One, a provider of a digital payments platform for insurance firms and managing general agencies (MGAs), said that its One Inc Digital Payments technology has been implemented by K2 Insurance Services to modernize its payments operation and customer payments experience.
Based in San Diego, California, K2 has built a leading underwriting and distribution franchise in the program insurance market by assembling a core group of specialty insurers and MGAs located across the country.
Through the 2013 acquisition of Harrisburg, Pennsylvania-based Aegis Security Insurance Company (Aegis Security), the company now does business in all 50 states. K2 looked to One Inc to reduce the cost associated with accepting credit card payments from customers, improve security, and lessen the burden of PCI compliance.
K2 Insurance Services COO Matthew Lubien said: “The implementation of One Inc Digital Payments has allowed us to transition one of our larger transactional-related expense items annually into a reinvestment opportunity in our business, and continue to expand capabilities for our customers.
“With the integration between One Inc and our platform complete, we are looking forward to developing the relationship further to offer additional payment options direct to policyholders.”
K2 selected One Inc Digital Payments based on One Inc’s ability to integrate seamlessly into existing workflows, while providing digital engagement capabilities to create a frictionless payment experience for policyholders.
After the initial three months in production, K2 has realized a savings in credit card processing costs of over 50 percent, with a pathway to further reductions. Total savings are expected to surpass $250,000 annually.
One CEO Christopher Ewing said: “This is the kind of success we are in business to help our customers achieve.
“The ability to accept credit card payments and to offer additional billing and payment options to customers in the future will help K2 compete for more business and sustain customer relationships across their broad and diverse customer-base.”
Source: Company Press Release