Card Issuing Solutions For Insurance Carriers

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Written by Insuranceopedia Staff
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The insurance market is highly competitive. To become a leader in this industry, an insurance company must offer favorable service conditions, high insurance payouts, and quick settlements with clients and partners.

Achieving this requires the implementation of an innovative Card Issuing Solution, which simplifies business processes, improves service quality, and facilitates accounting.

Key Features of Insurance Companies

Insurance provides a straightforward and profitable way to protect oneself and one’s property from unforeseen events. The cost of an insurance policy is typically less than the payout received in the event of a claim. Today, insurance can cover a wide range of needs:

  • Life and Health Insurance: Coverage can be obtained for oneself, children, parents, or employees. Policies may include protection against accidents, critical illnesses, or loss of ability to work.
  • Automobile Insurance: Coverage can include theft, accidents, or weather-related damage to the vehicle, as well as liability for damage caused to third parties and their property.
  • Homeowners Insurance: Policies can cover accidents in engineering systems, roof leaks, vandalism, burglary, and neighbor-induced flooding in apartments and houses.
  • Liability insurance can cover losses incurred by neighbors due to unintentional damage caused by the policyholder.
  • Travel Insurance: A policy for the duration of a trip ensures timely and comfortable access to emergency medical care abroad.

This diverse range of offerings demonstrates that insurance companies collaborate with partners across various sectors, including medicine, tourism, automotive, and real estate.

When an insured event occurs, prompt reimbursement of losses is expected by clients and partners. However, many insurance companies rely on traditional banks, leading to delays due to paperwork and outdated payment systems.

Enhancing Insurance Services with Card Issuing Solutions

A co-brand solution for insurance companies can expedite settlements with partners and simplify accounting without additional costs. Wallester offers a solution that allows insurance companies to issue cards independently of traditional banks. These cards can be single-use or multi-use virtual cards, tailored for each partner or client.

Advantages of a Proprietary Card Program

  • Enhanced Security: Cards feature 3D Secure dual authentication.
  • Instant Payments: Multiple independent payments can be made simultaneously and instantly.
  • Simplified Accounting: The accounting process is significantly streamlined.
  • Online Payment Confirmation: Payment confirmations are conducted online.
  • Card Tokenization: All cards can be tokenized and connected to popular mobile payment systems.
  • Managing cards is straightforward: they can be re-issued, replaced, have limits set, and be blocked or unblocked easily. A proprietary card program accelerates key business processes for insurance companies and enhances service quality, thereby increasing profitability.

A white-label card issuing solution, featuring the insurance company’s logo on the card, self-service portal, and mobile application, boosts brand recognition and prestige.

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