InsurCard Selects Visa for Distribution of Insurance Claim Payments
InsurCard provides the insurance industry with card-based solutions for the payment of claims, expanding the penetration of electronic payments in an industry traditionally reliant on check payments.
InsurCard offers insurers a turnkey program that can lower payment processing costs - saving up to 85 percent compared to the cost of issuing checks; improve cash control; enhance fraud protection; and boost customer service.
Policyholders enjoy immediate, secure delivery of funds and avoid waiting for a check in the mail, the need to cash or deposit a check, or waiting for a check to clear, said Visa.
InsurCard Visa Prepaid cards can be used anywhere Visa debit cards are accepted, including ATMs, and are protected against loss or theft by Visa's Zero Liability protection.
Programs can be customized to meet specific insurer needs. Reloadable cards are a solution for multiple payments to a single claimant for workers compensation and disability income claims - one card can be reloaded repeatedly, ensuring timely payment at significant cost advantage. For property claims, InsurCard replaces checks and drafts to provide immediate delivery of funds to policyholders.
The InsurCard Visa Prepaid card is issued by The Bancorp Bank and is specifically designed to meet the stringent requirements of both the insurance and prepaid card industries.
For more than a decade, Visa has invested in growing the prepaid category in the US and around the world. Visa's flexible platform enables a diverse set of prepaid products meeting highly specific needs.
With a focus on migrating paper-based programs and processes to electronic forms of payment, Visa has established more than 10,000 Visa prepaid programs in 110 countries, delivering greater convenience, choice and security to consumers, businesses and governments.
Stacy Pourfallah, senior business leader for healthcare and insurance products at Visa, said: â€œThe insurance industry represents a significant opportunity to bring the benefits of digital currency to traditionally paper-based programs. Insurers can create efficiencies and cut costs while meeting the needs of their customers with timely, secure delivery of funds when they need them most.â€
Will the agreement commercially benefit Visa?
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