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LIDP Teams Up with One Inc to Modernize Life Insurance Payments with PremiumPay®
One Inc, the leading payments network for the insurance industry, announced today that it is partnering with LIDP, an industry leader in providing innovative digital solutions for policy and contract administration. This collaboration aims to deliver a seamless and efficient payment experience for LIDP’s Life Insurance carrier-customers by implementing One Inc’s best-in-class inbound PremiumPay® solution.
LIDP, which has over 40 years of product and service expertise with its modernized Titanium platform, provides carriers with fully configurable, out-of-the-box support for thousands of life and annuity products. Its real-time product configuration and the integration of PremiumPay will help life insurance companies optimize operations across the entire policy lifecycle — from product setup to payment processing.
PremiumPay will also allow LIDP’s carrier-clients to customize 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, in addition to more traditional methods such as checks, major debit/credit card brands, and automated clearinghouse payments.
“One Inc’s best-in-class solutions and their commitment as a leader in digital payments made partnering with them an easy decision,” said Kimberly Duke, CMO and Senior VP of Growth at LIDP. “Offering PremiumPay solidifies our responsibility to deliver innovative solutions that tackle the unique challenges of the life insurance industry. We’re excited to work with One Inc to enhance our operations and drive our digital transformation to deliver a premier customer experience.”
“The partnership ensures that LIDP can provide its life insurance policyholders with a modern, streamlined payment experience while staying ahead of the evolving insurance market trends,” said Ian Drysdale, CEO, One Inc. “The synergies between LIDP and One Inc were quite clear from the beginning — beyond solutions, we are both aligned on our goal to further the digital transformation of the insurance industry. Together, we’re helping to drive innovation and set a new standard for how carriers engage with their customers in the digital age.”
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