(Ian Drysdale, CEO, One Inc. Photo by author.)
IIR has followed One Inc for quite a few years. At last year’s ITC show, we had the pleasure of meeting then new CEO Ian Drysdale. We thought we’d avail ourselves not only of the opportunity to repeat the pleasure, but also to see how the company is progressing, from Drysdale’s perspective. In short, One Inc is doing very well. The company averaged over 40 percent growth in 2021, and this year it was named to the Inc. 5000 list of fastest-growing private companies in America.
“We will grow over 50 percent this year,” Drysdale said. “We have been adding a wide range of carriers—small, medium large, P&C, workers’ comp, life.”
One Inc’s success has been magnified by a few key factors. For example, One Inc’s offering is suited to serve changing customer behavior. “There’s huge demand for keeping up with millennials and Gen Z—they expect everything to mobile-first,” Drysdale noted. “On inbound we support all the wallets, on outbound almost 10 percent of disbursements are Venmo. We’re seeing a very heavy push to using card for instant payments.”
Two other factors also heavily influenced the company’s recent success, one random—COVID 19—and the other deliberate—the acquisition of Invenger-InsurPay, announced summer 2020. The pandemic exposed payments and billing as a link in the insurance value chain that was typically in-house but need not be. “At the height of the pandemic, people had to get away from printing checks in the office,” Drysdale recalled.
The acquisition of Invenger-InsurPay rounded out One Inc’s offering to include both outbound and inbound payments handling.
Both parts of the business have grown vigorously, Drysdale reported: “In July of 2020, we had approximately 10 carriers live on InsurPay at the time, we have over 65 live now. That platform has been hugely beneficial for the industry.”
Integration with Major Core Systems
One Inc’s specificity to the insurance industry is also a major factor in its success. “There’s tremendous demand for modern payments and for supporting insurance use cases,” Drysdale said. “We don’t see the major payment processors in the P&C space because they don’t plug into the core systems. We have 30 integrations. We’re very tightly integrated to all the core systems. We handle that well: we update Guidewire, Duck Creek and Majesco individually. A carrier just can’t get that from XYZ Payment co.”
Speaking of the range of insurance use cases for payments One Inc supports today, Drysdale mentioned multiparty claims, premium refunds, total loss, and even a consumer checking out on a mobile phone or web page after purchasing multiple policies. “They can check out all of them on one page—we can pay the carriers for each one,” Drysdale asserted.
As important as the quality of the technology is to the company’s success, Drysdale cited one other crucial factor: company culture. “We have a ‘rise-together ethos,’” he said. “When you’re growing this fast, the challenge is invigorating but also challenging, and we’re all pulling each other up together.”