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Reduce costs and increase efficiency of insurance claims Disbursements
As a leader in electronic transactions, Visa strives to make payments easier and more convenient. Annual insurance carrier claims disbursements to consumers are estimated at $365B. Visa developed its Insurance Claims card to help reduce the cost and increase efficiencies of how these disbursements are made.
Programs that can benefit from Visa Insurance Claims Cards
The Visa Insurance Claims card provides insurance carriers with the opportunity to increase efficiencies, reduce costs, and deliver better customer service across a wide range of segments.
- Workers Compensation
- Disability
- Property and Casualty
- Auto
The Visa Insurance Claims card gives insurance carriers the flexibility to make multiple claim disbursements on a single reloadable prepaid card or a one-time disbursement on a non-reloadable product. Claimants enjoy the security and convenience of immediate access to funds, even if they do not have a bank account, and insurance carriers can reduce the time and cost of claims payments.
Benefits of Visa Insurance Claims
Insurance Carriers
- Reduce expenses associated with check payments, including printing, postage, inquiries, and replacement costs
- Avoid fees and fines through better compliance with state “prompt pay” requirements
- Minimize risk of check fraud
- Offer convenient, safe and efficient funds disbursements for claimants
Claimants/Consumers
- Faster access to claim funds by eliminating the wait for check clearing lag times
- Avoid check cashing fees and inconvenient trips to the bank
- Use the card to make purchases at millions of locations worldwide—in stores, online or by phone—or to pay bills remotely
- Obtain cash at Visa/PLUS® ATMs
- Greater security with Visa Zero Liability1 to protect against unauthorized purchases
Issuers/Partners
- New payment solution for insurance carrier treasury clients
- Generate incremental revenue from new business opportunities
- Extend existing customer relationships with an expanded product offering
Contact us for more information at claimscard@visa.com