June 25) press release.
“Offering PremiumPay solidifies our responsibility to deliver innovative solutions that tackle the unique challenges of the life insurance industry,” Kimberly Duke, chief marketing officer and senior vice president of growth at LIDP, said in the release. “We’re excited to work with One Inc to enhance our operations and drive our digital transformation to deliver a premier customer experience.”
LIDP’s Titanium platform provides carriers with support for thousands of life and annuity products, according to the release.
With the integration of PremiumPay, the platform will help life insurance companies streamline everything from product setup to payment processing, the release said.
One Inc specializes solely in insurance, and its digital payments platform serves more than 270 carriers and handles billions in premiums and claims annually, per the release.
“The synergies between LIDP and One Inc were quite clear from the beginning — beyond solutions, we are both aligned on our goal to further the digital transformation of the insurance industry,” One Inc CEO Ian Drysdale said in the release.
It’s critical for insurance companies to offer policyholders the payment methods they want to use, whether sending or receiving payments, including push to debit, PayPal or Venmo, and real-time options, One Inc Chief Product Officer Sarah Owen told PYMNTS in an interview posted June 9.
“Our clients are really dependent on their back-office core systems,” Owen said. “So that is their database of record. That is where they manage their whole claims process. That is where the manage their whole policy process, where they manage their interactions with their insured customers.”
The PYMNTS Intelligence and The Clearing House collaboration, “Fast-Tracking Funds: Finance and Insurance Accelerate Payments,” found that 40% of insurers fail to provide the payment options customers prefer.
