![\"Insurance](\"https://www.pymnts.com/wp-content/uploads/2024/12/Insurance-payments.jpg\")
The digital transformation of the insurance industry is a work in progress.
\nDigitizing trillions of dollars in payments bumps up against the complexities of the claims processes, and the tangled web of interactions between carriers, policyholders, regulators and a host of multiple payees.
\neCommerce has set a high bar for all manner of industries, and insurance is no exception.
\n\u201cIf we can make an iPhone or an Android phone buzz with a deposit, satisfying a claim while the policyholder is still on the line with the adjuster, or still texting back and forth with the adjuster, we can create a much more satisfying solution and one where the promise of insurance is actually realized,\u201d One Inc. CEO Ian Drysdale told PYMNTS in an interview.
\nThe efforts are titanic in scope. Drysdale said insurers must navigate 50 different regulators in 50 different states. The ways in which surcharges or convenience fees, premiums and other financial interactions are calculated and conducted vary from market to market. A key example lies with auto insurance, where 28% of claims are related to \u201ctotaled\u201d status, seeking to recoup the total value of the car.
\nInsurers must find out how much is due on the auto loan, who holds that loan and where to pay off that loan.
\n\u201cThen you\u2019ve got to track down who\u2019s got the title,\u201d Drysdale said, and move the title from the lien holder to the bank \u2014 and work with the salvage company to see how much the totaled car might sell for, say, overseas. Eventually, the claims are paid out.
\nOverall, with specialized claims, such as workers comp, Drysdale said, \u201cwhen you layer the complexity of electronic payments on top of that, and you\u2019re talking about thousands and thousands of permutations and combinations,\u201d small- to and medium-sized insurers don\u2019t have the resources to tackle it all. Paper checks are still a big slice of payouts at about half of disbursements.
\n\u201cInsurers know they have to move forward to be relevant\u201d in the digital age, he said. Insurance executives use banking apps, Amazon and Netflix every day in their personal lives, and they recognize the value and ease of streamlined digital interactions.
\n\u201cIt all requires multiple movements of money and multiple movements of data,\u201d he said. \u201cIt requires multiple sign-offs.\u201d
\nOne Inc., which seeks to digitize the insurance industry and connect those stakeholders and payments, counts 11 of the top 15 insurers in the United States among its clientele (up from 10 a few months ago). Moving to digital channels helps deliver the promise of insurance, Drysdale said. If something goes wrong, there\u2019s an affordable solution to the problem that would otherwise be financially painful or even impossible (such as, say, replacing a car or dealing with home repairs after a catastrophe).
\n\u201cThat\u2019s the moment of truth,\u201d he said, and insurers that do not meet expectations during the claims process lose policyholders (and revenues).
\nDelving back into the claims process with autos, when one of the company\u2019s 900,000 vendors or suppliers needs to be paid, the carrier sends a payment to One Inc., which then disburses the money electronically.
\nIn terms of the digital transformation, One Inc. can take a top-tier insurer from 15% of its payments done digitally to 75% in a single day, Drysdale said.
\nOver the long term, the company will look to expand in worker\u2019s compensation, automating revenue cycle management and back-office reconciliation. An injured worker can pick PayPal, Venmo or Mastercard Send for their money, and they will be \u201cpaid correctly on time and digitally within the rules of that state,\u201d Drysdale said.
\n\u201cWe are leveraging the value of real-time payments and push to debit, so the people can be paid 24/7/365 via their favorite wallet type,\u201d he said. \u201c\u2026We\u2019re seeing that modern, forward-thinking insurers desire a world in which the claimants, the vendors and the suppliers are paid instantly \u2026 and the demand for that is out of sight.\u201d
\nThe post Claims Complexity Meets Digital Simplicity as Insurers Push for Instant Payments appeared first on PYMNTS.com.
\n", "content_text": "The digital transformation of the insurance industry is a work in progress.\nDigitizing trillions of dollars in payments bumps up against the complexities of the claims processes, and the tangled web of interactions between carriers, policyholders, regulators and a host of multiple payees.\neCommerce has set a high bar for all manner of industries, and insurance is no exception.\n\u201cIf we can make an iPhone or an Android phone buzz with a deposit, satisfying a claim while the policyholder is still on the line with the adjuster, or still texting back and forth with the adjuster, we can create a much more satisfying solution and one where the promise of insurance is actually realized,\u201d One Inc. CEO Ian Drysdale told PYMNTS in an interview.\nThe efforts are titanic in scope. Drysdale said insurers must navigate 50 different regulators in 50 different states. The ways in which surcharges or convenience fees, premiums and other financial interactions are calculated and conducted vary from market to market. A key example lies with auto insurance, where 28% of claims are related to \u201ctotaled\u201d status, seeking to recoup the total value of the car.\nInsurers must find out how much is due on the auto loan, who holds that loan and where to pay off that loan.\n\u201cThen you\u2019ve got to track down who\u2019s got the title,\u201d Drysdale said, and move the title from the lien holder to the bank \u2014 and work with the salvage company to see how much the totaled car might sell for, say, overseas. Eventually, the claims are paid out.\nOverall, with specialized claims, such as workers comp, Drysdale said, \u201cwhen you layer the complexity of electronic payments on top of that, and you\u2019re talking about thousands and thousands of permutations and combinations,\u201d small- to and medium-sized insurers don\u2019t have the resources to tackle it all. Paper checks are still a big slice of payouts at about half of disbursements.\n\u201cInsurers know they have to move forward to be relevant\u201d in the digital age, he said. Insurance executives use banking apps, Amazon and Netflix every day in their personal lives, and they recognize the value and ease of streamlined digital interactions.\n\u201cIt all requires multiple movements of money and multiple movements of data,\u201d he said. \u201cIt requires multiple sign-offs.\u201d\nMoving Into the Digital Age \nOne Inc., which seeks to digitize the insurance industry and connect those stakeholders and payments, counts 11 of the top 15 insurers in the United States among its clientele (up from 10 a few months ago). Moving to digital channels helps deliver the promise of insurance, Drysdale said. If something goes wrong, there\u2019s an affordable solution to the problem that would otherwise be financially painful or even impossible (such as, say, replacing a car or dealing with home repairs after a catastrophe).\n\u201cThat\u2019s the moment of truth,\u201d he said, and insurers that do not meet expectations during the claims process lose policyholders (and revenues).\nDelving back into the claims process with autos, when one of the company\u2019s 900,000 vendors or suppliers needs to be paid, the carrier sends a payment to One Inc., which then disburses the money electronically.\nIn terms of the digital transformation, One Inc. can take a top-tier insurer from 15% of its payments done digitally to 75% in a single day, Drysdale said.\nOver the long term, the company will look to expand in worker\u2019s compensation, automating revenue cycle management and back-office reconciliation. An injured worker can pick PayPal, Venmo or Mastercard Send for their money, and they will be \u201cpaid correctly on time and digitally within the rules of that state,\u201d Drysdale said.\n\u201cWe are leveraging the value of real-time payments and push to debit, so the people can be paid 24/7/365 via their favorite wallet type,\u201d he said. \u201c\u2026We\u2019re seeing that modern, forward-thinking insurers desire a world in which the claimants, the vendors and the suppliers are paid instantly \u2026 and the demand for that is out of sight.\u201d\nThe post Claims Complexity Meets Digital Simplicity as Insurers Push for Instant Payments appeared first on PYMNTS.com.", "date_published": "2025-04-18T04:00:22-04:00", "date_modified": "2025-04-18T11:09:09-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2025/04/Insurance-disbursements.jpg", "tags": [ "Digital Payments", "digital transformation", "disbursements", "faster payments", "Ian Drysdale", "Insurance", "Main Feature", "News", "one inc", "PYMNTS News", "pymnts tv", "video" ] }, { "id": "https://www.pymnts.com/?p=2687197", "url": "https://www.pymnts.com/insurance/2025/1fort-raises-7-5-million-for-ai-powered-platform-for-business-insurance/", "title": "1Fort Raises $7.5 Million for AI-Powered Platform for Business Insurance", "content_html": "InsurTech startup 1Fort has raised $7.5 million in a funding round to enhance the artificial intelligence (AI) capabilities of its platform for business insurance.
\nThe company\u2019s platform is designed to empower insurance brokers by automating processes that are traditionally manual and time-consuming, 1Fort said in a Thursday (April 17) press release.
