Moving with MasterCard from Paper to Plastic Reduces Insurance Carrier Costs While Providing Policy Holders with Immediate and Secure Delivery of Funds
NEEDHAM, MA. – May 13, 2013 – Enservio (www.enservio.com), the nation's leading provider of software and services to property insurers, today announced an agreement with MasterCard for the delivery of claims payments with prepaid debit cards. The move from paper checks to a card-payment solution reduces insurance carrier costs and delivers policy holders immediate, secure and more flexible access to claims settlement funds.
"Processing paper checks is costly and time consuming," says Jon McNeill, Enservio's CEO. "Prepaid debit cards deliver immediate funds while offering the flexibility for recurring payments as needed. Carriers who can offer their customers immediate payment options like this will save money and build customer loyalty. It's really a win-win for everyone."
Benefits for Policy Holders
The Enservio ReStore Payments solution offers policy holders numerous benefits over paper checks, including the following:
- Immediate access to funds – EFT, Bank, ATM
- Use at millions of merchants
- More secure
- Discounts at major retailers
- Universal Solution: checks only work for 70% of US population
- Reloadable for handling multiple payments
Insurance carriers benefit from cost savings and security enhancements when moving from paper checks to card-payment solutions:
- Direct costs: paper, ink, delivery, supplements/RD, lost checks
- Indirect Costs: labor, fees, accounting/treasury overhead
- Hidden Costs: fraud, lost check costs, return check costs, check replacement, escheatment
- Cost savings by as much as $20 in operational costs per claim processed
"Commerce today is moving increasingly toward paperless transactions. In the insurance space, this is because of the efficiencies to be gained for payers and the convenience and flexibility for consumers and retailers," said Brett Adams, Lead, U.S. Prepaid Products, MasterCard. "With the Enservio payment solution, insurance carriers and their customers can benefit from these same types of simple, secure and smart solutions."
Enservio works on the biggest challenge in property insurance – what's inside. We provide a complete suite of software and service solutions to help property insurance carriers price their policies correctly, settle their contents claims quickly and accurately, pay their claims, and help policyholders get their stuff back. Founded in 2004, we are headquartered near Boston, in Needham, MA with offices and professional staff across the United States. Enservio is a strategic partner of the National Insurance Crime Bureau (NICB) in their continued fight against insurance fraud. For additional information, please visit the company's web site www.enservio.com or call 888.567.7557. Connect with Enservio via LinkedIn (https://linkedin.com/company/enservio), Twitter (https://twitter.com/enservio), and Facebook (https://www.facebook.com/enservio).
For more information about ReStore Payments please visit www.restorepayments.com.
Enservio is a trademark of Enservio, Inc. All other trademarks referenced are the property of their respective holders.