One Inc’s Digital Payments Offering Enjoys Growth ‘Beyond Exponential’

The company has surged through its ability to offer cost savings through a shift in credit card fee payments and the digital opportunity afforded by One Inc’s huge payment network.

(Image source: One Inc.)

As a provider of digital payment solutions to the property/casualty industry, One Inc (Folsom, Calif.) was destined to enjoy growth as parties to premium and claims payments increasingly sought electronic options. However the company’s growth was accelerated by changes driven by the pandemic, and it has since seen further acceleration following the creation of its payments network and driven by insurance carriers’ growing appetite for cost savings.

One Inc was well into a major growth spurt when Insurance Innovation Reporter met with the company’s CEO Ian Drysdale at ITC 2022. Journalists expect optimistic predictions from their vendor interviewees on such occasions, and Drysdale didn’t disappoint. “We will grow over 50 percent this year,” he predicted. In fact, as Drysdale shared in a Q1 2024 conversation, the company surpassed a 2021 growth rate of 34 percent with a rate of 57 percent in 2022. With regard to 2023, Drysdale shared that One Inc’s rate of growth was 65 percent.

“In 2023, we were named to the Inc 5000 for the second year in a row, and we jumped several spots in the rankings as we grew faster than we had in 2022,” Drysdale observes. “Our growth has been exponential.”

Carrier Appetite for Cost-Saving

Drysdale attributes One Inc’s impressive growth rate to two major causes. The first is a focus on the P&C industry. “We’re dedicated to our clients, and we’re growing quickly because we deliver the best digital experience available to carriers for their policyholders—and we deliver savings,” he says. “The shift we saw during Covid the shift was for digital experience and moving online. What we’re seeing now is significant interest from the carriers to save money.”

The savings that One Inc is able to deliver is also attributable to two causes. The first is a shift to consumers paying payment service fees. Formerly prevalent in non-standard auto insurance, consumers paying a fee to use their credit card is increasingly common in other personal and commercial lines, according to Drysdale. “You might call it a convenience fee,” he says. “We recently signed three top-25 carriers for their commercial business on the strength of savings on payment service fees.”

Drysdale explains that carriers are seeing that they can save one or two points on their combined ratio by no longer absorbing the cost of credit card use. “As rates have gone up, the cost has escalated,” he adds. “We have seen carriers who will save millions, and others that will save tens of millions. Some carriers on the larger side could even save nine figures a year.”

One Inc still provides a free form of electronic payment, typically via ACH (automated clearing house). “Somebody who doesn’t want to pay, say, 2.99 percent for credit card usage still has the option to choose direct debit from their bank account,” Drysdale explains.

The second way carriers enjoy significant savings with One Inc is by going digital when they go live with their vendors—an advantage enabled by One Inc’s Vendor-Provider network. “A typical carrier is 10 to 20 percent digital before they go live with us in terms of the volume of payments, they can make to vendors such as body shops, home contractors, attorneys or doctors,” Drysdale says. “We can take them to 70 or 80 percent digital and cut their costs by 50 percent.”

700,000 Vendors in One Inc Payments Network

Since its creation in 2021, One Inc’s payments network now includes 700,000 vendors in the U.S. that have decided how they take payments from One Inc, whether via virtual cards, ACH, check, or some other payment type. “We’re seeing carrier savings in the millions to tens of millions, depending on the size of the carrier, by eliminating checks and leveraging the One Inc network,” Drysdale says.

“When we deploy a new carrier customer, they know that they’re going to experience the leading digital network on day one,” Drysdale continues. “And once they provide us their payment history, we’re able to demonstrate to them their exact rate of digitization and cost savings opportunity with the One Inc network ‘”

Drysdale relates that the payment network was born out of the realization that two different carriers using the One Inc ClaimsPay solution might pay a given vendor either digitally or with a paper check. “One day in 2021, we realized that we had this absurd situation where ‘Carrier 1’ might have digital turned on for a given vendor but ‘Carrier 2’ was sending a check,” he recalls. “That day we created the network by enabling digital payments for vendors who had already chosen digital as their preferred payment type and applied that preference across all carriers. “

Since vendors don’t want to receive paper checks and carriers don’t want to send them, the network has grown very rapidly, Drysdale suggests. The network reduces opportunities for fraud, eliminates growing delays of USPS mail delivery, which can bear other costs. “While a vendor is waiting for a check, a home is deteriorating or a car is waiting for an owner to pick it up. The world has stopped while they’re waiting for the 19th century technology of printing checks and delivering them by hand.”

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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 or (503) 936-2803.

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