Prepaid cards will revolutionize the way insurers make payments. Prepaid insurance cards enable insurers to reduce costs, improve existing payment processes, provide a branding opportunity and most importantly; provide claimants with better service.
Workers’ Compensation Cards
Continually issuing checks for individual claims is cumbersome and costly. Plus, checks can be lost or stolen. Prepaid benefit cards for workers’ compensation claims are changing the way these recurring payments are made. Insurance cards allow insurers to control the timing of payments and can be closed immediately in the event of fraud. The savings are significant and The Bancorp Bank will assist you in managing unclaimed property concerns.
Property, Casualty and Catastrophic Relief Cards
Using a prepaid card to issue funds after a significant loss eliminates the check-cashing step, making life easier for customers. Property, Casualty and Catastrophic Relief Prepaid cards allow card holders to access funds immediately to secure items such as hotel rooms, food or clothing. Plus, field agents can add additional funds to a prepaid card immediately, which transforms adjustments from a cumbersome task into a fast, loyalty building transaction.
Agent Incentive Cards
Insurers often reward agents with trips and spending money. Rather than cash, you can now issue rewards in the form of an Agent Incentive prepaid card—a gift without limits. Network branded prepaid cards are a great recognition tool for agents. In addition to agent incentives, prepaid cards can be a powerful tool to promote new services or solicit new business.
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