For the more than 300 financial institutions globally that use Equisoft’s solutions, PremiumPay will reduce manual processing, modernize the premium payment experience and enable a wide of payment options, including Apple Pay, Google Pay, PayPal, Venmo and traditional methods, the companies said in a Tuesday (Sept. 30) press release.
François Levasseur, vice president, global alliances and acquisitions at Equisoft, said in the release that payment modernization is essential in the life insurance industry and that the partnership with One Inc will deliver a solution that is pre-built and plug-and-play.
“This out-of-the-box integration enables carriers to digitalize premium collections, therefore enhancing agility as well as driving efficiency to deliver the best possible customer experience,” Levasseur said.
One Inc CEO Ian Drysdale said in the release that this combination also helps carriers meet “the evolving expectations of a new generation of policyholders.”
“Today’s younger consumers demand seamless, digital-first experiences that align with their tech-savvy lifestyles,” Drysdale said. “Our partnership with Equisoft empowers insurers to meet these expectations, ensuring they remain relevant and competitive in an industry undergoing a profound generational transformation.”
With baby boomers retiring and millennials becoming the largest segment of society, insurance companies are grappling with how to serve a new generation of customers who expect seamless digital experiences, Drysdale told PYMNTS CEO Karen Webster in an interview posted in July 2024.
“We’re seeing the digitalization of insurance with a Gen Z and millennial focus,” Drysdale said. “Everything being online — not only premiums, which might be a little bit more obvious, but also claims where we can close a claim completely over text message.
One Inc’s PremiumPay solution was added to LIDP’s Titanium platform for life insurance carriers in June, became AAA Life Insurance Company’s primary platform for digital payment processing in May, and was adopted by Columbia Insurance Group in January.
Kimberly Duke, chief marketing officer and senior vice president of growth at LIDP, said in a June 25 press release: “Offering PremiumPay solidifies our responsibility to deliver innovative solutions that tackle the unique challenges of the life insurance industry.”
