Verisk has integrated One Inc’s One PremiumPay into its Flexible Architecture, Simplified Technology (FAST), a platform designed to streamline life insurance operations.
This allows inbound payment functionalities to be incorporated directly into the configurable architecture of the FAST system.
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With this move, Verisk aims to assist life insurers in their digital transformation efforts by minimising physical and indirect payment methods within the life and annuity market.
The FAST platform supports insurers throughout the life insurance life cycle, encompassing product development, customer self-service, policy administration and claims management.
By incorporating One Inc’s payment technology, Verisk’s FAST platform now enables carriers to offer an digital payment experience and streamline communication with policyholders.
It also simplifies the digitalisation process and automates critical operations across various insurance lines, reducing costs and outdated practices associated with digital transformation.
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By GlobalDataOne Inc CEO Ian Drysdale said: “This product integration offers a critical path to unlocking value from digital payments tailored to the needs of life insurers. We can eliminate the typical barriers of custom integrations and enable carriers to adopt modern inbound payment capabilities with greater speed and efficiency. This collaboration emphasises our strengths to modernise the life insurance landscape while offering a unified platform for payments.”
Verisk underwriting solutions co-president Saurabh Khemka stated: “At Verisk, we are committed to helping life insurers by providing data-rich solutions to achieve greater speed, flexibility and operational efficiency. By integrating digital payment capabilities in collaboration with PremiumPay, carriers can accelerate their modernisation efforts, reduce complexity and deliver improved customer experiences without the time and cost associated with updating their existing platforms.”
In April, Verisk introduced a new catastrophe model to assist insurers in assessing the financial impact of strikes, riots and civil commotion within the US market.
