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One Inc (Folsom, Calif.), a provider of digital payment platforms for the insurance industry, has announced that it has acquired Invenger Technologies, Inc. (Simi Valley, Calif.), including its flagship digital claims payment product, Invenger-InsurPay.
“The acquisition of Invenger, including the digital disbursements product, Invenger-InsurPay, is a game changer for the insurance industry,” comments Karen Furtado, partner, Strategy Meets Action (Boston). “This will enable One Inc to add a powerful and proven solution to its digital payments platform. It illustrates the growing importance of digital payments and InsurTechs in the insurance industry.”
The One Inc Digital Payments Platform provides an insurance-specific full stack inbound-outbound payment solution that includes customer engagement functionality, integrated reporting and reconciliation, and flexible payment capabilities. Similar to One Inc’s ClaimsPay digital disbursement product, Invenger-InsurPay offers a choice of payment methods and enables insurers to pay policyholders, claimants, vendors, mortgagees and lienholders through one platform as either single or multiple payees. Adjusters can also use the Invenger-InsurPay solution on any device, anywhere.
Combined Portfolio of 160 Customers
“We are excited to add the Invenger-InsurPay claims payment solution into our digital payments platform and combine our resources to provide even better solutions for our customers and the industry as a whole,” comments Christopher Ewing, president and CEO, One Inc. “With a combined portfolio of more than 160 customers, it is another giant leap forward in our mission to help modernize the insurance industry through a frictionless payments experience.”
“Combining the power and potential of both sets of technology at One Inc and Invenger is truly thrilling,” comments Krishna Mohan Pai, CEO, Invenger. “We will increase out-of-the-box functionality, speed up integration, reduce costs, and ultimately, provide a better experience to our insurance partners and their end-users.”
The acquisition announcement comes six months after the announcement of One Inc’s recapitalization led by growth-oriented private equity firm Great Hill Partners (Boston).
“This acquisition is a great step forward for One Inc and deepens the payment platform offerings to better serve the insurance industry,” says Nick Cayer, a partner at Great Hill. “We see tremendous opportunity for their combined capabilities and ultimately the future.”