AAA Life Insurance, a part of the American Automobile Association (AAA), has chosen One Inc’s PremiumPay solution to handle its digital payment processing. The move aims to modernize payment systems and provide more convenience to policyholders.
Improved Payment Options for Policyholders
The PremiumPay platform will help reduce paper billing and allow policyholders to make payments through Venmo, PayPal, and other digital payment systems. The change will also simplify internal processes for AAA Life.
“Our goal is to make it easier for policyholders to manage their coverage,” said Michael Vellat, AAA Life’s Chief Operations Officer. “Integrating One Inc’s platform allows us to scale operations and better serve our growing customer base.”
One Inc’s Role in the Insurance Industry
One Inc is a leading digital payments provider specializing in the insurance sector. It supports over 270 carriers and processes billions of dollars in premiums and claims every year. Their PremiumPay solution offers various payment methods, efficient communication, and fast claims settlements.
Ian Drysdale, CEO of One Inc, stated, “Efficient and seamless payment solutions are key to growth and improving the member experience. We’re excited to assist AAA Life in enhancing their digital infrastructure.”
Digital Payment Trends on the Rise
A report by PYMNTS Intelligence shows that mobile wallets are becoming increasingly popular for bill payments. It found that 60% of consumers used mobile wallets for payments last year, with 23% doing so weekly. Among affluent consumers, 68% had used mobile wallets for bill payments.
The Insurance Industry’s Digital Shift
The insurance industry has been slow to adopt digital payment solutions. However, with premiums being paid only once or a few times a year, there are limited opportunities for insurers to engage customers digitally. One Inc’s Chief Revenue Officer, Kevin Ostrander, noted that many insurers still rely on paper for premium payments and claims.
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