The InsurCard Visa^® Prepaid Card Program is a claim payment method for WC indemnity “lost time” claims and Property CAT claims. The use of prepaid cards instead of checks for claims payments can significantly improve cash control, reduce handling costs and fraud possibilities and insure timely claim payments. InsurCard is particularly beneficial for the lower income strata that are oftentimes un/under banked. Additionally, the use of prepaid cards has eclipsed the use of credit cards for electronic payments and they are now universally accepted.

The program consists of a straight-forward implementation process similar to existing feeds to payment systems, re-pricers, and vendors. With an established and tested infrastructure and procedures, installation can be as short as 9 - 12 weeks from contract signing for the WC Program and as little as 72 hours for the Property CAT Program.

Reinsurance Solutions LLC (RSL), Service Network Design LLC (SND) and The Bancorp Bank are jointly bringing this service to the insurance industry. RSL is the program distributor (owned by Guy Carpenter & Company, LLC). SND is the program specialist. The Bancorp Bank is the card issuer and is an FDIC-insured member institution.

Prepaid Card Program Specifics:

• The card is reloadable and PIN activated
• Funds are immediately available to claimant with no time delays for clearance.
• Funds can be withdrawn at a member bank teller window at no charge or can be electronically transferred to any existing bank account.
• The claimant does not reveal banking data to the insurer.
• The card is activated via a variety of methods: a toll-free phone call, online at the program website, or at any ATM.
• One free ATM withdrawal is provided per payment for the WC Program.
• Cardholders may access available funds at millions of ATMs displaying the brands on the card and at merchants worldwide.
• Web and automated/live phone inquiries are free.
• 24/7 bi-lingual call center.
• Electronic account statement is provided free of charge.
• Customized card design and marketing support is offered.