PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

InsurCard Selects Visa® as Preferred Brand for Distribution of Insurance Claim Payments

By Mercator Advisory Group
January 21, 2011
in Analysts Coverage
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Amazon To Acquire Whole Foods Market - PaymentsJournal

Despite a slow start, the use of prepaid cards for disbursing insurance claims has begun to pick up. First Aetna and now this announcement from Visa:

Visa Inc. 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.

“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.

The insurance industry has been particularly slow to adopt prepaid, as compared to other industries, which seems strange given the cost savings and benefits prepaid delivers to both those disbursing funds and those receiving funds:

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.

Mercator Advisory Group believes insurers will benefit greatly from prepaid adoption, and that recent announcements are an indicator that this industry has finally figured it out!

Read the press release here: http://money.msn.com/business-news/article.aspx?feed=BW&date=20110120&id=12770521

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    AI Is Turning Accounts Receivable Into a Strategic Powerhouse

    AI Is Turning Accounts Receivable Into a Strategic Powerhouse

    July 15, 2025
    Embedded Finance

    Embedded Finance: Bringing Payments Under a Single Umbrella

    July 14, 2025
    Making Real-Time Payments a Reality

    Fulfilling the Promise: Making Real-Time Payments a Reality

    July 10, 2025
    mortgage

    The Rich Benefits of In-House Payment Systems

    July 9, 2025
    digital cards

    Beyond Plastic: Why Digital Cards Are the Future

    July 8, 2025
    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    July 7, 2025
    Rewire Acquires Imagen, Looking at Prepaid Cards for Migrant Workers

    Smells Like Team Spirit: What Makes Cobranded Credit Cards Work

    July 3, 2025
    uk banking outages

    New Continuous Strategies for Battling Account Takeovers

    July 2, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result