Verisk has built-in One Inc’s One PremiumPay into its Versatile Structure, Simplified Expertise (FAST), a platform designed to streamline life insurance coverage operations.
This enables inbound fee functionalities to be included instantly into the configurable structure of the FAST system.
With this transfer, Verisk goals to help life insurers of their digital transformation efforts by minimising bodily and oblique fee strategies inside the life and annuity market.
The FAST platform helps insurers all through the life insurance coverage life cycle, encompassing product growth, buyer self-service, coverage administration and claims administration.
By incorporating One Inc’s fee expertise, Verisk’s FAST platform now permits carriers to supply an digital fee expertise and streamline communication with policyholders.
It additionally simplifies the digitalisation course of and automates crucial operations throughout varied insurance coverage traces, lowering prices and outdated practices related to digital transformation.
One Inc CEO Ian Drysdale stated: “This product integration provides a crucial path to unlocking worth from digital funds tailor-made to the wants of life insurers. We are able to eradicate the standard obstacles of customized integrations and allow carriers to undertake trendy inbound fee capabilities with better velocity and effectivity. This collaboration emphasises our strengths to modernise the life insurance coverage panorama whereas providing a unified platform for funds.”
Verisk underwriting options co-president Saurabh Khemka said: “At Verisk, we’re dedicated to serving to life insurers by offering data-rich options to realize better velocity, flexibility and operational effectivity. By integrating digital fee capabilities in collaboration with PremiumPay, carriers can speed up their modernisation efforts, scale back complexity and ship improved buyer experiences with out the time and value related to updating their current platforms.”
In April, Verisk launched a brand new disaster mannequin to help insurers in assessing the monetary affect of strikes, riots and civil commotion inside the US market.
