Digital insurance payments company One Inc. of Folsom has a new partnership with Mastercard Inc. to offer insurance company clients faster access to funds following a claim.
The partnership is One Inc.'s latest initiative aimed at digitalizing the insurance payments process as an alternative to paper checks.
"This partnership with Mastercard empowers insurers to offer greater peace of mind to claimants in the face of unexpected accidents or disaster," said One CEO Ian Drysdale, in a news release. "Together, we have the ability to transform and facilitate the delivery of funds in near real-time via Mastercard's virtual cards, providing unique benefits to our vendor network and ever-growing roster of insurance customers."
Much of the insurance industry still relies on payment methods like paper checks, which cost more to write and deliver, and which take a week or two to arrive. The Mastercard (NYSE: MA) payments are delivered nearly instantly, One said.
"Mastercard is focused on improving the ways people and businesses pay and get paid, providing more choice, security and convenience," said Marie Aloisi, senior vice president of business development in North America for Mastercard. "Through our collaboration with One Inc. and by providing virtual card solutions and near real-time payments with Mastercard Send, we're helping insurance providers digitize payments so people and businesses can receive their claim payments quickly, securely and into the financial accounts of their choice."
One is developing digital payments for its nearly 200 clients, the company said, and those include five of the largest 15 insurers in the U.S. The company processes more than $18 billion in premiums and claims annually.
One offers insurance companies technology that helps with digitizing inbound payments, outbound claims payments and payables, such as refunds and commissions.
Founded in 2012, the company has about 550 employees. It recently added a new CEO and a new chief financial officer.
One was recapitalized in February 2020 when it was bought by Boston-based Great Hill Partners, 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.
One now only operates with U.S. carriers, but it plans to expand to Canada, the United Kingdom and Australia, where the insurance systems are similar, Ewing said. After those countries, One plans to expand into the rest of Europe.