\n\u201cThis investment will allow us to grow even faster by doubling down on our AI features and strengthening our broker and carrier partnerships,\u201d 1Fort Co-Founder and CEO Anthony Marshi said in the release.
\nCurrently, 1Fort employs AI to automate several broker workflows. These features include autofilling insurance applications, retrieving quotes from carriers, comparing coverages, and integrating payment and financing options, according to the release.
\nBy utilizing these AI tools, brokers save up to two hours per submission and increase their bind rate by as much as 20%, the release said.
\nFurthermore, 1Fort offers complementary risk management software that helps brokers better retain clients by allowing businesses to manage policies and proactively prevent claims, per the release.
\n1Fort has partnerships with over a dozen leading brokerages and carriers and saw nearly 200% month-over-month revenue growth in 2024, the release said.
\nJim Andelman, co-founder and managing director of Bonfire Ventures, which led the funding round, said in the release that 1Fort\u2019s solutions target a trillion-dollar market.
\n\u201cBuilding AI-powered, service-as-software solutions to modernize legacy workflows in the insurance vertical is one of today\u2019s most exciting opportunities,\u201d Andelman said.
\nThe insurance industry has a head start in the AI race, PYMNTS reported in February.
\nCompanies operating in this sector are technologically sophisticated and have deep libraries of operating data, so they frequently have the infrastructure, employee talent and resource allotment framework in place to leverage the innovations more effectively and faster than those in other sectors.
\nLatin American InsurTech Ol\u00e9 Life said in January that it raised $13 million with the help of PayPal Ventures to boost its growth across the region by establishing local operations in key markets and introducing new products beyond life insurance.
\nIn May, InsurTech Cover Genius said it raised $80 million in Series E funding to grow its embedded protection offering and to invest in new technology like improve digital insurance distribution solutions, AI-powered claims handling and additional protection solutions to be made available on the platform.
\nThe post 1Fort Raises $7.5 Million for AI-Powered Platform for Business Insurance appeared first on PYMNTS.com.
\n", "content_text": "InsurTech startup 1Fort has raised $7.5 million in a funding round to enhance the artificial intelligence (AI) capabilities of its platform for business insurance.\nThe company\u2019s platform is designed to empower insurance brokers by automating processes that are traditionally manual and time-consuming, 1Fort said in a Thursday (April 17) press release.\n\u201cThis investment will allow us to grow even faster by doubling down on our AI features and strengthening our broker and carrier partnerships,\u201d 1Fort Co-Founder and CEO Anthony Marshi said in the release.\nCurrently, 1Fort employs AI to automate several broker workflows. These features include autofilling insurance applications, retrieving quotes from carriers, comparing coverages, and integrating payment and financing options, according to the release.\nBy utilizing these AI tools, brokers save up to two hours per submission and increase their bind rate by as much as 20%, the release said.\nFurthermore, 1Fort offers complementary risk management software that helps brokers better retain clients by allowing businesses to manage policies and proactively prevent claims, per the release.\n1Fort has partnerships with over a dozen leading brokerages and carriers and saw nearly 200% month-over-month revenue growth in 2024, the release said.\nJim Andelman, co-founder and managing director of Bonfire Ventures, which led the funding round, said in the release that 1Fort\u2019s solutions target a trillion-dollar market.\n\u201cBuilding AI-powered, service-as-software solutions to modernize legacy workflows in the insurance vertical is one of today\u2019s most exciting opportunities,\u201d Andelman said.\nThe insurance industry has a head start in the AI race, PYMNTS reported in February.\nCompanies operating in this sector are technologically sophisticated and have deep libraries of operating data, so they frequently have the infrastructure, employee talent and resource allotment framework in place to leverage the innovations more effectively and faster than those in other sectors.\nLatin American InsurTech Ol\u00e9 Life said in January that it raised $13 million with the help of PayPal Ventures to boost its growth across the region by establishing local operations in key markets and introducing new products beyond life insurance.\nIn May, InsurTech Cover Genius said it raised $80 million in Series E funding to grow its embedded protection offering and to invest in new technology like improve digital insurance distribution solutions, AI-powered claims handling and additional protection solutions to be made available on the platform.\nThe post 1Fort Raises $7.5 Million for AI-Powered Platform for Business Insurance appeared first on PYMNTS.com.", "date_published": "2025-04-17T19:39:07-04:00", "date_modified": "2025-04-20T21:02:28-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2025/04/1Fort__Logo-1.jpg", "tags": [ "1Fort", "AI", "Anthony Marshi", "artificial intelligence", "B2B", "B2B Payments", "Bonfire Ventures", "businesss insurance", "commercial payments", "Insurance", "InsurTech", "Jim Andelman", "News", "PYMNTS News", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2507608", "url": "https://www.pymnts.com/insurance/2025/all-in-one-platforms-help-insurers-meet-customers-where-they-want-to-get-paid/", "title": "All-in-One Platforms Help Insurers Meet Customers Where They Want to Get Paid", "content_html": "Insurance is one of the most complex industries, marked by multiple touch points among several stakeholders \u2014 from carriers to customers, claims adjusters to contractors.
\nOne Inc. Chief Revenue Officer Kevin Ostrander told PYMNTS that payments remain among the most important touch points within those interactions, yet payments are inefficient, often paper-based. However, the insurance industry has been going through what he called \u201ca massive digital transformation over the last 20 years\u201d that promises to speed up workflows and payments.
\nThat transformation was initially focused on core systems, where carriers began to move off their legacy systems, which housed hundreds of applications that governed and ran insurance operations, from billing to claims. Carriers have been striving to streamline all manner of processes and drive an optimized customer experience, he said.
\nAs for the payments, \u201cwhen you think generally about payments overall, the concept of accepting a payment or pushing a payment isn\u2019t really complicated,\u201d he said. But what is complicated is getting to the point where, in property and casualty, life insurance and other segments, carriers can meet customers where, when and how they want to pay and be paid.
\n\u201cPaper is still dominant within the insurance industry, both on the inbound premium side as well as on the disbursement side,\u201d Ostrander said.
\nInteractions with customers are infrequent, as premiums may be paid once a year or on a staggered monthly basis \u2014 and they\u2019re typically paid even less frequently when a claims process is completed.
\nThose relatively limited engagements give insurers a few critical junctures to move to digital means of connection, from SMS communications to digital invoices and payments.
\nOne\u2019s unified insurance platform offers carriers a fully functional payment solution that solves \u201cthe unique needs of the insurance industry, while also delivering a seamless and consistent user experience across the end-to-end lifecycle,\u201d spanning inbound premium payments, new business binders or payments that are conducted over the phone (through IVR) with call centers, Ostrander said.
\n\u201cYou want to have the same consistent user experience regardless of how they\u2019re engaging with you,\u201d he said.
\nThat standard UX is rendered through customer profiles, consistent payment-related settings and a frictionless payment experience \u2014 and centralized wallets wherein those payment instruments (such as debit cards) are housed, he said.
\n\u201cIf you\u2019re going to use your debit card to make a policy premium payment, why would a carrier ask you to reenter your debit card information when it\u2019s time for a claims process?\u201d Ostrander said. \u201cWhy should they ask you to reenter your debit card information when you\u2019re going through a premium refund? That information should be available, and that customer wallet should follow you around anytime you\u2019re engaging ultimately with that carrier.\u201d
\nThe platform transcends the capabilities that would be available if carriers opted to embrace a range of standalone solutions to digitize their operations, he said. There are also benefits of harnessing the unified solution to improve back-end processes, especially with treasury management, due to linking with a single banking partner and single reconciliation solution.
\n\u201cThis simplifies audit trails and financial tracking,\u201d he said. \u201cThere\u2019s standardization in APIs, there\u2019s standardization in client support, whether that is technical or client account management,\u201d and in complying with data security as well.
\nOn the regulatory front, there are state-by-state regulations that govern payment timeliness and optionality that are in turn made easier to comply with as carriers link to One Inc. (In some states, offering a digital payment to an end user must come before a customer opts to receive a paper check.)
\n\u201cThere\u2019s tremendous benefit there for carriers as they look to work with a third party that stays in lockstep \u2014 from a regulatory perspective and from a solution perspective \u2014 to deliver iterative value in a rapidly changing environment,\u201d Ostrander said.
\nThe post All-in-One Platforms Help Insurers Meet Customers Where They Want to Get Paid appeared first on PYMNTS.com.
