(Image source: Visa.)
One Inc (Folsom, Calif.), a payments network for the insurance industry, has partnered with Visa (Foster City, Calif.) and announced the introduction of network tokenization for leading insurers across the industry via One Inc’s PremiumPay inbound payments product. As part of the collaboration with Visa, One Inc reports that it is leveraging Token ID – a Visa Solution, which lets banks, merchants, regional payments schemes, clearing houses and other payments stakeholders like One Inc to build, manage and control their own tokenization capabilities.
“Network tokenization, which allows One Inc to tokenize cards directly with Visa and other major card brands, continues to take hold across the payments landscape as major eCommerce platforms realize the benefits,” a One Inc statement says. “Digitally native platforms, including leading e-tailers and streaming services, have incorporated network tokens in their eCommerce flow.”
One Inc says that its implementation of Token ID, along with its ability to provide network tokenization for other major card brands, illustrates the frictionless and sophisticated payment experience that vendor offers for both insurers and their policyholders.
Visa reports that network tokens have led to a 2.5 percent increase in approval rates, helping to increase revenue for insurers and increase policyholder renewals. Since network tokens are continually updated, the need for card re-issuance due to expiration date, card loss, and theft are substantially reduced, according to the One Inc statement. This prevents painful decline scenarios that can cause friction within the customer experience and also policyholder defections, especially with recurring transactions, the vendor says. One Inc describes PremiumPay as next-generation technology that provides a foundation so insurers can take advantage of the full array of network tokenization benefits to ensure their payment authorizations are optimized and costs are mitigated.
“Our primary goal at One Inc is to provide solutions that help Insurers solve payment obstacles and create a seamless online experience for their customers,” comments Ian Drysdale, CEO, Once Inc. “Network tokenization represents a step forward for the payments and insurance industry. Insurers in One Inc’s network recognize that increasing their payment authorization rates and improving policyholder satisfaction are key drivers in increasing competitiveness.”
Secure and Simplified Payment Experiences
“The additional ability to use tokenization, enabled by Token ID, to automatically refresh account payment details delivers a kind of subscription model for policyholders that can promote customer retention,” Drysdale adds. “This kind of significant shift in the customer experience is payments’ future, and at One Inc we’re proud to be collaborating with Visa to deliver network tokenization to insurers.”
“Network tokens are the unsung heroes of e-commerce that the entire ecosystem can benefit from,” comments Ansar Ansari, SVP, Global Head of Platform Products, Visa. “Through partnerships like this one, we’re securing the payments ecosystem and are excited to bring secure and simplified payment experiences to One Inc’s clients and their policyholders.”