InsurCard Debit Cards for Insurance Claims Payment
SND Associatesbrings its knowledge of insurance claim handling together with a leading Bank provider of debit card processing to provide a new product for the insurance industry - InsurCard - a debit card designed specifically for insurance claims payment.
- The time is right! - Cards are widely accepted and easier to use and process than checks. - No state prohibits use of a properly designed debit card program for payment of insurance claims - Usage provides significant benefits for low-income population - Significantly lower payment processing costs than checks - Improved cash control and fraud protection - Better customer service - Straight-forward implementation
How it works:
The Claims Adjuster enters a system payment indicating card use.
An electronic payment file is sent from the Insurer to the Bank. The file is similar to the output file sent to a check issuance system.
The Bank loads the value of the payment to the Claimant's card account.
The Claimant receives a card and EOB, and calls to activate the card.
On subsequent payments, only an EOB is mailed to the Claimant providing the date and time that funds are available.
The Claimant uses the card at ATMs, banks, or merchants.
The Claimant calls the Call Center or checks the Website for customer service or inquiries on balances.
The Bank provides audit trails, financial activity, & reconciliation reports to the Insurer.
Benefits to the Insurer:
- Dramatically reduced cost for issuing payments - Reduced fraud possibilities - No lost, stolen, or forged check replacements - Increased cash control - no mail delays - Improved customer service - Marketing thru branded cards
Benefits to the Claimant:
- Versus Checks: . Cards are accepted at banks, ATMs, and merchants . Funds are immediately available. . No check cashing fees or check clearing time delays - Versus EFT: . Privacy: No need to reveal bank account number . Does not require a bank account - General . Protection against lost or stolen cards