Digital payments network One Inc has forged a partnership with Mastercard to give near-instant access to insurance funds in the face of emergency.
Together they will disburse claims through Mastercard virtual cards and Mastercard Send powered by One Inc’s flagship product, ClaimsPay.
Ian Drysdale, CEO of One Inc, says: “This partnership with Mastercard empowers insurers to offer greater peace of mind to claimants in the face of unexpected accidents or disaster.”
“Together, we have the ability to transform and facilitate the delivery of funds in near real-time via Mastercard’s virtual cards, providing unique benefits to our vendor network and ever-growing roster of insurance customers. It is another sign of the fast-moving digital evolution in the insurance industry.”
Modernising the claims process
According to OneInc, the US insurance industry still relies upon outdated payment methods like cheques while managing trillions of dollars in claims payments per year. As cheques are 10 times more expensive for insurers to manage, and take an average of six to 10 days to reach claimants, adoption of virtual cards will prove crucial, it says.
Juniper Research says virtual card adoption is expected to soar above $5trillion in transaction value by 2025, more than triple its $1.6trillion value in 2020.
One Inc team is working to revolutionise the claims process for nearly 200 clients, including five of the largest 15 insurance companies in the US as well as notable startups, and processes more than $18billion in premiums and claims annually. The Mastercard partnership is One Inc’s latest initiative aimed at digitalising the entire insurance payments stack.