Insurance industry payments processing company One Inc. has a new chief executive officer with more than 25 years of industry experience.
Ian Drysdale was announced on Tuesday as the Folsom-based company's new top executive, effective Aug. 5.
Drysdale said he plans to continue building out One Inc.'s team to accelerate and support growth, while developing new partnerships with innovative "insurtechs" and further asserting the company's position in the industry.
"By doing that, we'll help our customers deliver new digital claims tools to better support their policyholders, and see continued opportunity to evolve our pioneering inbound-outbound payments product as demand for more diverse and efficient payment delivery methods continues to grow," he told the Business Journal.
One Inc. offers insurance companies technology that helps with digitizing inbound payments, outbound claims payments and payables, such as refunds and commissions.
"Despite overseeing a whopping $3 trillion in claims payments per year, 75% of (property and casualty insurance) carriers' claim payments are still mailed via paper checks, which are slow, lack transparency and are 10 times more expensive for insurers to manage than digitized payments," Drysdale said. "As the leading insurance payments network, our goal is to accelerate the death of the physical check across the insurance industry and help insurers solve the most complex carrier payment challenges to ultimately reduce claims severity and costs, gain operational efficiency and increase customer and supplier retention."
A core goal moving forward, Drysdale said, will be to continue developing solutions tailored for different kinds of insurance — property and casualty, automotive, life insurance, etc.
Drysdale joined One Inc.'s board of directors in January as executive chairman, tasked with working closely with senior leadership on key initiatives including its payments network build-out and new partnerships. Prior to that, he served as president of medical, dental and workers' compensation insurance payments company Zelis, where he is credited with growing the payments network to 150 payers and 600,000 health care providers, according to a news release.
He's also held executive and senior leadership roles at credit card payment processing company Elavon, which is now part of U.S. Bancorp; payment processing company First Data; and Worldpay, which is now part of FIS. Drysdale earned a bachelor's degree in political studies from Bishop's University in Canada and an MBA from Florida Atlantic University.
One Inc.'s previous CEO and co-founder Christopher Ewing will assume a new role as chief strategy officer. Since One Inc. was founded in 2012, Ewing is credited with helping it grow to a team of 475 employees that serves nearly 200 clients and processes more than $18 billion in annual payments, according to the company.
Drysdale said Ewing has helped build the company from the ground up into an insurance technology leader. He said One Inc. will continue to benefit from Ewing's guidance and experience as the company grows and works to enhance its product offering.
In early 2020, Boston-based Great Hill Partners acquired One Inc. and provided growth capital to support the company's product expansion and go-to-market strategy. Great Hill is a private equity firm that makes investments between $25 million and $500 million in high-growth companies in digital infrastructure, financial technology, health care and software.
