Acquisition of high-growth insurtech will enhance claims payment functionality in One Inc’s industry-leading digital payments solution
One Inc, a leading provider of digital payment platforms for the insurance industry, today announced the company has acquired Invenger Technologies, Inc. (Invenger), including its flagship digital claims payment product, Invenger-InsurPay.
“The acquisition of Invenger, including the digital disbursements product, Invenger-InsurPay, is a game changer for the insurance industry,” said Karen Furtado, partner at Strategy Meets Action. “This will enable One Inc to add a powerful and proven solution to its digital payments platform. It illustrates the growing importance of digital payments and insurtechs in the insurance industry.”
Built for insurance, the One Inc Digital Payments Platform provides a full stack inbound-outbound payment solution that includes customer engagement functionality, integrated reporting and reconciliation, and flexible payment capabilities. Similar to One Inc’s ClaimsPay digital disbursement product, Invenger-InsurPay offers a choice of payment methods and enables insurers to pay policyholders, claimants, vendors, mortgagees and lienholders through one platform as either single or multiple payees. Adjusters can also use the Invenger-InsurPay solution on any device, anywhere.
“We are excited to add the Invenger-InsurPay claims payment solution into our digital payments platform and combine our resources to provide even better solutions for our customers and the industry as a whole,” said Christopher Ewing, president and CEO of One Inc. “With a combined portfolio of more than 160 customers, it is another giant leap forward in our mission to help modernize the insurance industry through a frictionless payments experience.”
“Combining the power and potential of both sets of technology at One Inc and Invenger is truly thrilling,” said Krishna Mohan Pai, CEO of Invenger. “We will increase out-of-the-box functionality, speed up integration, reduce costs, and ultimately, provide a better experience to our insurance partners and their end-users.”
Already a strong player in the insurance space, the integration positions One Inc to lead the market in premiums and claims payment processing. Today’s announcement comes six months after the announcement of One Inc’s recapitalization led by Great Hill Partners (Great Hill), a leading growth-oriented private equity firm, further signaling the company’s explosive rise in the insurance industry.
“This acquisition is a great step forward for One Inc and deepens the payment platform offerings to better serve the insurance industry,” said Nick Cayer, a partner at Great Hill. “We see tremendous opportunity for their combined capabilities and ultimately the future.”
Source: Company Press Release