Enservio, Inc., the nation's leading provider of software and services to property insurers, announced that Security First Insurance, a Florida-based homeowners insurance company with nearly 180,000 customers, will now offer its policyholders the ReStore Security First Insurance Prepaid MasterCard, a prepaid card loaded with claim settlement funds in the event of losses to personal property. Claims settlement by prepaid cards give claimants access to their funds up to 3X faster than a traditional paper check.
The Security First Insurance-branded ReStore Card allows policyholders to pay for additional living expenses, such as alternative housing and necessities, when homes are severely damaged and no longer livable. Policyholders can begin using the ReStore Card immediately to make purchases everywhere Debit MasterCard is accepted, transfer funds to their bank account, and withdraw cash from participating MoneyPass ATMs, all with no fee. The card eliminates the need for policyholders to travel to the bank and wait the one- to three-day period for a check to clear.
According to the Insurance Research Council, the severity of homeowners’ insurance claims has increased almost 200 percent in the U.S. over a 15-year period. As the frequency and severity of homeowners’ insurance claims continue to rise, it’s important for Florida homeowner insurance companies to improve the claim process and operate as efficiently as possible — especially after a disaster when tens of thousands of claims can be reported in just a few days.
Key Benefits of the Enservio ReStore Card® Program
In addition to being used at millions of merchants, policyholders have access to Enservio’s ReStore Mall®, a proprietary shopping environment that offers additional savings from major retailers.
Enservio has leveraged the aggregate buying power of claim beneficiaries nationwide to negotiate lower costs from participating retailers. Security First Insurance policyholders can receive discounts as high as 20 percent.