\n", "content_text": "Insurance is one of the most complex industries, marked by multiple touch points among several stakeholders \u2014 from carriers to customers, claims adjusters to contractors.\nOne Inc. Chief Revenue Officer Kevin Ostrander told PYMNTS that payments remain among the most important touch points within those interactions, yet payments are inefficient, often paper-based. However, the insurance industry has been going through what he called \u201ca massive digital transformation over the last 20 years\u201d that promises to speed up workflows and payments.\nThat transformation was initially focused on core systems, where carriers began to move off their legacy systems, which housed hundreds of applications that governed and ran insurance operations, from billing to claims. Carriers have been striving to streamline all manner of processes and drive an optimized customer experience, he said.\nAs for the payments, \u201cwhen you think generally about payments overall, the concept of accepting a payment or pushing a payment isn\u2019t really complicated,\u201d he said. But what is complicated is getting to the point where, in property and casualty, life insurance and other segments, carriers can meet customers where, when and how they want to pay and be paid.\nPaper Still Dominates\n\u201cPaper is still dominant within the insurance industry, both on the inbound premium side as well as on the disbursement side,\u201d Ostrander said.\nInteractions with customers are infrequent, as premiums may be paid once a year or on a staggered monthly basis \u2014 and they\u2019re typically paid even less frequently when a claims process is completed.\nThose relatively limited engagements give insurers a few critical junctures to move to digital means of connection, from SMS communications to digital invoices and payments.\nOne\u2019s unified insurance platform offers carriers a fully functional payment solution that solves \u201cthe unique needs of the insurance industry, while also delivering a seamless and consistent user experience across the end-to-end lifecycle,\u201d spanning inbound premium payments, new business binders or payments that are conducted over the phone (through IVR) with call centers, Ostrander said.\n\u201cYou want to have the same consistent user experience regardless of how they\u2019re engaging with you,\u201d he said.\nThat standard UX is rendered through customer profiles, consistent payment-related settings and a frictionless payment experience \u2014 and centralized wallets wherein those payment instruments (such as debit cards) are housed, he said.\n\u201cIf you\u2019re going to use your debit card to make a policy premium payment, why would a carrier ask you to reenter your debit card information when it\u2019s time for a claims process?\u201d Ostrander said. \u201cWhy should they ask you to reenter your debit card information when you\u2019re going through a premium refund? That information should be available, and that customer wallet should follow you around anytime you\u2019re engaging ultimately with that carrier.\u201d\nThe platform transcends the capabilities that would be available if carriers opted to embrace a range of standalone solutions to digitize their operations, he said. There are also benefits of harnessing the unified solution to improve back-end processes, especially with treasury management, due to linking with a single banking partner and single reconciliation solution.\n\u201cThis simplifies audit trails and financial tracking,\u201d he said. \u201cThere\u2019s standardization in APIs, there\u2019s standardization in client support, whether that is technical or client account management,\u201d and in complying with data security as well.\nOn the regulatory front, there are state-by-state regulations that govern payment timeliness and optionality that are in turn made easier to comply with as carriers link to One Inc. (In some states, offering a digital payment to an end user must come before a customer opts to receive a paper check.)\n\u201cThere\u2019s tremendous benefit there for carriers as they look to work with a third party that stays in lockstep \u2014 from a regulatory perspective and from a solution perspective \u2014 to deliver iterative value in a rapidly changing environment,\u201d Ostrander said.\nThe post All-in-One Platforms Help Insurers Meet Customers Where They Want to Get Paid appeared first on PYMNTS.com.", "date_published": "2025-03-07T04:00:45-05:00", "date_modified": "2025-03-06T22:20:25-05:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2025/03/insurancy-payments.jpg", "tags": [ "Digital Payments", "digital transformation", "digital wallets", "disbursements", "faster payments", "Featured News", "Insurance", "Kevin Ostrander", "Mobile Wallets", "News", "one inc", "PYMNTS News", "pymnts tv", "video" ] }, { "id": "https://www.pymnts.com/?p=2507272", "url": "https://www.pymnts.com/insurance/2025/ai-copilots-give-commercial-insurance-a-long-overdue-makeover/", "title": "AI Copilots Give Commercial Insurance a Long-Overdue Makeover", "content_html": "The commercial insurance industry, an economic linchpin valued in the hundreds of billions, has long been bogged down by antiquated, paper-based processes.
\nWhile that should come as no surprise to anyone who has interacted with it recently, it\u2019s not necessarily a conscious choice. The insurance sector is innately and uniquely hindered by legacy systems, regulatory complexities, as well as the sheer scale of underwriting and claims processes.
\nFor commercial insurance to most effectively take its digital transformation medicine, it will need \u201ca painkiller, not just a vitamin. Something that solves acute pain points from day one,\u201d Vishal Sankhla, co-founder and CEO of Outmarket AI, told PYMNTS Karen Webster.
\nBut the inefficiencies plaguing commercial insurance are not new. So why is the industry suddenly waking up to the need for change?
\nAccording to Sankhla, whose company just raised $4.7 million to enhance connectivity between brokers, wholesalers and carriers, the answer is twofold: an ongoing drive for efficiency, and the availability of advanced artificial intelligence (AI).
\n\u201cWe\u2019re not just digitizing insurance,\u201d Sankhla said. \u201cWe\u2019re redefining it.\u201d
\nSankhla\u2019s company isn\u2019t just leveraging existing AI models \u2014 it\u2019s building an insurance-specific one from the ground up.\u00a0
\n\u201cWe\u2019ve spent the last year working closely with brokers, MGAs [managing general agents] and wholesalers to develop a solution tailored for insurance,\u201d he said. \u201cGeneric AI models won\u2019t go deep into the workflows or integrate with legacy systems.\u201d
\nOne of the most significant impacts of AI in commercial insurance is its potential for greater standardization and orchestration across system-level silos.
\n\u201cIf you ask a data analyst to pull a metric like last month\u2019s premium, you\u2019ll get different answers because they\u2019re looking at different systems,\u201d Sankhla explained. \u201cWe provide a unified data layer where definitions are standardized, ensuring consistency across the company.\u201d
\nSince launching in November, Outmarket has onboarded 10 pilot customers, a testament to the industry\u2019s hunger for innovation. The company\u2019s focus? Insurance brokers, a critical yet technologically underserved segment of the value chain.
\nSankhla, who previously led product development at Ethos Life, witnessed firsthand the inefficiencies plaguing insurance brokers. From an avalanche of emails and phone calls to processing 200-page policy documents manually, brokers are overwhelmed with friction-heavy workflows.
\nWorse still, brokers sit on troves of data that remain siloed across disparate agency management systems, claims platforms, and CRMs, preventing them from unlocking insights that could enhance their business performance.
\n\u201cBrokers are absolutely critical to this value chain,\u201d Sankhla explained. \u201cThey provide important advisory services on what insurances businesses need. Businesses don\u2019t just need one insurance \u2014 they need multiple coverages. And all of their workflows are extremely manual.\u201d
\nRead more: Digital Overhaul in Insurance Benefits Firms Already Confident Using AI
\nAI also allows brokers to optimize key performance indicators (KPIs) such as the submission-to-bind ratio \u2014 the time taken from application submission to policy binding.\u00a0
\n\u201cIf one carrier takes too long, brokers can explore faster alternatives. AI can also pre-fill renewal applications using last year\u2019s data, eliminating unnecessary back and forth,\u201d Sankhla said.
\nPreviously, insurance firms had to stitch together multiple point solutions \u2014 data warehouses, analytics platforms, and workflow automation tools \u2014 to achieve partial efficiency. AI can now helps firms to consolidate these functions, offering a seamless, automated experience.
\n\u201cWe don\u2019t ask brokers to change their workflows or their systems of record,\u201d Sankhla said. \u201cThat\u2019s not practical. Instead, we connect existing systems, making it easier for brokers to do what they already do, but faster and better.\u201d
\nStill, as AI adoption accelerates, what happens when every player in the ecosystem has access to the same technology?
\nFor Sankhla, he sees the competitive advantage shifting toward how well companies integrate AI into their operations.
