A Solution to Tear through Those Inefficient Insurance Payments

There are many different traits that have tried to define human beings over the years, but none do the job better than our tendency to improve at a consistent pace. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the right goods. The same has grown increasingly evident over the recent past, and assuming one new insurtech-themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.

One Inc., the strategic payments partner of Guidewire, has officially announced that its new ClaimsPay integration is now available to all InsuranceNow customers on the Guidewire Marketplace. But what will the integration actually bring for these customers? Well, according to certain reports, the new ClaimsPay solution begins by empowering the payee to pick their preferred payment delivery method. Next up, the integration makes it possible for insurers and MGAs to quickly accept and disburse modern payments, a feature which is much needed given the inefficiencies of our current systems. Now, when you are able to make a significant cut back on the time spent facilitating a single transaction, you automatically land yourself in a position where your operations’ financial feasibility looks much better, considering the maneuver also brings down the costs that are involved. Complementing our improved cost feasibility is the prospect of real-time financial reporting. You see, by ensuring that users have the most up-to-date data available at their disposal, ClaimsPay integration is able to birth smarter decisions throughout the proceedings. As refreshing as it sounds, though, the solution’s technological prowess isn’t just restricted to core operations, but it also covers the all-important compliance and security angle. This it does using PCI benchmarks so to keep the policyholder’s personal data completely protected under every scenario.

“At One Inc, we focus only on insurance. We are proud to be Guidewire’s strategic payments partner,” said Ian Drysdale, CEO of One Inc. “One Inc’s series of Built by Guidewire apps for both InsuranceSuite and InsuranceNow helps insurers deliver customer choice, control, and convenience in record time with digital premium payments, premium refunds, and claims payments.”

Founded in 2012, One Inc’s rise to prominence stems from its ability to provide expanded payment options, multi-channel digital communications, rapid digital claim payment, and plenty other options. However, the best thing here is fact that the company has managed to deliver its value proposition even across the most complex use cases. This knowhow can be further validated after you consider that One Inc. is currently responsible for managing billions of dollars per year in premiums and claim payments.

As for why Guidewire’s presence turns the development in question much more important, the company’s solution ecosystem is, at present, the largest in the P&C industry, boasting over 185 solution partners, who in turn, are providing over 215 integrations. Even outside the marketplace, Guidewire has constructed a rather esteemed reputation by leveraging a mix of digital core analytics, and machine learning to help over 540 insurers, in 40 different countries, achieve a better insurance operation. Bringing further weight to its stature is the company’s track record, which shows more than 1,600 successful projects till date.

“We celebrate the release of our new ClaimsPay integration for InsuranceNow,” said Zachary Gustafson, General Manager of Claims and InsuranceNow at Guidewire. “Our collaboration with One Inc has grown to serve over 60 joint customers with more than 80 successful customer integrations. We are thrilled that our InsuranceNow customers can now take advantage of cutting-edge seamless digital payment solutions for both inbound premium and outbound claims use cases.”