InsurCard, a wholly owned subsidiary of Service Network Design, has appointed Visa as its preferred brand for the delivery of insurance claim payments.
The the program is expected to lower payment processing costs up to 85% compared to the cost of issuing checks as well as enhances cash control, fraud protection and customers service.
Through InsurCard, the policyholders can get immediate, secure delivery of funds and avoid waiting for a check in the mail, or waiting for a check to clear.
The 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.
According to the Visa, programs can be customized to meet specific insurer needs. Reloadable cards can be used as a solution for multiple payments to a single claimant for workers compensation and disability income claims.
For property claims, InsurCard will replace checks and drafts to provide immediate delivery of funds to policyholders.
InsurCard president Bob Mendte said that InsurCard is changing the insurance landscape by moving claims payments from checks to Visa Prepaid cards. Distribution using a Visa Prepaid card saves costs and creates efficiencies for insurers while improving the claimant’s experience.
Visa said that the InsurCard Visa Prepaid card will be issued by The Bancorp Bank and is specifically designed to meet the stringent requirements of both the insurance and prepaid card industries.
InsurCard is a a management consulting firm with corporate financial clients in both the insurance and prepaid card industries.