Policy administrator to harness inbound solution for streamlined payment integration for LIDP and provides pre-built payment integration for Verisk.

O ne Inc, a leading payments network for the insurance industry, is partnering with LIDP, an industry leader in providing innovative digital solutions for policy and contract administration.

One Inc has also announced the launch of a pre-built payment integration for Verisk’ s FAST( Flexible Architecture, Simplified Technology) platform.

The LIDP collaboration aims to deliver a‘ seamless and efficient’ payment experience for LIDP’ s Life Insurance carrier-customers by implementing One Inc’ s inbound PremiumPay solution.

LIDP’ s real-time product configuration and the integration of PremiumPay will help life insurance companies optimise operations across the entire policy lifecycle – from product setup to payment processing.

PremiumPay will also allow LIDP’ s carrier-clients to customise payment processes, enhance communication and reconciliation, and seamlessly integrate payment functions on a secure platform. In addition, carriers will provide their policyholders with the option to make premium payments via familiar consumer platforms such as Apple Pay, Google Pay, PayPal, and Venmo.

This comes as the life insurance sector faces mounting pressures to modernise legacy systems. According to McKinsey’ s 2024 Global Insurance Report, over 70 % of life insurers identify outdated technology and fragmented payment processes as significant obstacles to delivering digitalfirst customer experiences. Meanwhile, consumer expectations continue to evolve, with nearly 80 % of policyholders preferring digital payment options over traditional methods. www. intelligentfin. tech

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