One Inc. has grown its payments volume at an average rate of 77 percent year over year. The platform combines both incoming and outgoing payment capabilities with reporting and reconciliation that is industry specific.
One Inc. “allows insurance companies to maintain a frictionless payment experience across all stakeholder groups, including policyholders, vendors, agents and service providers,” the release stated.
The One Inc. platform has a mission of helping insurers increase their customer retention while also helping them to draw down costs and handle compliance and security issues.
“Our mission is to modernize the insurance industry through a frictionless payments experience, and this additional capital will enable us to expand our engineering, sales and marketing resources to support that mission,” said Christopher Ewing, One Inc. founder and CEO. “Payments is the most important touchpoint for insureds, and we have spent years understanding insurance-specific payments needs. Partnering with Great Hill and leveraging their broader payments industry experience will not only help us continue to innovate, but also accelerate our ability to bring new products and services to market.”
Recently, One Inc. introduced ClaimsPay, which is a product that lets insurance companies pay and close their claims instantly. It reduces fraud offers payment methods and channels that are preferred by service providers and policyholders alike, the release said.
“The insurance industry is going through a transformation as both insurance companies and policyholders seek digital platforms that allow for real-time engagement,” said Nick Cayer, a partner at Great Hill. “One Inc.’s focus on building the best digital platform has led to tremendous growth, and we are excited to work with Chris and his entire team and to bring our extensive payments and software experience to bear in supporting them through the next phase of expansion.”