Payment Solutions

Insurance

Settle insurance claims quickly, and save time and resources on reconciliations.

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The problem

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.

The solution

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.

Real world: insurance claims

Disbursements for auto, home, and rental claims

Insurance app

Claim filed

You receive a claim from a customer.

Notification received

Marqeta webhooks allow real-time notifications upon transaction completion.

Marqeta platform

Claim paid

A single-use virtual or physical card is issued through the Marqeta platform to pay a specific repair shop for the estimated amount.

Spend evaluated

Managed or gateway spend controls can be customized to minimize fraud and ensure funds are only used as intended.

Funds released

Just-in-Time (JIT) Funding releases funds to the card on approval and in real time to complete the transaction.

Repair shop

Card presented

The auto repair shop runs the card just as they would any Visa or Mastercard.

Auth requested

Marqeta’s platform is contacted by the appropriate network for authorization.

Transaction completed

Authorization is successful and the payment is confirmed.

Claim filed

You receive a claim from a customer.

Claim paid

A single-use virtual or physical card is issued through the Marqeta platform to pay a specific repair shop for the estimated amount.

Card presented

The auto repair shop runs the card just as they would any Visa or Mastercard.

Auth requested

Marqeta’s platform is contacted by the appropriate network for authorization.

Spend evaluated

Managed or gateway spend controls can be customized to minimize fraud and ensure funds are only used as intended.

Funds released

Just-in-Time (JIT) Funding releases funds to the card on approval and in real time to complete the transaction.

Transaction completed

Authorization is successful and the payment is confirmed.

Notification received

Marqeta webhooks allow real-time notifications upon transaction completion.

Customer Case Study

One of Marqeta’s customers offers affordable, short-term health insurance plans as an alternative to employer or government-subsidized health plans. Users select a plan that works best for them, paying a monthly subscription fee, and are issued a Marqeta card to pay for doctors’ visits, pharmacy expenses, and more. 

 

Because health care providers don’t need to wait for reimbursements from insurance companies to get paid, they can offer discounts to policyholders who are paying upfront with their Marqeta-issued cards — enabling our customer to offer transparent and affordable health care coverage.

Key benefits for insurance

Virtual cards

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.

Physical cards

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.

Platform overview

An API-first technology platform that will shape the future of your payments

​Solutions overview

Modern card issuing that is powering innovative payment experiences across industries

Developer portal

Start building your card program

  • Developer guides

    Discover key concepts of the Marqeta platform with hands on tutorials

  • Data insights

    View filterable, curated production data and personalized insights

  • Core API

    Issue cards, fund accounts, manage payments, and more

  • API explorer

    Explore our endpoints, make API requests, and quickly prototype your product

About us

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