\n\u201cEvery industry today is looking for efficiency. How do I grow my top line? How do I control my costs?\u201d Sankhla explained. \u201cThe second big thing is that the technology is there now. AI wasn\u2019t where it is today. Now, you can meaningfully automate, creating a co-pilot-like experience for brokers.\u201d
\nLooking ahead, while Sankhla\u2019s immediate focus is on brokers, the implications of Outmarket\u2019s AI-driven platform extend across the insurance ecosystem.\u00a0
\n\u201cA more efficient broker system means more accurate, complete applications for underwriters,\u201d he added. \u201cCarriers get better data, which means they can process applications faster and offer better coverage options to businesses.\u201d
\nThe post AI Copilots Give Commercial Insurance a Long-Overdue Makeover appeared first on PYMNTS.com.
\n", "content_text": "The commercial insurance industry, an economic linchpin valued in the hundreds of billions, has long been bogged down by antiquated, paper-based processes.\nWhile that should come as no surprise to anyone who has interacted with it recently, it\u2019s not necessarily a conscious choice. The insurance sector is innately and uniquely hindered by legacy systems, regulatory complexities, as well as the sheer scale of underwriting and claims processes. \nFor commercial insurance to most effectively take its digital transformation medicine, it will need \u201ca painkiller, not just a vitamin. Something that solves acute pain points from day one,\u201d Vishal Sankhla, co-founder and CEO of Outmarket AI, told PYMNTS Karen Webster. \nBut the inefficiencies plaguing commercial insurance are not new. So why is the industry suddenly waking up to the need for change?\nAccording to Sankhla, whose company just raised $4.7 million to enhance connectivity between brokers, wholesalers and carriers, the answer is twofold: an ongoing drive for efficiency, and the availability of advanced artificial intelligence (AI).\n\u201cWe\u2019re not just digitizing insurance,\u201d Sankhla said. \u201cWe\u2019re redefining it.\u201d\nThe AI Advantage in Insurance\nSankhla\u2019s company isn\u2019t just leveraging existing AI models \u2014 it\u2019s building an insurance-specific one from the ground up.\u00a0\n\u201cWe\u2019ve spent the last year working closely with brokers, MGAs [managing general agents] and wholesalers to develop a solution tailored for insurance,\u201d he said. \u201cGeneric AI models won\u2019t go deep into the workflows or integrate with legacy systems.\u201d\nOne of the most significant impacts of AI in commercial insurance is its potential for greater standardization and orchestration across system-level silos. \n\u201cIf you ask a data analyst to pull a metric like last month\u2019s premium, you\u2019ll get different answers because they\u2019re looking at different systems,\u201d Sankhla explained. \u201cWe provide a unified data layer where definitions are standardized, ensuring consistency across the company.\u201d\nSince launching in November, Outmarket has onboarded 10 pilot customers, a testament to the industry\u2019s hunger for innovation. The company\u2019s focus? Insurance brokers, a critical yet technologically underserved segment of the value chain.\nSankhla, who previously led product development at Ethos Life, witnessed firsthand the inefficiencies plaguing insurance brokers. From an avalanche of emails and phone calls to processing 200-page policy documents manually, brokers are overwhelmed with friction-heavy workflows. \nWorse still, brokers sit on troves of data that remain siloed across disparate agency management systems, claims platforms, and CRMs, preventing them from unlocking insights that could enhance their business performance.\n\u201cBrokers are absolutely critical to this value chain,\u201d Sankhla explained. \u201cThey provide important advisory services on what insurances businesses need. Businesses don\u2019t just need one insurance \u2014 they need multiple coverages. And all of their workflows are extremely manual.\u201d\nRead more: Digital Overhaul in Insurance Benefits Firms Already Confident Using AI\nAI-Driven Inflection Point\nAI also allows brokers to optimize key performance indicators (KPIs) such as the submission-to-bind ratio \u2014 the time taken from application submission to policy binding.\u00a0\n\u201cIf one carrier takes too long, brokers can explore faster alternatives. AI can also pre-fill renewal applications using last year\u2019s data, eliminating unnecessary back and forth,\u201d Sankhla said. \nPreviously, insurance firms had to stitch together multiple point solutions \u2014 data warehouses, analytics platforms, and workflow automation tools \u2014 to achieve partial efficiency. AI can now helps firms to consolidate these functions, offering a seamless, automated experience.\n\u201cWe don\u2019t ask brokers to change their workflows or their systems of record,\u201d Sankhla said. \u201cThat\u2019s not practical. Instead, we connect existing systems, making it easier for brokers to do what they already do, but faster and better.\u201d\nStill, as AI adoption accelerates, what happens when every player in the ecosystem has access to the same technology? \nFor Sankhla, he sees the competitive advantage shifting toward how well companies integrate AI into their operations.\n\u201cEvery industry today is looking for efficiency. How do I grow my top line? How do I control my costs?\u201d Sankhla explained. \u201cThe second big thing is that the technology is there now. AI wasn\u2019t where it is today. Now, you can meaningfully automate, creating a co-pilot-like experience for brokers.\u201d\nLooking ahead, while Sankhla\u2019s immediate focus is on brokers, the implications of Outmarket\u2019s AI-driven platform extend across the insurance ecosystem.\u00a0\n\u201cA more efficient broker system means more accurate, complete applications for underwriters,\u201d he added. \u201cCarriers get better data, which means they can process applications faster and offer better coverage options to businesses.\u201d\nThe post AI Copilots Give Commercial Insurance a Long-Overdue Makeover appeared first on PYMNTS.com.", "date_published": "2025-03-06T07:00:00-05:00", "date_modified": "2025-03-05T21:25:27-05:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2025/03/Insurance-partnerships-SB1.jpg", "tags": [ "AI", "artificial intelligence", "automation", "B2B", "B2B Payments", "commercial insurance", "commercial payments", "Featured News", "Insurance", "insurance brokers", "News", "Outmarket AI", "PYMNTS News", "pymnts tv", "underwriting", "video", "Vishal Sankhla" ] }, { "id": "https://www.pymnts.com/?p=2500875", "url": "https://www.pymnts.com/insurance/2025/ny-fines-car-insurers-20-million-over-reporting-failures/", "title": "NY Fines Car Insurers $20 Million Over Reporting Failures", "content_html": "New York has closed a multi-year probe into car insurers\u2019 failure to report timely information.
\nThat investigation, the\u00a0New York State Department of Financial Services\u00a0(NYDFS) said Monday (Feb. 24), has resulted in\u00a0$20.4 million in fines\u00a0on insurers who failed to provide insured vehicle information to the state’s motor vehicles department (DMV) in a timely fashion.
\n\u201cAccurate and timely reporting by insurers is critical to protecting New Yorkers on the road, ensuring compliance with state laws, and maintaining the integrity of our enforcement systems,\u201d NYDFS superintendent Adrienne Harris said in a news release.
\n\u201cThese actions demonstrate DFS\u2019s unwavering commitment to holding insurers accountable and safeguarding consumers.\u201d
\nAccording to the NYDFS, New York\u2019s insurance law requires companies to report newly insured vehicles to the DMV within seven days of the policy\u2019s effective date. In addition, most insurance terminations and suspensions must be reported within 30 days.
\n\u201cThese requirements are vital to ensuring law enforcement can identify uninsured vehicles, maintaining accurate DMV records, and protecting New Yorkers in the event of an accident,\u201d the NYDFS said in the release.
\nThe department said it handed down fines to insurers across the industry, while also issuing 37 consent orders.
\nThe news comes three months after the NYDFS fined auto insurers\u00a0Geico\u00a0and\u00a0Travelers\u00a0a combined $11.3 million in penalties \u201cfor having poor data security,\u201d which allowed the information of\u00a0more than 120,000 New Yorkers\u00a0to be compromised.
\nAs PYMNTS has written, the NYDFS is one of the more powerful state financial regulators, as many of the country\u2019s largest banks are headquartered within its jurisdiction.
\nFollowing President Trump’s victory last year, Harris told the Financial Times that the department could potentially pick up some of the\u00a0regulatory slack\u00a0if the new administration decided to take a more hands-off approach to regulation.
\n\u201cWe\u2019re going to keep focusing on getting money back for consumers,\u201d said Harris, whose department has hired hundreds of new staffers in recent years. Although she stressed that her office was \u201cnot ideological,\u201d she added: \u201cIf there are new gaps that emerge because we don\u2019t have a partner then we\u2019ll work to fill those gaps as appropriate.\u201d
\nSince then, the administration has tried to make good on its campaign promises, with plans to potentially\u00a0combine some regulatory agencies\u00a0while\u00a0freezing\u00a0enforcement activity at the\u00a0Consumer Financial Protection Bureau\u00a0(CFPB).
