November 21, 2024 Newswires

One Inc and U.S. Bank Partner to Modernize Payment Solutions for Insurance Carriers and Policyholders

Business Wire

New alliance offers comprehensive payment technology and a range of banking services

FOLSOM, Calif.--(BUSINESS WIRE)--
One Inc, the leading payments network for the insurance industry, announced today a partnership with U.S. Bank aimed at delivering a comprehensive, unified payment experience for Property & Casualty (P&C) and Life insurers. The collaboration will provide the seamless integration of U.S. Bank’s leading money movement and banking capabilities with One Inc’s best-in-class ClaimsPay^® and PremiumPay^® solutions to optimize claims and premium processing experiences for customers.

U.S. Bank is one of the largest commercial banks in the United States. Its strength, stability and deep experience in payments and insurance will improve complex claims and premium payment processes for mutual carrier customers. In addition, with One Inc’s Digital Wallet, insurance carriers can streamline payment processes across multiple channels, from credit/debit cards to Apple Pay^®, Google Pay™, PayPal™, Venmo, and ACH transactions.

In the future, the partnership will help accelerate the use of instant payments within the insurance industry. U.S. Bank was part of the first payment on the RTP Network^® and a launch partner of the FedNow^® Service. By combining U.S. Bank’s instant payment capabilities with One Inc’s insurance-focused Digital Payments Network, the collaboration will allow insurance carriers to deliver faster payment solutions for outbound claims disbursements.

"Both U.S. Bank and One Inc are dedicated to elevating the insurance payment experience, making it simpler and more efficient for insurers and their policyholders,” said Ian Drysdale, CEO of One Inc. “Together, we’re eager to empower carriers with streamlined solutions that support their financial objectives and deliver a more connected payment journey. This emphasizes our strengths to modernize the insurance payment landscape while offering a unified platform for both incoming and outgoing payments."

"We're excited to partner with One Inc, a technology leader delivering innovative solutions for insurance carriers nationwide," said Mike Jorgensen, Head of Emerging Solutions and Strategy in Global Treasury Management at U.S. Bank. "By bringing the payment capabilities of One Inc and U.S. Bank, we can create even more value for our insurance clients and respond to the evolving needs of their policyholders.”

About U.S. Bank

U.S. Bancorp (NYSE: USB), with more than 70,000 employees and $686 billion in assets as of September 30, 2024, is the parent company of U.S. Bank National Association. Headquartered in Minneapolis, the company serves millions of customers locally, nationally, and globally through a diversified mix of businesses including consumer banking, business banking, commercial banking, institutional banking, payments, and wealth management. U.S. Bancorp has been recognized for its approach to digital innovation, community partnerships and customer service, including being named one of the 2024 World’s Most Ethical Companies and Fortune’s most admired superregional bank. Learn more at usbank.com.

About One Inc

One Inc is modernizing the insurance industry through a unified and frictionless payment network. Focusing only on the insurance industry, One Inc helps carriers transform their operations by reducing costs, increasing security, and optimizing customer experience. The comprehensive end-to-end digital payments platform provides expanded payment options, multi-channel digital communications and rapid digital claim payments, even for the most complex insurance use cases. As one of the fastest growing digital payments platforms in the insurance industry, One Inc manages billions of dollars per year in premiums and claim payments.

For more information, please visit www.oneinc.com.