One Inc, a digital payments network for the insurance industry, has partnered with Visa, and announced the introduction of network tokenization for leading insurers across the industry.
As part of the collaboration, One Inc is leveraging Token ID – a Visa Solution, which empowers banks, merchants, regional payments schemes, 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 e-commerce platforms realise the benefits, One Inc said.
Digitally native platforms have incorporated network tokens in their e-commerce flow. One Inc said its 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.
Since network tokens are continually updated, the need for card re-issuance due to expiration date, card loss, and theft are substantially reduced. Thus, network tokenization can reduce friction in the customer experience. One Inc said they have led to a 2.5% increase in approval rates, helping to increase revenue for insurers and increase policy holder renewals.
Ian Drysdale, One Inc CEO, said, “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.
“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. 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.”
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