\nThe post NY Fines Car Insurers $20 Million Over Reporting Failures appeared first on PYMNTS.com.
\n", "content_text": "New York has closed a multi-year probe into car insurers\u2019 failure to report timely information.\nThat investigation, the\u00a0New York State Department of Financial Services\u00a0(NYDFS) said Monday (Feb. 24), has resulted in\u00a0$20.4 million in fines\u00a0on insurers who failed to provide insured vehicle information to the state’s motor vehicles department (DMV) in a timely fashion.\n\u201cAccurate and timely reporting by insurers is critical to protecting New Yorkers on the road, ensuring compliance with state laws, and maintaining the integrity of our enforcement systems,\u201d NYDFS superintendent Adrienne Harris said in a news release.\n\u201cThese actions demonstrate DFS\u2019s unwavering commitment to holding insurers accountable and safeguarding consumers.\u201d\nAccording to the NYDFS, New York\u2019s insurance law requires companies to report newly insured vehicles to the DMV within seven days of the policy\u2019s effective date. In addition, most insurance terminations and suspensions must be reported within 30 days.\n\u201cThese requirements are vital to ensuring law enforcement can identify uninsured vehicles, maintaining accurate DMV records, and protecting New Yorkers in the event of an accident,\u201d the NYDFS said in the release.\nThe department said it handed down fines to insurers across the industry, while also issuing 37 consent orders.\nThe news comes three months after the NYDFS fined auto insurers\u00a0Geico\u00a0and\u00a0Travelers\u00a0a combined $11.3 million in penalties \u201cfor having poor data security,\u201d which allowed the information of\u00a0more than 120,000 New Yorkers\u00a0to be compromised.\nAs PYMNTS has written, the NYDFS is one of the more powerful state financial regulators, as many of the country\u2019s largest banks are headquartered within its jurisdiction.\nFollowing President Trump’s victory last year, Harris told the Financial Times that the department could potentially pick up some of the\u00a0regulatory slack\u00a0if the new administration decided to take a more hands-off approach to regulation.\n\u201cWe\u2019re going to keep focusing on getting money back for consumers,\u201d said Harris, whose department has hired hundreds of new staffers in recent years. Although she stressed that her office was \u201cnot ideological,\u201d she added: \u201cIf there are new gaps that emerge because we don\u2019t have a partner then we\u2019ll work to fill those gaps as appropriate.\u201d\nSince then, the administration has tried to make good on its campaign promises, with plans to potentially\u00a0combine some regulatory agencies\u00a0while\u00a0freezing\u00a0enforcement activity at the\u00a0Consumer Financial Protection Bureau\u00a0(CFPB).\nThe post NY Fines Car Insurers $20 Million Over Reporting Failures appeared first on PYMNTS.com.", "date_published": "2025-02-24T13:40:05-05:00", "date_modified": "2025-02-24T13:40:05-05:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2025/02/NY-car-insurers-reporting.png", "tags": [ "Auto Insurers", "car insurance", "Insurance", "Insurance Companies", "insurance laws", "New York State Department of Financial Services", "News", "NYDFS", "PYMNTS News", "regulations", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2429099", "url": "https://www.pymnts.com/insurance/2025/paypal-ventures-helps-insurtech-ole-life-raise-13-million/", "title": "PayPal Ventures Helps InsurTech Ol\u00e9 Life Raise $13 Million", "content_html": "Latin American InsurTech Ol\u00e9 Life has raised $13 million with the help of PayPal Ventures.
\nThe Series B funding, announced Thursday (Jan. 16), will allow Ol\u00e9 to boost its growth across Latin America by establishing local operations in key markets and introducing new products beyond life insurance.
\n\u201cAs the first fully digital life insurance product in Latin America, this funding is a testament to the incredible progress we\u2019ve made in building a platform that resonates with our customers,\u201d Michael Carricarte, Ol\u00e9 Life\u2019s founder and CEO, said in a news release.
\n\u201cWith the support of PayPal Ventures, we are poised to expand our reach beyond USD-denominated term life policies and introduce groundbreaking offerings, such as whole-family protection plans that address the region\u2019s unique needs. This investment is a pivotal step toward transforming how financial protection is delivered, empowering millions of families to secure their futures.\u201d
\nOl\u00e9 Life, the release said, has more than $2 billion in total insured value and 4,000-plus distribution partners, positioning it to address the rising demand for insurance in the region.\u00a0
\nPYMNTS wrote recently about the challenges facing the insurance sector in implementing real-time payouts. Despite the potential benefits for insurers and customers, such as reduced delays and improved satisfaction, the industry has been slower to embrace real-time payouts because of high costs and transparency issues.
\nAt least, that\u2019s the case for smaller insurers. Larger companies have been more ready to adopt real-time payments. Research by PYMNTS Intelligence finds that 69% of large insurers see real-time payment capabilities as very or extremely important to their business, compared to just 33% of smaller insurance companies that hold that view.
\n\u201cLarger insurers have the resources to overcome the initial barriers of cost and integration, allowing them to implement real-time payment solutions more effectively,\u201d PYMNTS wrote.
\nMost of the real-time payment adoption in the insurance sector comes from business-to-business (B2B) transactions, with small insurers employing these systems for operations with partners instead of direct claimant payouts.\u00a0
\n\u201cFor larger insurers, however, real-time payments offer a competitive edge by improving cash flow management and strengthening relationships with partners,\u201d the report said. \u201cThe ability to offer faster payouts is viewed as crucial to maintaining a competitive advantage.\u201d
\n\u00a0
\nThe post PayPal Ventures Helps InsurTech Ol\u00e9 Life Raise $13 Million appeared first on PYMNTS.com.
\n", "content_text": "Latin American InsurTech Ol\u00e9 Life has raised $13 million with the help of PayPal Ventures.\nThe Series B funding, announced Thursday (Jan. 16), will allow Ol\u00e9 to boost its growth across Latin America by establishing local operations in key markets and introducing new products beyond life insurance.\n\u201cAs the first fully digital life insurance product in Latin America, this funding is a testament to the incredible progress we\u2019ve made in building a platform that resonates with our customers,\u201d Michael Carricarte, Ol\u00e9 Life\u2019s founder and CEO, said in a news release.\n\u201cWith the support of PayPal Ventures, we are poised to expand our reach beyond USD-denominated term life policies and introduce groundbreaking offerings, such as whole-family protection plans that address the region\u2019s unique needs. This investment is a pivotal step toward transforming how financial protection is delivered, empowering millions of families to secure their futures.\u201d\nOl\u00e9 Life, the release said, has more than $2 billion in total insured value and 4,000-plus distribution partners, positioning it to address the rising demand for insurance in the region.\u00a0\nPYMNTS wrote recently about the challenges facing the insurance sector in implementing real-time payouts. Despite the potential benefits for insurers and customers, such as reduced delays and improved satisfaction, the industry has been slower to embrace real-time payouts because of high costs and transparency issues.\nAt least, that\u2019s the case for smaller insurers. Larger companies have been more ready to adopt real-time payments. Research by PYMNTS Intelligence finds that 69% of large insurers see real-time payment capabilities as very or extremely important to their business, compared to just 33% of smaller insurance companies that hold that view.\n\u201cLarger insurers have the resources to overcome the initial barriers of cost and integration, allowing them to implement real-time payment solutions more effectively,\u201d PYMNTS wrote.\nMost of the real-time payment adoption in the insurance sector comes from business-to-business (B2B) transactions, with small insurers employing these systems for operations with partners instead of direct claimant payouts.\u00a0\n\u201cFor larger insurers, however, real-time payments offer a competitive edge by improving cash flow management and strengthening relationships with partners,\u201d the report said. \u201cThe ability to offer faster payouts is viewed as crucial to maintaining a competitive advantage.\u201d\n\u00a0\nThe post PayPal Ventures Helps InsurTech Ol\u00e9 Life Raise $13 Million appeared first on PYMNTS.com.", "date_published": "2025-01-16T15:36:33-05:00", "date_modified": "2025-01-16T15:36:33-05:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2025/01/Ole_-cropped.jpg", "tags": [ "financing", "funding", "Insurance", "InsurTech", "life insurance", "News", "Ol\u00e9 Life", "PayPal", "PayPal Ventures", "PYMNTS News", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2429079", "url": "https://www.pymnts.com/insurance/2025/columbia-insurance-group-taps-into-one-incs-payment-solutions/", "title": "Columbia Insurance Group Taps Into One Inc\u2019s Payment Solutions", "content_html": "Insurance industry payment platform\u00a0One Inc\u00a0says\u00a0Columbia Insurance Group\u00a0has adopted its digital payments solutions.
