One Inc, the leading payments network for the insurance industry, has expanded its collaboration with J.P. Morgan Payments to deliver a comprehensive, unified payment experience for Property & Casualty insurance clients.
The integration will enable insurance carriers to streamline their payment processes, offering a seamless experience for both inbound premium collections and outbound claims disbursements.
Key benefits of this expanded collaboration include the integration of One Inc’s PremiumPay solution with J.P. Morgan Payments’ existing ClaimsPay service, giving insurance carriers access to a cloud-based payment interface.
This integration also reduces costs and implementation time for insurance carriers by more than 50%, thanks to One Inc’s extensive network of insurance core partner integrations.
Speaking on the news, Jason Tiede, Global Head of Corporate Development & Partnerships at J.P. Morgan Payments, remarked, “The insurance industry has a unique and complex set of needs when it comes to digitisation, and One Inc’s payments framework complements our commitment to providing innovative solutions that help address these challenges. By expanding our relationship, we’re empowering our P&C insurance clients with the tools they need to streamline payments processes and meet the evolving demands of their policyholders.”
J.P. Morgan Payments processes nearly $10tn in payments daily across more than 160 countries and over 120 currencies.
Its payment network is one of the largest in the world, with hundreds of third-party integrations. The company offers a comprehensive suite of financial services, helping clients to manage payments efficiently, particularly in complex global markets.
One Inc provides digital payment solutions designed to meet the needs of the insurance industry. Its services include the PremiumPay® solution for inbound premium payments and ClaimsPay® for outbound claims disbursements.
By coming together these firms will also improve operational efficiency for insurers through the reduction of administrative costs, enhanced fraud protection, quicker payment reconciliation, and the ability to connect with over 775,000 suppliers through One Inc’s Vendor-Provider Payments Network.
These enhancements not only improve payment cycle times but also help increase customer satisfaction by offering a seamless payment experience.
Ian Drysdale, CEO of One Inc, added, “We are very excited to be furthering our collaboration with J.P. Morgan Payments and help carriers achieve the greater cost savings and policyholder engagement that they’re looking for. With our combined strengths and deep industry expertise, this expansion represents a major step toward our shared vision of transforming the insurance payments landscape by delivering a single, unified solution for inbound and outbound payments.”
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