One Inc has partnered with Visa to introduce network tokenization for leading insurers across the industry via One Inc’s PremiumPay inbound payments product.
As part of the collaboration with Visa, One Inc is leveraging Token ID – a Visa Solution, which empowers banks, merchants, regional payments schemes, clearing houses and other payments stakeholders like One Inc to build, manage and control their own tokenization capabilities.
Network tokenization, which allows One Inc to tokenize cards directly with Visa and other major card brands, continues to take hold across the payments landscape as major eCommerce platforms realize the benefits. Digitally native platforms, including leading e-tailers and streaming services, have incorporated network tokens in their eCommerce flow. One Inc’s implementation of Token ID, along with its ability to provide network tokenization for other major card brands, illustrates the frictionless and sophisticated payment experience that One Inc enables for both insurers and their policyholders.
Network tokens have led to a 2.5% increase in approval rates1, helping to increase revenue for insurers and increase policyholder renewals. Since network tokens are continually updated, the need for card re-issuance due to expiration date, card loss, and theft are substantially reduced. This prevents painful decline scenarios that can cause friction within the customer experience and also policyholder defections, especially with recurring transactions.
“Our primary goal at One Inc is to provide solutions that help Insurers solve payment obstacles and create a seamless online experience for their customers. Network tokenization represents a step forward for the payments and insurance industry. Insurers in One Inc’s network recognize that increasing their payment authorization rates and improving policyholder satisfaction are key drivers in increasing competitiveness,” says Ian Drysdale, One Inc Chief Executive Officer.
“The additional ability to use tokenization, enabled by Token ID, to automatically refresh account payment details delivers a kind of subscription model for policyholders that can promote customer retention,” Drysdale added. “This kind of significant shift in the customer experience is payments’ future, and at One Inc we’re proud to be collaborating with Visa to deliver network tokenization to insurers.”
“Network tokens are the unsung heroes of e-commerce that the entire ecosystem can benefit from,” said Ansar Ansari, SVP, Global Head of Platform Products at Visa. “Through partnerships like this one, we’re securing the payments ecosystem and are excited to bring secure and simplified payment experiences to One Inc’s clients and their policyholders.”
