INSURANCE
Streamline insurance payouts with instant virtual card issuance
Settle claims faster with a virtual card solution that simplifies operations, minimises fraud and improves the customer experience.
Modernising claims payouts
Claims payouts need to be efficient, cost-effective, and adapted to the digital world we live in. However, manual and outdated workflows, slow traditional payout methods, and fraudulent claims are challenges that need to be solved.
Virtual cards are a transformational solution, enabling a seamless experience for policyholders with faster and secure disbursements, while helping you improve operational efficiency. The cards can be used for claims payouts related to assistance or health expenses.
We are leading the digitalisation of payouts, offering a virtual card solution tailored to the insurance space, helping firms stay ahead in a competitive market. The solution is built on a robust platform with high uptime, for stable payment services. As a regulated entity, with PCI-DSS certified infrastructure, we provide security and operate in compliance with GDPR. With 20+ years of payment experience, we have the technical knowledge to help you deploy virtual cards with confidence.
Seamless card issuance for payouts
We issue Mastercard virtual cards, which can be fully customised, with spend rules and limits, to the needs of the policyholder, for controlled payouts. Funds can be used as permitted across the Mastercard network offering convenience. These cards can be used for online transactions or in-store purchases when enrolled in mobile wallets. The delivery of the Virtual Card Number is made simple for policyholders, who receive an SMS link. The solution is fully integrated to the insurer's processes and therefore does not require additional Know Your Customer (KYC) checks.
Integrated e-money accounts
e-money accounts are created for the insurer and are integrated with payment schemes including both Faster Payments and SEPA. This enables you to load funds simply and easily whilst ensuring the funds are protected and compliant at all times. When the card is used by the policyholder to make a payment, the funds are drawn from your e-money account in real-time. As the cards don’t hold a balance themselves, our solution avoids the typical complexity of prefunding accounts and reclaiming any unspent funds, whilst also providing a more efficient liquidity management solution.
The Portal designed for insurance firms
The portal is uniquely designed for insurance and assistance firms, making it easier for agents to create and manage virtual cards from the dashboard. It offers a complete overview of all the key information about cards, including how many have been issued, transaction volumes and more. Additionally, insurance firms can also integrate all the details provided by the portal directly into their own claims management system through API.
Learn more about our virtual card solution for payouts
Get in touch with our payment experts today to find out how you can integrate virtual cards with minimal complexity for faster and more efficient claims payouts.
