Folsom-based insurance technology company One Inc. says it now serves eight of the top 15 insurance carriers in the country, and it's hiring employees to keep up with its growth.
The company announced it added more than 40 new insurers to its client ranks of more than 200 carriers in 2021, and it processed $23 million in payments.
One Inc. offers insurance companies technology that helps with digitizing inbound payments, outbound claims payments and payables, such as refunds and commissions. One replaces paper and checks for insurance companies, and its systems are specifically customized for the insurance industry. It replaces work that had been done by banks and payments processors.
“Insurers can feel the generational shift,” Ian Drysdale, CEO of One Inc., told the Business Journal.
Millennials and Generation Z “expect more to be online,” and they demand “instant and frictionless” service similar to what they experience with a Netflix or Amazon account, he said. The oldest millennials are 41 this year.
“I expect we will grow at a higher rate this year,” said Drysdale, who started last year as CEO.
The company saw a sales increase of 53% last year, which will be reflected in higher payments totals going forward.
By converting processing to electronic payments, One helps insurers cut the payment float time — or the time the paper check is in transit — from six weeks to 24 hours. That, in turn, helps insurance companies offer their clients a better customer experience. It is also a cheaper alternative to paper checks.
Drysdale declined to disclose One Inc.'s revenue, but he said that it grew of more than 30% percent in 2021. One Inc. now has more than 200 insurance carriers as customers.
Founded in 2012, One Inc. had 200 employees at the end of 2020. It's now up to 525 employees, and it is looking to add 50 net new employees this year, Drysdale said.
The company’s headquarters in Folsom can accommodate 75 employees, but only about 25 are in the office at any given time, he said. One Inc. has about 100 employees locally, and it has virtual teams in tech centers, including 20 in Atlanta, 15 in Boston, 10 in Los Angeles and a growing presence in Austin, Texas.
“We are getting fairly disbursed” into multiple time zones, Drysdale said. The company has gone beyond hybrid to a heavily virtual model because of the pandemic, and it will likely stay that way.
“We ask what employees want, and we try to deliver it as fast as possible so that we can ride the wave rather than get drenched by it,” Drysdale said.
In early 2020, Boston-based Great Hill Partners acquired One Inc. and provided growth capital to support the company's product expansion growth. 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.