\nColumbia Insurance Group (CIG), specializing in property and casualty insurance for small and mid-size businesses, will now begin using One\u2019s PremiumPay and ClaimsPay solutions, for both inbound and outbound payments, the company announced in a\u00a0Thursday (Jan. 16)\u00a0news release.
\n\u201cBy integrating PremiumPay, One Inc\u2019s low-code/no-code inbound payments solution, CIG will have the tools to power personalized branding, manage multi-channel communication preferences and deliver proactive messaging at the most critical times,\u201d the release said.
\nThe outbound-focused ClaimsPay lets CIG policyholders make payments through platforms such as PayPal, Venmo and Zelle, as well as interactive voice responses (IVR) and text messaging, the company added.
\nCIG Chief Information Officer Lisa Wharton said One\u2019s \u201cdeep expertise in digital payments enables us to seamlessly integrate cutting-edge technology, providing our policyholders with a payment experience that is not only modern and efficient but also secure.\u201d
\nPYMNTS spoke last year with One Inc. CEO Ian Drysdale about the potential for\u00a0embedded payments\u00a0in the insurance sector to improve the overall user experience while helping to improve corporate margins.
\n\u201cYou might pay your auto insurance 12 times a year, or you might pay for other insurance several times a year,\u201d he said. \u201cThat\u2019s when you really \u2018experience\u2019 your insurance company.\u201d
\nThat report noted that One offers client firms the ability to remind people that it\u2019s time to make a payment for their insurance.
\nWith a nod to payments, Drysdale added: \u201cWe make sure that modern wallets are there, we make sure it\u2019s completely\u00a0embedded in their core system\u201d and that claims submissions and sign-offs are handled digitally.
\nHe predicted that $70 billion in premiums will be embedded in the years to come. It\u2019s a system that lets data be shared seamlessly between parties, while giving insurers some added top-line growth and momentum.
\n\u201cAny kind of insurance that is completely online and seamless is hyper-attractive to an insurance company,\u201d said Drysdale, arguing that \u201cthe future of insurance is \u2018instant.\u2019\u201d
\nThe executive returned to speak with PYMNTS again earlier this week amid the wildfires in Los Angeles, where the insured losses could\u00a0exceed $20 billion. It\u2019s another challenge for California, where insurance companies have been raising their rates or exiting the market entirely.
\n\u201cPeople are going to have to think through how insurance works, where they want to live and how they want to live \u2014 because the cost of living in certain areas is continuing to increase,\u201d Drysdale told PYMNTS CEO Karen Webster.
\nFor all PYMNTS B2B coverage, subscribe to the daily\u00a0B2B Newsletter.
\nThe post Columbia Insurance Group Taps Into One Inc\u2019s Payment Solutions appeared first on PYMNTS.com.
\n", "content_text": "Insurance industry payment platform\u00a0One Inc\u00a0says\u00a0Columbia Insurance Group\u00a0has adopted its digital payments solutions.\nColumbia Insurance Group (CIG), specializing in property and casualty insurance for small and mid-size businesses, will now begin using One\u2019s PremiumPay and ClaimsPay solutions, for both inbound and outbound payments, the company announced in a\u00a0Thursday (Jan. 16)\u00a0news release.\n\u201cBy integrating PremiumPay, One Inc\u2019s low-code/no-code inbound payments solution, CIG will have the tools to power personalized branding, manage multi-channel communication preferences and deliver proactive messaging at the most critical times,\u201d the release said.\nThe outbound-focused ClaimsPay lets CIG policyholders make payments through platforms such as PayPal, Venmo and Zelle, as well as interactive voice responses (IVR) and text messaging, the company added.\nCIG Chief Information Officer Lisa Wharton said One\u2019s \u201cdeep expertise in digital payments enables us to seamlessly integrate cutting-edge technology, providing our policyholders with a payment experience that is not only modern and efficient but also secure.\u201d\nPYMNTS spoke last year with One Inc. CEO Ian Drysdale about the potential for\u00a0embedded payments\u00a0in the insurance sector to improve the overall user experience while helping to improve corporate margins.\n\u201cYou might pay your auto insurance 12 times a year, or you might pay for other insurance several times a year,\u201d he said. \u201cThat\u2019s when you really \u2018experience\u2019 your insurance company.\u201d\nThat report noted that One offers client firms the ability to remind people that it\u2019s time to make a payment for their insurance.\nWith a nod to payments, Drysdale added: \u201cWe make sure that modern wallets are there, we make sure it\u2019s completely\u00a0embedded in their core system\u201d and that claims submissions and sign-offs are handled digitally.\nHe predicted that $70 billion in premiums will be embedded in the years to come. It\u2019s a system that lets data be shared seamlessly between parties, while giving insurers some added top-line growth and momentum.\n\u201cAny kind of insurance that is completely online and seamless is hyper-attractive to an insurance company,\u201d said Drysdale, arguing that \u201cthe future of insurance is \u2018instant.\u2019\u201d\nThe executive returned to speak with PYMNTS again earlier this week amid the wildfires in Los Angeles, where the insured losses could\u00a0exceed $20 billion. It\u2019s another challenge for California, where insurance companies have been raising their rates or exiting the market entirely.\n\u201cPeople are going to have to think through how insurance works, where they want to live and how they want to live \u2014 because the cost of living in certain areas is continuing to increase,\u201d Drysdale told PYMNTS CEO Karen Webster.\nFor all PYMNTS B2B coverage, subscribe to the daily\u00a0B2B Newsletter.\nThe post Columbia Insurance Group Taps Into One Inc\u2019s Payment Solutions appeared first on PYMNTS.com.", "date_published": "2025-01-16T14:58:09-05:00", "date_modified": "2025-01-16T21:31:19-05:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/03/insurance-claims.jpg", "tags": [ "B2B", "B2B Payments", "CIG", "Columbia Insurance Group", "commercial payments", "Digital Payments", "instant payments", "Insurance", "insurance payments", "News", "one inc", "PYMNTS News", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2428672", "url": "https://www.pymnts.com/insurance/2025/insurance-payments-platform-epaypolicy-adds-quoting-and-invoicing-tool/", "title": "Insurance Payments Platform ePayPolicy Adds Quoting and Invoicing Tool", "content_html": "Insurance payments platform ePayPolicy has added a quoting and invoicing tool.
\nDesigned for insurance companies and their customers, the new Quotes and Invoices leads insured payers from quote, to invoice, to online payment, the company said in a Wednesday (Jan. 15) press release.
\n\u201cWhen done efficiently, policies can bind faster, allowing agencies to spend more time on account servicing and new business development,\u201d the release said.
\nWith Quotes and Invoices, insurance organizations can generate customer quotes from the ePayPolicy Dashboard, email quotes with direct links to a payment page and, when applicable, and add a financing option with their existing premium financing company (PFC) partners, according to the release.
\nThe tool also provides a historical and searchable database of previously sent invoices, per the release.
\nThis new offering presents an alternative to the multiple disconnected technology tools or generic accounting services used by many insurance organizations, the release said.
\n\u201cCountless agencies have done what most growing companies do \u2014 add piecemeal technology as the need arises,\u201d ePayPolicy Chief Product Officer Josh Peterson said in the release. \u201cThey often keep using those tools even when they know it\u2019s causing extra work, for lack of options.\u201d
\nIn an earlier addition to its offerings, ePayPolicy teamed up with Agile Premium Finance in May to offer insurance industry clients checkout financing options.
\nIn this partnership, ePayPolicy\u2019s Finance Connect feature enables Agile to offer its customers convenient online financing enrollment and premium payment solutions.
\n\u201cFinance Connect enables Agile customers to apply for premium financing \u2014 including e-signed premium finance agreements (PFA) \u2014 in a single, online session, utilizing secure connections to the customer\u2019s systems and popular industry management systems,\u201d the companies said at the time in a press release.
\nIn April 2023, ePayPolicy added a payables reconciliation automation tool called Payables Connect to its product suite, saying it leverages the company\u2019s existing integrations and machine learning technology to automate the reconciliation, creation and payment of due payables.
\nIn another development in this space, Vitesse said in May that it completed a $93 million Series C funding round aimed at growing its treasury and payment solutions for the insurance industry.
