Maine-based workers’ compensation expert takes next step in payments processing modernization
One Inc, the leading digital payments network for the insurance industry, announced that The MEMIC Group has selected One Inc’s ClaimsPay platform to transform its outbound payments process. The partnership will modernize MEMIC’s claim payments infrastructure and deliver a faster and more efficient payments process by expanding outbound payment options.
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“This successful project is proof of our team’s industry-leading expertise. It responds to specific insurance use cases like workers’ compensation by addressing particular technology challenges only One Inc can solve, so we’re thrilled to be a part of MEMIC’s digital transformation.”
Portland, Maine-based MEMIC began operations in 1993 to provide quality insurance solutions to policyholders in a state where rates were twice the national average. By focusing on workforce safety and diligent injury management, injuries in Maine have been reduced by more than 50 percent and the cost of workers’ compensation insurance has been reduced by 60 percent. In addition to serving as the guaranteed market in Maine, MEMIC now is a competitive force within the workers’ compensation insurance market from Maine to Florida.
Prior to the One Inc selection, MEMIC distributed its payments to non-medical providers and injured workers by check through an internal system, while sending payments to medical providers by mail. With One Inc, MEMIC will now adopt digital claims workflow instead, moving away from paper-based processes.
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“We believe One Inc’s exclusive focus on the insurance industry will integrate seamlessly with our existing vendor network, provide extensive payment options, and help us to not only lower costs associated with outbound claim payments, but deliver a consolidated and streamlined process, speeding up our response times,” said Matthew Harmon, SVP of Claims at MEMIC. “We are thrilled to have One Inc on board and will look to the ClaimsPay implementation as a key contributor towards greater digitalization throughout our enterprise.”
MEMIC joins nearly 200 independent insurance clients for One Inc, including five of the 15 largest insurance companies in the US.
“MEMIC has taken an exciting step towards digitizing its claims payment experience for customers,” said Ian Drysdale, Chief Executive Officer at One Inc. “This successful project is proof of our team’s industry-leading expertise. It responds to specific insurance use cases like workers’ compensation by addressing particular technology challenges only One Inc can solve, so we’re thrilled to be a part of MEMIC’s digital transformation.”
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