K2 Insurance Services Implements One Inc for Digital Billing

K2 sought reduce the cost associated with accepting credit card payments from customers, improve security, and lessen the burden of PCI compliance.

(San Diego. Photo credit: Tomcio77.)

K2 Insurance Services, LLC (K2) has successfully implemented One Inc (Folsom, Calif.) Digital Payments to modernize the company’s payments operation and customer payments experience, according to a vendor statement.

Matthew Lubien, COO, K2 Insurance Services.

Based in San Diego, Calif., K2 has built a competitive underwriting and distribution franchise in the program insurance market by assembling a core group of specialty insurers and MGAs located across the country. Through the 2013 acquisition of Harrisburg, Pennsylvania-based Aegis Security Insurance Company (Aegis Security), the company now does business in all 50 states. K2 looked to One Inc to reduce the cost associated with accepting credit card payments from customers, improve security, and lessen the burden of PCI compliance.

“The implementation of One Inc Digital Payments has allowed us to transition one of our larger transactional-related expense items annually into a reinvestment opportunity in our business, and continue to expand capabilities for our customers,” comments Matthew Lubien, COO, K2 Insurance Services. “With the integration between One Inc and our platform complete, we are looking forward to developing the relationship further to offer additional payment options direct to policyholders.”

Chris Ewing, CEO, One, Inc.

K2 selected One Inc Digital Payments based on One Inc’s ability to integrate seamlessly into existing workflows, while providing digital engagement capabilities to create a frictionless payment experience for policyholders, according to the vendor. After the initial three months in production, K2 has realized a savings in credit card processing costs of over 50 percent, with a pathway to further reductions. Total savings are expected to surpass $250,000 annually, One Inc reports.

Growth and Customer Relationships

“This is the kind of success we are in business to help our customers achieve,” said Christopher W. Ewing, CEO of One Inc. “The ability to accept credit card payments and to offer additional billing and payment options to customers in the future will help K2 compete for more business and sustain customer relationships across their broad and diverse customer-base.”

Digital Transformation Requires a Transformation of the RFP Process

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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