Insurance companies need to pay claims quickly, accurately, and cost-effectively. Traditional payment avenues like checks and ACH can be slow, labor intensive, and cumbersome to adapt to digital experiences. As claims are tied to financial and customer management and policy systems, the reconciliation of payouts is a constant challenge.
Virtual cards provide a more efficient and less expensive way to settle claims and provide policyholder with faster payouts. Dynamic spend controls and clear transaction data allow virtual cards to create a more controlled environment for claims pay out, fraud prevention, and accelerated reconciliation.
Key benefits for insurance
Provision virtual cards directly to digital wallets for faster payouts.
Push to card
Settle claims by instantly sending payouts directly to an existing payment card. This is faster than ACH and cheaper than checks.
Pay out claims to policyholders on branded cards that can be used anywhere Visa or Mastercard is accepted.
Dynamic spend controls
Control when, where, and how a payment is made (e.g., a virtual card can be used for up to $100 for a tow truck). Recover the balance if the upper limit is not reached.
Zero-balance cards and JIT Funding
Reduce fraud by funding cards in real time to pay expenses such as lodging or repairs upon transaction approval.
Inject metadata into each transaction
Simplify reconciliations by appending metadata such as a claim or policy number to each transaction.