\nThe post Insurance Payments Platform ePayPolicy Adds Quoting and Invoicing Tool appeared first on PYMNTS.com.
\n", "content_text": "Insurance payments platform ePayPolicy has added a quoting and invoicing tool.\nDesigned for insurance companies and their customers, the new Quotes and Invoices leads insured payers from quote, to invoice, to online payment, the company said in a Wednesday (Jan. 15) press release.\n\u201cWhen done efficiently, policies can bind faster, allowing agencies to spend more time on account servicing and new business development,\u201d the release said.\nWith Quotes and Invoices, insurance organizations can generate customer quotes from the ePayPolicy Dashboard, email quotes with direct links to a payment page and, when applicable, and add a financing option with their existing premium financing company (PFC) partners, according to the release.\nThe tool also provides a historical and searchable database of previously sent invoices, per the release.\nThis new offering presents an alternative to the multiple disconnected technology tools or generic accounting services used by many insurance organizations, the release said.\n\u201cCountless agencies have done what most growing companies do \u2014 add piecemeal technology as the need arises,\u201d ePayPolicy Chief Product Officer Josh Peterson said in the release. \u201cThey often keep using those tools even when they know it\u2019s causing extra work, for lack of options.\u201d\nIn an earlier addition to its offerings, ePayPolicy teamed up with Agile Premium Finance in May to offer insurance industry clients checkout financing options.\nIn this partnership, ePayPolicy\u2019s Finance Connect feature enables Agile to offer its customers convenient online financing enrollment and premium payment solutions.\n\u201cFinance Connect enables Agile customers to apply for premium financing \u2014 including e-signed premium finance agreements (PFA) \u2014 in a single, online session, utilizing secure connections to the customer\u2019s systems and popular industry management systems,\u201d the companies said at the time in a press release.\nIn April 2023, ePayPolicy added a payables reconciliation automation tool called Payables Connect to its product suite, saying it leverages the company\u2019s existing integrations and machine learning technology to automate the reconciliation, creation and payment of due payables.\nIn another development in this space, Vitesse said in May that it completed a $93 million Series C funding round aimed at growing its treasury and payment solutions for the insurance industry.\nThe post Insurance Payments Platform ePayPolicy Adds Quoting and Invoicing Tool appeared first on PYMNTS.com.", "date_published": "2025-01-15T19:06:42-05:00", "date_modified": "2025-01-15T19:35:25-05:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2025/01/ePayPolicy-insurance-claims.jpg", "tags": [ "B2B", "B2B Payments", "commercial payments", "ePayPolicy", "ePayPolicy Dashboard", "Insurance", "InsurTech", "invoice management", "Josh Peterson", "News", "PYMNTS News", "Quotes and Invoices", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2427266", "url": "https://www.pymnts.com/insurance/2025/california-wildfires-expected-to-speed-digital-payout-adoption-for-insurance-industry/", "title": "California Wildfires Expected to Speed Digital Payout Adoption for Insurance Industry", "content_html": "The billions of dollars in damages \u2014 and the incalculable emotional toll \u2014 of wildfires raging through the Los Angeles area will reverberate for years. The wildfires have leveled neighborhoods, schools and stores, and the insured losses are estimated to top more than $20 billion, with an additional $60 billion in economic losses. The latest natural disaster represents another challenge to the state, where insurance companies have been boosting their rates or pulling out of the market entirely.
\nAs Ian Drysdale, CEO of One Inc told Karen Webster, \u201cPeople are going to have to think through how insurance works, where they want to live and how they want to live \u2014 because the cost of living in certain areas is continuing to increase.\u201d
\nRegarding the economics of living in California: State Farm and other insurers had cancelled thousands of policies in the past year in the now-ravaged Pacific Palisades neighborhood. Some residents opted to use the California FAIR Plan Association, which he described as the insurer of last resort in the state. The jury\u2019s still out if there will be bailouts to help cover the losses. But the average premium in the affected area, Drysdale said, had risen 24% in the impacted fire zone, and even the average claim paid through the One Inc platform in that area had grown by double digits year over year.
\nThe fires, he said, \u201cwill continue to push us all towards digital payments and instant digital payments \u2026 and using AI for both underwriting and claims.\u201d\u00a0
\nIn many areas, the cost of insurance is making it tougher to afford a home at all \u2014 and there\u2019s a bit of conundrum here, as many mortgages simply can\u2019t be completed (and a property purchased) without insurance in place. The rule of thumb has been that the annual cost of insurance is roughly 1% of the cost of the house \u2014 but if once-in-every-100-year events occur with more frequency, it\u2019s a given that insurance costs will soar.
\nAs for One Inc\u2019s own business, Drysdale noted that his firm had been facilitating roughly $100 billion of insurance payments annually, with two-thirds of that volume consisting of claims payments to individuals and service providers.
\n\u201cI expect we\u2019re going to see a big spike here at One Inc in payouts to the LA area,\u201d Drysdale said. The company has been enabling instant payments, which are now seeing strong demand from claims departments at several of the about 60 insurer clients One Inc works with in the state. Visa Direct and Mastercard Send are seeing strong uptake as they help deliver the fastest flow of funds to affected individuals.
\nThe tailwind towards digital payouts was already in place, as One Inc had been bringing on two carriers a week to shift to digital channels, and the company\u2019s network of 800,000 vendors has been using digital payments, too, which saves as much as $15 on the cost of a check and eliminates the inefficiencies of paper-based payments.
\nBeyond the shifts in the insurance industry, Drysdale said that as LA rebuilds, companies and contractors will use more up-to-date standards than what had been in place roughly 90 years ago when the city was built up around the movie industry. There may be wholesale shifts away from LA, as those who fled the fires to seek temporary housing may wind up making their new situations permanent.
\n\u201cI think this is going to drive people towards safer areas that are less expensive to insure,\u201d Drysdale said. Wealthy people may continue to live on the coasts or in high-risk areas, but every day, middle-class individuals will gravitate toward where they can be approved for and afford a mortgage.
\n\u201cWe don\u2019t know exactly what\u2019s next,\u201d Drysdale told Webster, adding that the fires \u201cwill cause us all to change how we think about our lives.\u201d
\n\n
The post California Wildfires Expected to Speed Digital Payout Adoption for Insurance Industry appeared first on PYMNTS.com.
\n", "content_text": "The billions of dollars in damages \u2014 and the incalculable emotional toll \u2014 of wildfires raging through the Los Angeles area will reverberate for years. The wildfires have leveled neighborhoods, schools and stores, and the insured losses are estimated to top more than $20 billion, with an additional $60 billion in economic losses. The latest natural disaster represents another challenge to the state, where insurance companies have been boosting their rates or pulling out of the market entirely.\nAs Ian Drysdale, CEO of One Inc told Karen Webster, \u201cPeople are going to have to think through how insurance works, where they want to live and how they want to live \u2014 because the cost of living in certain areas is continuing to increase.\u201d\nRegarding the economics of living in California: State Farm and other insurers had cancelled thousands of policies in the past year in the now-ravaged Pacific Palisades neighborhood. Some residents opted to use the California FAIR Plan Association, which he described as the insurer of last resort in the state. The jury\u2019s still out if there will be bailouts to help cover the losses. But the average premium in the affected area, Drysdale said, had risen 24% in the impacted fire zone, and even the average claim paid through the One Inc platform in that area had grown by double digits year over year.\nThe fires, he said, \u201cwill continue to push us all towards digital payments and instant digital payments \u2026 and using AI for both underwriting and claims.\u201d\u00a0 \nIn many areas, the cost of insurance is making it tougher to afford a home at all \u2014 and there\u2019s a bit of conundrum here, as many mortgages simply can\u2019t be completed (and a property purchased) without insurance in place. The rule of thumb has been that the annual cost of insurance is roughly 1% of the cost of the house \u2014 but if once-in-every-100-year events occur with more frequency, it\u2019s a given that insurance costs will soar.\nAs for One Inc\u2019s own business, Drysdale noted that his firm had been facilitating roughly $100 billion of insurance payments annually, with two-thirds of that volume consisting of claims payments to individuals and service providers.\n\u201cI expect we\u2019re going to see a big spike here at One Inc in payouts to the LA area,\u201d Drysdale said. The company has been enabling instant payments, which are now seeing strong demand from claims departments at several of the about 60 insurer clients One Inc works with in the state. Visa Direct and Mastercard Send are seeing strong uptake as they help deliver the fastest flow of funds to affected individuals. \nThe tailwind towards digital payouts was already in place, as One Inc had been bringing on two carriers a week to shift to digital channels, and the company\u2019s network of 800,000 vendors has been using digital payments, too, which saves as much as $15 on the cost of a check and eliminates the inefficiencies of paper-based payments.\nSignificant Changes\nBeyond the shifts in the insurance industry, Drysdale said that as LA rebuilds, companies and contractors will use more up-to-date standards than what had been in place roughly 90 years ago when the city was built up around the movie industry. There may be wholesale shifts away from LA, as those who fled the fires to seek temporary housing may wind up making their new situations permanent.\n\u201cI think this is going to drive people towards safer areas that are less expensive to insure,\u201d Drysdale said. Wealthy people may continue to live on the coasts or in high-risk areas, but every day, middle-class individuals will gravitate toward where they can be approved for and afford a mortgage.\n\u201cWe don\u2019t know exactly what\u2019s next,\u201d Drysdale told Webster, adding that the fires \u201cwill cause us all to change how we think about our lives.\u201d\n \nThe post California Wildfires Expected to Speed Digital Payout Adoption for Insurance Industry appeared first on PYMNTS.com.", "date_published": "2025-01-14T04:00:07-05:00", "date_modified": "2025-01-13T21:54:08-05:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2025/01/One-Inc-insurance-disbursements.jpg", "tags": [ "California wildfires", "Digital Payments", "Ian Drysdale", "instant payments", "Insurance", "insurance payouts", "Main Feature", "News", "one inc", "Pay to Card", "PYMNTS News", "pymnts tv", "real time payments", "video" ] }, { "id": "https://www.pymnts.com/?p=2319981", "url": "https://www.pymnts.com/insurance/2024/most-small-insurers-set-12-month-plan-to-implement-real-time-payments/", "title": "Most Small Insurers Set 12-Month Plan to Implement Real-Time Payments", "content_html": "The insurance industry has faced challenges in implementing real-time payouts due to high costs and transparency issues, despite the potential benefits for insurers and customers, such as reduced delays and improved satisfaction.
