To ensure that individuals, families, and businesses have near-instant access to insurance funds in the face of emergency, One Inc, a leading digital payments network for the insurance industry, today announced plans to disburse claims through Mastercard virtual cards and Mastercard Send ®. Powered by One Inc’s flagship product, ClaimsPay ®, the partnership builds on a shared vision to deliver near-instant, secure payments that deliver needed cashflow for claimants and vendors and reduce cycle time and expenses for insurers.
The partnership is One Inc’s latest initiative aimed at digitalizing the entire insurance payments stack with an alternative to checks. It arrives at a time when virtual card adoption is expected to accelerate to over $5 trillion in transaction value by 2025, more than triple its $1.6 trillion value in 2020, according to Juniper Research.
“This partnership with Mastercard empowers insurers to offer greater peace of mind to claimants in the face of unexpected accidents or disaster,” said One Inc CEO Ian Drysdale. “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.”
Despite managing trillions of dollars in claims payments per year, the US insurance industry still relies upon outdated payment methods like checks, which lack transparency, are ten times more expensive for insurers to manage, and take an average of six to ten days to reach claimants. Adoption of virtual cards will solve for each of these critical issues.
“Mastercard is focused on improving the ways people and businesses pay and get paid, providing more choice, security and convenience,” said Marie Aloisi, senior vice president, Business Development, North America, Mastercard. “Through our collaboration with One Inc and by providing virtual card solutions and near real-time payments with Mastercard Send, we’re helping insurance providers digitize payments so people and businesses can receive their claim payments quickly, securely and into the financial accounts of their choice.”