GAINSCO Auto Insurance Upgrades Claims Management with One Inc
GAINSCO Auto Insurance Collaborates with One Inc for Enhanced Claims Management
GAINSCO Auto Insurance has reinforced its partnership with One Inc by upgrading to the latest version of One Inc’s ClaimsPay system, a strategic move designed to improve claims processing efficiency and expand service offerings. GAINSCO has utilized ClaimsPay for over five years to enhance its claims payout process, highlighting their commitment to digital transformation within the insurance industry.
By integrating the newest version of ClaimsPay, GAINSCO aims to provide policyholders with greater disbursement flexibility, utilizing modern payment methods such as virtual cards, PayPal, and Venmo, in addition to conventional options like ACH. This upgrade allows GAINSCO to leverage One Inc’s Vendor Network, thereby facilitating a smoother transition to digital vendor payments, achieving a digital adoption rate of 66% among GAINSCO’s vendor partners. Furthermore, the solution's advanced features streamline multi-party payments involving lienholders, expediting the overall claims process and enhancing regulatory compliance requirements.
Building Stronger Industry Ecosystems
Ian Drysdale, CEO of One Inc, commented, “We are proud to extend our longstanding relationship with GAINSCO as we continue working to deliver on the promise of insurance by uniting the entire industry ecosystem.” This sentiment underscores the collaboration’s focus on improving industry-wide efficiencies.
Sandy Roman, Director of Claims Strategy at GAINSCO, expressed enthusiasm about the partnership, highlighting how adopting ClaimsPay has modernized their operations to meet policyholder demands for seamless payment experiences. These advancements reflect a broader trend towards digital transformation in risk management practices.
The Impact of Rapid Digital Payments
Research commissioned by One Inc and conducted by Celent underscores the importance of quick and flexible claims payments in maintaining policyholder loyalty, even surpassing concerns about premium increases. The study confirms that payment speed and digital choice are crucial in cultivating positive claims experiences.
About One Inc
One Inc provides a comprehensive digital payments platform tailored to the insurance industry, serving over 300 carriers. It focuses on optimizing carrier operations by reducing costs, enhancing security, and improving customer experiences. The platform processes $120 billion in premiums and claims annually and has been recognized for its innovation in fintech.
About GAINSCO
Specializing in the non-standard segment, GAINSCO Auto Insurance offers minimum-limits personal auto insurance in more than 20 states, utilizing both independent agents and direct sales through digital platforms. The company conducts its insurance operations via MGA Insurance Company, Inc.
For further details, industry professionals can contact Will Link at Stanton.