What

One Inc provides a digital and mobile-first inbound and outbound experience, offering complete digital infrastructure for insurers and insurtechs to process digital payments for premiums and claims. Founded in 2012, One Inc has raised more than $50M in venture funding from investors such as AXA Venture Partners, MassMutual Ventures, and American Family Ventures; it’s been majority-owned by Great Hill Partners since February 2020. One Inc processes more than $42B in payments per year.

Why 

According to Ian Drysdale, One Inc’s CEO, insurance carriers sense that digital processes are both more efficient as well as inevitable. “The people who run property and casualty insurance companies, life insurance companies, and workers compensation live their lives in a digital world,” Drysdale said.

In addition, insurance carriers are dealing with significant inflationary pressures: major increases to the cost of car repairs, medical procedures, and more. As more dollars flow through carriers—both in terms of premiums as well as disbursements—the total cost of old-school disbursement methods increases. A check costs $1 at face value, Drysdale said, but having to staff a department that manages checks can increase that cost to $7, potentially costing millions of dollars per year.

And finally, One Inc is concerned about both inbound and outbound fraud. For premiums, the biggest concern is “friendly fraud,” in which somebody signs up for insurance long enough to renew their driver’s license and then disputes the transaction. For the outbound side, One Inc focuses on account takeovers, especially with vendors. One Inc seeks to mitigate the risks of that fraud by validating account demographics, checking account ownership, working with third-party security platforms, opting for biometric-based payments like Apple Pay, and other methods.

How

Given the confluence of pressures in the form of an inevitably digital world, inflation, and fraud, One Inc positions itself as the go-to payments platform specializing in insurance-related processes. As a HIPAA, PCI, TCPA, and NACHA compliant system, One Inc addresses regulatory concerns through one solution. One Inc also executes both inbound and outbound payments, meaning that the same channels used to receive premium payments from customers can be used to push out claims payments.

“We allow [insurance carriers] to have a simple digital modern approach that's built into their core system that they use to run their company, and they know that we are doing our best to minimize fraud,” Drysdale said.

The company brands itself as an insurance expert both through the products it sells as well as the people at its helm. “The company was built by people who had built insurance companies, and then they added on people like me who have a deep background in payments,” Drysdale said.

In the new year, as the triad of digitalization, inflation, and fraud remains, One Inc anticipates sustained interest from carriers. It may begin to sell its solutions abroad and add more carriers, including in life insurance, which is a relatively new space for One Inc. “We're trying very, very hard to be on the front end of that,” Drysdale said.