\nAccording to a PYMNTS Intelligence report, \u201cReal Time Matters: The Imperative for Instant Disbursements for Insurance,\u201d a collaboration with Ingo Payments, smaller insurers are particularly hindered by these barriers, although many plan to adopt real-time payment systems in the coming year. The report explores these obstacles and the strategies insurers are using, including partnerships with FinTechs, to accelerate adoption.
\n
A major barrier to implementing real-time payments for insurance companies, particularly smaller firms, is the significant cost of integration. According to the report, 82% of small insurers cite the expense of implementing real-time payments as a key issue. This challenge is compounded by concerns about fraud and data theft, with half of small insurers expressing reservations about the risks associated with adopting new payment technologies. Additionally, 32% of insurers highlight the lack of transparency in payment processes as a major obstacle. These concerns contribute to a slower adoption rate, despite the growing demand for quicker, more efficient claims processing.
\nDespite these challenges, 87% of small insurers who have not yet implemented real-time payments plan to do so within the next year. This reflects a growing awareness that the benefits of faster payments \u2014 such as improving customer satisfaction and retaining policyholders \u2014 outweigh the initial implementation costs.
\nWhile small insurers face considerable hurdles, larger companies are quicker to embrace real-time payments. According to the report, 69% of large insurers view real-time payment capabilities as very or extremely important to their business. This contrasts with 33% of small insurers who share that view. Larger insurers have the resources to overcome the initial barriers of cost and integration, allowing them to implement real-time payment solutions more effectively.
\nMost real-time payment adoption in the insurance sector comes from business-to-business (B2B) transactions, with small insurers using these systems for operations with partners rather than direct claimant payouts. For larger insurers, however, real-time payments offer a competitive edge by improving cash flow management and strengthening relationships with partners. The ability to offer faster payouts is viewed as crucial to maintaining a competitive advantage in the modern insurance landscape.
\nTo drive the adoption of real-time payments, many insurance companies are turning to FinTech partnerships. According to the report, 82% of large insurers plan to collaborate with FinTech firms to help reduce the high costs of implementation, simplify integration and provide the technological infrastructure necessary for seamless payments. Notably, digital giants like PayPal and\u00a0Stripe are favored by insurers for their expertise in enabling real-time payments, with 81% of insurers indicating a preference for partnering with these companies.
\nIn addition to streamlining claims payments, insurers are also leveraging FinTech partnerships to offer innovative embedded insurance products, such as digital coverage for travel or event ticket purchases. With consumer demand for instant payouts growing, these collaborations are seen as a way for insurers to meet customer expectations, drive revenue and enhance loyalty, positioning real-time payments as a key component of the industry\u2019s future.
\nThe post Most Small Insurers Set 12-Month Plan to Implement Real-Time Payments appeared first on PYMNTS.com.
\n", "content_text": "The insurance industry has faced challenges in implementing real-time payouts due to high costs and transparency issues, despite the potential benefits for insurers and customers, such as reduced delays and improved satisfaction.\nAccording to a PYMNTS Intelligence report, \u201cReal Time Matters: The Imperative for Instant Disbursements for Insurance,\u201d a collaboration with Ingo Payments, smaller insurers are particularly hindered by these barriers, although many plan to adopt real-time payment systems in the coming year. The report explores these obstacles and the strategies insurers are using, including partnerships with FinTechs, to accelerate adoption.\nChallenges in Implementing Real-Time Payments\n\nA major barrier to implementing real-time payments for insurance companies, particularly smaller firms, is the significant cost of integration. According to the report, 82% of small insurers cite the expense of implementing real-time payments as a key issue. This challenge is compounded by concerns about fraud and data theft, with half of small insurers expressing reservations about the risks associated with adopting new payment technologies. Additionally, 32% of insurers highlight the lack of transparency in payment processes as a major obstacle. These concerns contribute to a slower adoption rate, despite the growing demand for quicker, more efficient claims processing.\nDespite these challenges, 87% of small insurers who have not yet implemented real-time payments plan to do so within the next year. This reflects a growing awareness that the benefits of faster payments \u2014 such as improving customer satisfaction and retaining policyholders \u2014 outweigh the initial implementation costs.\nLarger Firms Shift Toward Real-Time Payments\nWhile small insurers face considerable hurdles, larger companies are quicker to embrace real-time payments. According to the report, 69% of large insurers view real-time payment capabilities as very or extremely important to their business. This contrasts with 33% of small insurers who share that view. Larger insurers have the resources to overcome the initial barriers of cost and integration, allowing them to implement real-time payment solutions more effectively.\nMost real-time payment adoption in the insurance sector comes from business-to-business (B2B) transactions, with small insurers using these systems for operations with partners rather than direct claimant payouts. For larger insurers, however, real-time payments offer a competitive edge by improving cash flow management and strengthening relationships with partners. The ability to offer faster payouts is viewed as crucial to maintaining a competitive advantage in the modern insurance landscape.\nFinTech Partnerships: A Key Solution for Overcoming Barriers\nTo drive the adoption of real-time payments, many insurance companies are turning to FinTech partnerships. According to the report, 82% of large insurers plan to collaborate with FinTech firms to help reduce the high costs of implementation, simplify integration and provide the technological infrastructure necessary for seamless payments. Notably, digital giants like PayPal and\u00a0Stripe are favored by insurers for their expertise in enabling real-time payments, with 81% of insurers indicating a preference for partnering with these companies.\nIn addition to streamlining claims payments, insurers are also leveraging FinTech partnerships to offer innovative embedded insurance products, such as digital coverage for travel or event ticket purchases. With consumer demand for instant payouts growing, these collaborations are seen as a way for insurers to meet customer expectations, drive revenue and enhance loyalty, positioning real-time payments as a key component of the industry\u2019s future.\nThe post Most Small Insurers Set 12-Month Plan to Implement Real-Time Payments appeared first on PYMNTS.com.", "date_published": "2024-12-17T04:00:39-05:00", "date_modified": "2024-12-16T21:41:07-05:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/12/insurers-real-time-payments.png", "tags": [ "data brief", "disbursements", "faster payments", "Featured News", "FinTech", "fintech partnerships", "Ingo Payments", "instant disbursements", "instant payments", "Insurance", "insurance payouts", "News", "PYMNTS Intelligence", "PYMNTS News", "real time payments", "The Data Point" ] } ] }