One, Inc. Launches First Instant Insurance Claims Payment Solution

One, Inc., a leading provider of cloud-based software for the insurance industry, announced the release of ClaimsPay, a claims payment solution that allows insurers to deliver instant claim payouts to a claimant’s bank account, debit card, or prepaid debit card.

According to a press release, One, Inc. is currently the only insurance software that includes inbound and outbound real-time payment services. ClaimsPay is a new component of its cloud-based processing software ProcessOne, which features a tokenization process that allows all payment methods, including checks and credit cards, to be tokenized without exposing credit card and other financial data.

ClaimsPay will use the same tokens to save insurance companies both time and money by allowing claims to be paid by sending money directly to a customer’s bank account, debit card or prepaid card.

“For many policyholders, the ability to receive payments in real time will be a game changer,” said Karen Furtado, partner atSMA. “One, Inc.’s continued focus on innovation in the insurance payment processing space continues to transform the customer experience positioning insurers to provide superior customer service.”

This is a major advancement in the insurance industry since sending checks to policyholders is expensive, with the average check costing insurers up to $4 to send out and manage. In addition, checks are slow to get to claimants and get lost in the mail, costing both insurance companies and their customers time.

“With ClaimsPay we are proud to announce that the claims check is dead,” said Christopher Ewing, CEO of One, Inc. “It is well known that there is a direct correlation between the speed of adjudicating a claim and severity. With real-time claims payments carriers can service a much wider range of customers, and they will love that their claims payments arrive instantly. ClaimsPay will also save carriers money by eliminating the need for couriers and wire transfers.”

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