GAINSCO Auto Insurance® Partners with One Inc to Enhance Claims Processing
GAINSCO Auto Insurance® Expands Partnership with One Inc and Advances Claims Processing
GAINSCO Auto Insurance® has enhanced its ongoing partnership with One Inc by upgrading to the latest version of the ClaimsPay® system. Known for its specialized digital payment solutions, One Inc aims to refine payment processes for insurers, particularly within the property and casualty domain where GAINSCO operates.
This collaboration, spanning five years, has enabled GAINSCO to broaden payment options for policyholders. With ClaimsPay®, GAINSCO now offers faster fund access through modern digital methods such as virtual cards and services like PayPal and Venmo, complementing traditional payment methods. This is a significant step in improving regulatory compliance and meeting industry standards.
Enhanced Vendor Payment Capabilities
The recent system upgrade also integrates One Inc’s Vendor Network, enhancing GAINSCO’s digital vendor payment capabilities. This advancement has increased digital adoption among vendors to 66%, optimizing multi-party payment processes vital for efficient claims handling. Handling transactions involving various stakeholders, such as lienholders, is now more streamlined, improving regulatory compliance requirements.
Leadership Insights and Technological Advancement
Ian Drysdale, CEO of One Inc, highlighted the benefits of the partnership extension, noting that “upgrading to the latest version of ClaimsPay provides access to advanced features designed to enhance the insurance ecosystem.” Sandy Roman, Director of Claims Strategy at GAINSCO, emphasized that offering a seamless payment experience is now central to fulfilling policyholder demands. GAINSCO plans to leverage ongoing technological advancements to further streamline claim settlements and compliance management.
Impact on Customer Loyalty and Industry Insights
A recent study highlighted by One Inc and conducted by industry analyst Celent underscores the importance of expedited claims payment methods in maintaining customer loyalty. The report, titled "How Auto Claims Shape Customer Loyalty," reveals that payment efficiency can often outweigh concerns over rising premiums. This highlights the increasing importance of risk management in maintaining customer satisfaction.
About One Inc:
One Inc provides a streamlined digital payment platform tailored for over 300 insurance carriers. Known for enhancing operational efficiency, One Inc is recognized for its cost reduction capabilities, improved security, and enriching customer interactions. Processing $120 billion in insurance payments annually, One Inc is esteemed within the fintech industry for its innovative contributions to underwriting and claims management.
About GAINSCO:
Specializing in minimum-limits personal auto insurance, GAINSCO Auto Insurance® targets the non-standard market. The company operates through MGA Insurance Company, Inc., distributing products across more than 20 states via independent agents and digital channels, consistently prioritizing market expansion and meeting regulatory compliance.
For further details, please contact:
Will Link
Stanton
oneinc@stantonprm.com
(646) 502-3570