PYMNTS MonitorEdge May 2024

Nordic Capital to Invest in Insurance Payment Platform One Inc

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Nordic Capital is making a strategic investment in One Inc, a digital payments platform for the North American insurance industry.

Nordic Capital will join Great Hill Partners as an investor in One Inc, with the two investors having an equal stake to each other alongside an investment from One Inc’s current management team, the companies said in a Thursday (March 14) press release.

The investment is subject to customary regulatory approvals, according to the release.

“We continue to see exponential growth and excellent customer loyalty, underscoring the strength of our model and industry-leading payments network of more than 700,000 vendors,” One Inc CEO Ian Drysdale said in the release.

“The sector experience and resources that Nordic Capital and Great Hill bring to this partnership will fuel additional product innovation and drive new opportunities for growth as we continue to provide solutions that improve efficiency and boost revenue for today’s insurers,” Drysdale added.

One Inc aims to help insurance companies digitize transactions ranging from premium payments to claims disbursement, all on one comprehensive platform, according to the release.

The company’s platform is designed to integrate with both modern and legacy insurance core systems, so insurance companies can both engage policyholders and process payments through those channels, the release said.

One Inc was founded in 2012 and now has close to 500 employees, handles $70 billion in annual paymentsand has a network of more than 700,000 vendors, per the release. The company serves more than 240 customers in the insurance industry.

“Nordic Capital is a longtime admirer of One Inc, which has stood out for solving the unique and complex challenges of digital payments in the insurance industry,” Fredrik Näslund, partner and head of technology and payments, and Mohit Agnihotri, partner at Nordic Capital Advisors, said in the release. “Through its innovative solutions, the company is transforming and simplifying payments for the entire insurance ecosystem benefitting carriers, consumers and vendors alike.”

The insurance industry is adopting new digital solutions to meet the needs of younger consumers who have set a high bar for digital experiences across industries, Drysdale told PYMNTS in an interview posted in November 2023.

“Insurers are also rapidly transitioning to cloud-based core systems with integrated, client-facing mobile capabilities — including payments — that deliver the best experiences to policyholders and help build loyalty,” Drysdale said when interviewed for the PYMNTS Intelligence and American Express collaboration, “Insuring Generation Next: Meeting the Digital Expectations of Younger Insurance Consumers.”