US Bank and One Inc Unite to Reshape Insurance Payments
One Inc, a payments network provider specialising in insurance transactions, has formed a strategic alliance with US Bank to transform payment processing for Property & Casualty (P&C) and Life insurers. The partnership integrates US Bank’s payment infrastructure with One Inc's ClaimsPay and PremiumPay platforms – systems which automate claims disbursement and premium collection respectively.
US Bank, which manages assets of US$686bn and ranks among America’s largest commercial banks, will connect its payment rails to One Inc’s Digital Wallet. This technology enables insurers to process transactions through multiple payment methods including credit cards, digital wallets and Automated Clearing House (ACH) transfers – a network used for direct electronic fund transfers between bank accounts.
The integration aims to reduce administrative burden for insurers who currently manage multiple payment systems across their operations. Market participants suggest payment modernisation has become a priority for insurers seeking to reduce operational costs.
“Both US Bank and One Inc are dedicated to elevating the insurance payment experience, making it simpler and more efficient for insurers and their policyholders,” says Ian Drysdale, CEO of One Inc.
Focus on instant payments
The collaboration positions both firms to accelerate adoption of instant payments in insurance. US Bank participated in the launch of two major instant payment networks – the RTP Network, which enables real-time bank transfers and FedNow, the Federal Reserve's instant payment service.
- Markets: Property & Casualty (P&C) and Life insurance
- Core services: Premium collection and claims disbursement
- Geographic scope: Nationwide US coverage
Mike Jorgensen, Head of Emerging Solutions and Strategy in Global Treasury Management at US Bank, says: “We’re excited to partner with One Inc, a technology leader delivering innovative solutions for insurance carriers nationwide.”
The partnership arrives as insurers face pressure to modernise legacy payment systems that have remained largely unchanged for decades. One Inc currently processes billions of dollars in annual premium and claim payments through its platform, which focuses exclusively on insurance transactions.
Digital wallet expansion
The agreement will see One Inc's Digital Wallet technology integrated across US Bank’s insurance client base. The wallet supports emerging payment methods including Apple Pay, Google Pay, PayPal and Venmo alongside traditional card and bank transfer options.
This expansion in payment methods comes as research indicates policyholders increasingly prefer digital payment options for both premiums and claims. The integration aims to reduce payment friction while maintaining compliance with insurance regulations.
“Together, we're eager to empower carriers with streamlined solutions that support their financial objectives and deliver a more connected payment journey,” says Ian.
One Inc’s insurance-specific Digital Payments Network will integrate with US Bank's instant payment capabilities to enable rapid claims disbursement - a process where insurers transfer claim settlements to policyholders. The technology aims to reduce the time between claim approval and payment receipt.
US Bank brings significant scale to the partnership through its existing relationships with insurers. The bank serves millions of customers across consumer banking, business banking, commercial banking, institutional banking, payments and wealth management divisions.
Payment modernisation has become a focus for insurers seeking to improve customer retention and reduce operating costs. The partnership suggests traditional banks are increasingly viewing specialist technology providers as partners rather than competitors in serving insurance clients.
“By bringing the payment capabilities of One Inc and US Bank together, we can create even more value for our insurance clients and respond to the evolving needs of their policyholders,” says Mike.
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