Moving from paper to plastic reduces insurer costs and delivers convenience for policyholders
SAN FRANCISCO--(BUSINESS WIRE)--Visa Inc. (NYSE: V) and InsurCard, a wholly owned subsidiary of Service Network Design, LLC (SND), today announced an agreement naming Visa as InsurCard’s preferred brand for the delivery of payment for insurance claims. 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.
“Insurance claims often require immediate or recurring payment, which can be cumbersome with traditional checks. Distribution using a Visa Prepaid card saves costs and creates efficiencies for insurers while improving the claimant’s experience”
“InsurCard is changing the insurance landscape by moving claims payments from checks to Visa Prepaid cards,” said Bob Mendte, president, InsurCard. “Insurance claims often require immediate or recurring payment, which can be cumbersome with traditional checks. Distribution using a Visa Prepaid card saves costs and creates efficiencies for insurers while improving the claimant’s experience,” said InsurCard’s Mendte.
InsurCard offers insurers a turnkey program that can lower payment processing costs – saving up to 85% compared to the cost of issuing checks1; 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. 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 Liability2 protection.
“The insurance industry represents a significant opportunity to bring the benefits of digital currency to traditionally paper-based programs,” said Stacy Pourfallah, senior business leader, healthcare and insurance products, Visa Inc. “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.”
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 U.S. 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.
More information about Visa’s wide range of prepaid card services is available at: www.visa.com/prepaid.
1 Source: InsurCard (comparative cost analysis, 2009)
2 Visa's Zero Liability policy covers U.S.-issued cards only and does not apply to ATM transactions, PIN transactions not processed by Visa, or certain commercial card transactions. Cardholder must notify issuer promptly of any unauthorized use. Consult issuer specific restrictions, limitations and other details, please consult your issue or visit www.visa.com/security.
About Visa Inc.
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks—VisaNet—that is capable of handling more than 20,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visitwww.corporate.visa.com.
About InsurCard
InsurCard is a wholly owned subsidiary of Service Network Design LLC. As specialists in insurance operations and systems, SND designed InsurCard to meet the stringent requirements of the insurance industry. For more information about InsurCard visit www.insurcard.com or call 800-708-9887.
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