(Image source: J.P.Morgan Payments.)
One Inc (Folsom, Calif.), a digital payments network dedicated to serving the insurance sector, and J.P. Morgan Payments (New York) have announced a collaboration enabling insurance carriers to leverage J.P. Morgan’s comprehensive liquidity and payments capabilities as part of One Inc’s digital claim payouts platform, further digitizing and deepening the claims experience, according to a One Inc statement.
One Inc pitches the partnership as merging both organizations’ deep-rooted insurance industry expertise, positioning insurers to offer comprehensive, end-to-end solutions for a broad spectrum of property/casualty insurance claims payment needs.
While checks have traditionally dominated insurance claim payouts, claimants today expect more instant, digital payment options, according to the One Inc statement. One Inc’s ClaimsPay solution, named Best in Class P&C Nonbank Disbursements Platforms by Datos Insights (Boston), aims to expand claims payment capabilities for insurers while helping insurers accelerate revenue realization, reduce operational costs through digitization, and improve customer satisfaction.
“We are excited to embark on this journey with J.P. Morgan, a financial institution renowned for its commitment to innovation and client service,” comments Ian Drysdale, CEO, One Inc. “This strategic partnership underscores our shared vision of providing cutting-edge solutions that address the evolving needs of the P&C insurance industry. Together, we will set new standards for modern and often instant insurance claims payments, benefitting insurers and policyholders alike.”
One Inc characterizes its collaboration with J.P. Morgan as representing a significant step forward in enhancing the property/casualty insurance claims payment landscape. By harnessing the collective strengths of the companies, insurers and policyholders alike can look forward to an even more seamless and efficient claims payment experience, the vendor says. One Inc will soon be added to J.P. Morgan’s Payments Partner Network.
Unlocking New Capabilities for P&C Clients
“The insurance vertical has very complex and unique requirements to drive further digitization in the industry, and as such, we are excited to partner with a leading vertical fintech solution like One Inc to unlock new capabilities for joint P&C insurance clients,” comments Jason Tiede, Global Head of Corporate Development & Partnerships, J.P. Morgan Payments.
J.P. Morgan Payments processes over $10 trillion in payments across 160 countries and 120 currencies daily. Recently, J.P. Morgan Payments was awarded the responsibility of validating all transactions made by the U.S. Treasury Department, the first enterprise collaboration of its kind.