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Faster-payments providers have long identified insurance-claims payouts as a ripe market, and the business took big step in that direction with the announcement early Monday that the insurance carrier Amerisure has begun implementing ClaimsPay, a digital-payments platform from the 9-year-old fintech One Inc.
The four-stage implementation is expected to replace manual processes in claims processing for the 109-year-old, Farmington Hills, Mich.-based property-and-casualty insurer, including checks. ClaimsPay, which is available as a mobile app for use by field agents, handles payouts through a variety of channels, including PayPal, Venmo, direct to card, and the automated clearing house. Earlier this month, One Inc. announced it has joined the Mastercard Send real-time payments network from Mastercard Inc.
“To date this is one of our most visionary and ambitious implementations, one that truly illustrates the full power and potential of ClaimsPay,” said One Inc. chief executive Ian Drysdale in a statement underscoring the importance of the project to his Folsom, Calif.-based company.
Drysdale, who joined the company in January as a member of its board, took over as CEO last month. His background includes executive positions with a string of major payments processors, including Elavon, Heartland, Worldpay, and First Data. The latter two are now part of FIS Inc. and Fiserv Inc., respectively. Heartland is part of Global Payments Inc.
Mastercard Send and its rival, Visa Direct, achieve near-instant payout capability via the use on their networks of a technique called the original credit transaction, which was originally developed to deliver fast refunds to credit card holders when they returned merchandise or otherwise needed to reverse a transaction.
Payouts through ClaimsPay and Mastercard Send are made to Mastercard-branded virtual cards, according to One Inc.
