One Inc & JP Morgan – Unifying Payments for Insurance

Share
J.P. Morgan Hong Kong Office
Expanding their collaboration, One Inc and J.P. Morgan Payments aim to deliver a comprehensive, unified payment experience for P&C insurance

Playing a critical role in processing premiums, claims and commissions, payment platforms in insurance are central to ensuring efficient financial operations between insurers, policyholders and service providers. 

The need to unify these platforms has become increasingly clear due to several reasons including the fragmentation of payment systems; a rise in customer demand for seamless, fast and secure payment options; and compliance with the latest financial regulations. 

Two companies collaborating to achieve a more unified approach to payment platforms are One Inc and JP Morgan Payments.

Delivering a comprehensive, unified payment experience 

Having been in collaboration since November 2023, One Inc and JP Morgan Payments have committed to modernising the insurance claims payment process by combining One Inc’s expertise in digital insurance payouts with JP Morgan’s global payments capabilities. 

With this partnership, the two aim to offer faster, more secure and cost-efficient digital payment solutions for property and casualty (P&C) claims replacing traditional check-based systems with instant digital options.

Enhancing their collaboration, the two will seamlessly integrate JP Morgan Payments’ capabilities with One Inc’s PremiumPay and ClaimsPay solutions to enable insurance carriers to access One Inc’s full suite of inbound and outbound digital payment services. 

Youtube Placeholder

“We are very excited to be furthering our collaboration with JP Morgan Payments and help carriers achieve the greater cost savings and policyholder engagement that they’re looking for,” said Ian Drysdale, CEO of One Inc. 

“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.”

The integration will allow for mutual P&C insurance clients to streamline payment processes with One Inc’s Digital Wallet supporting a variety of payment methods.

This unified approach facilitates both premium collections and claims disbursements to ensure a consistent and efficient experience for policyholders.

Key benefits:
  • Unified payment integrations – carriers can swiftly adopt cloud-based solutions
  • Lower integration expenses – reduction in implementation costs and time by more than 50%
  • Enhanced ecosystem – connections with a broader network of insurance partners
  • Improved efficiency – reduction in administrative costs, enhanced fraud protection, and quicker reconciliation processes
  • Increased customer satisfaction – boosted policyholder retention and loyalty

“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,” says Jason Tiede, Global Head of Corporate Development & Partnerships at JP Morgan Payments. 

“By expanding our relationship, we're empowering our P&C insurance clients with the tools they need to streamline payment processes and meet the evolving demands of their policyholders.”


Make sure you check out the latest edition of InsurTech Digital and also sign up to our global conference series for our sister site – FinTech LIVE 2024.


InsurTech Digital is a BizClik brand.

Share

Featured Articles

Insurtech Cytora to Boost Global Property Risk Assessment

Data partnership between Cytora and dataplor will give underwriters access to real-time intelligence, transforming commercial property risk decisions

Insurers Turn to AI for Weather Risk as Storm Costs Surge

One quarter of property and casualty firms now deploy artificial intelligence models to assess extreme weather threats, ZestyAI research shows

Insurtech Consolidation Intensifies Amid MGA Growth

Vertafore's Surefyre Aquisition marks shift towards integrated platforms as specialist insurance sector reaches maturity and funding environment tightens

Zurich's Source to Pay Overhaul, Featuring KPMG & Coupa

Insurtech

Playing with Fire: The Link Between Fireworks and Insurance

Insurtech

National Insurance: The Story of the Tax Behind the Headline

Insurtech