Business Wire
PremiumPay® to Simplify Inbound Payments and Improve Speed for Policyholders
One Inc, the leading digital payments network for the insurance industry, announced the launch of a pre-built payment integration for Verisk’s FAST (“Flexible Architecture, Simplified Technology”), a modern, flexible platform designed to streamline and scale life insurance operations. This new integration connects One Inc’s industry-leading PremiumPay® for inbound payment capabilities directly into FAST’s configurable system architecture, helping carriers accelerate their digital transformation by reducing the need for physical and non-direct payments in the life and annuity market.
Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, and its FAST platform enable life insurers to quickly modernize and mitigate challenges spanning the life insurance life cycle, such as product development, customer self-service, policy administration and claims management. The company’s integrated solutions accelerate carriers’ time to market and deliver a superior digital policyholder experience. Integrating One Inc’s payment technology within Verisk’s FAST platform enables carriers to:
- Offer a modern payment experience and enhance communication with policyholders via one convenient platform.
- Simplify digitalization and automate critical processes to drive greater efficiency and scalability across life and annuity lines.
- Mitigate outdated strategies and operational costs associated with digitalization.
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“At Verisk, we are committed to helping life insurers by providing data-rich solutions to achieve greater speed, flexibility and operational efficiency,” said Saurabh Khemka, co-president of underwriting solutions at Verisk. “By integrating digital payment capabilities in collaboration with PremiumPay, carriers can accelerate their modernization efforts, reduce complexity and deliver improved customer experiences without the time and cost associated with updating their existing platforms.”
“This product integration offers a critical path to unlocking value from digital payments tailored to the needs of life insurers,” said Ian Drysdale, CEO of One Inc. “We can eliminate the typical barriers of custom integrations and enable carriers to adopt modern inbound payment capabilities with greater speed and efficiency. This collaboration emphasizes our strengths to modernize the life insurance landscape while offering a unified platform for payments.”
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