Columbia Insurance Signs One Inc for Payments Upgrade
Columbia Insurance Group (CIG), a US mutual insurer focused on property and casualty coverage, has selected One Inc, a digital payments platform provider for insurers, to handle its inbound and outbound payment processes.
Payment Technology Integration
The Missouri-based insurer will implement One Inc's PremiumPay and ClaimsPay solutions across its operations in 14 states. PremiumPay, a low-code platform for processing incoming payments, will manage CIG's premium collection operations.
Low-code platforms enable businesses to develop applications with minimal manual programming, reducing implementation time and technical complexity.
ClaimsPay will handle outbound payments, offering disbursement options through digital wallets including PayPal, Venmo and Zelle.
The integration will operate through Guidewire InsuranceSuite, a core system platform for property and casualty insurers, running on Guidewire's cloud infrastructure. This marks a shift from CIG's legacy systems towards cloud-based payment processing.
Digital Transformation Strategy
“Partnering with One Inc represents a crucial milestone in our commitment to remain at the forefront of the industry"
CIG, which provides coverage to small and medium-sized enterprises across sectors including automotive, retail and professional services, aims to modernise its payment infrastructure.
The implementation includes features for personalised branding and multi-channel communications.
The system enables real-time payment processing and includes Interactive Voice Response (IVR) capabilities – automated telephone systems that interact with callers – and SMS messaging functionality for payment notifications.
Lisa Wharton, Vice President and Chief Information Officer of Columbia Insurance Group, says: “Partnering with One Inc represents a crucial milestone in our commitment to remain at the forefront of the industry and consistently meet the evolving needs of our customers.
“Their deep expertise in digital payments enables us to seamlessly integrate cutting-edge technology, providing our policyholders with a payment experience that is not only modern and efficient but also secure.”
Market Context
“One Inc and Columbia Insurance Group share a unified vision of leveraging digital payments technology to deliver exceptional customer experiences"
One Inc, which processes billions in premiums and claims annually, serves over 250 insurance carriers.
The firm features on CNBC's World's Top Fintech Companies for 2024 list and has appeared on the Inc. 5000 list of fastest-growing companies for three consecutive years.
Columbia Insurance Group brings significant historical context to the partnership, having operated since 1889.
The insurer maintains regional offices in Columbia (its headquarters), Atlanta, Austin and Omaha, demonstrating its reach across the US market.
CIG's strategy focuses on partnerships with independent agents, a model that differs from direct-to-consumer insurers.
The integration comes as insurance technology investments continue to focus on payment modernisation.
Traditional insurers face pressure to match the digital capabilities of insurtechs, particularly in premium collection and claims disbursement – two areas where customer expectations have shifted towards instant, digital transactions.
Ian Drysdale, Chief Executive Officer of One Inc, says: “One Inc and Columbia Insurance Group share a unified vision of leveraging digital payments technology to deliver exceptional customer experiences.
“Our advanced platform and industry expertise are designed to elevate Columbia Insurance Group's policyholder satisfaction by providing a streamlined and modern single payment solution.”
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