An international insurance company wanted to assess the feasibility of prepaid cards as an alternative to cheque, retail vouchers or direct bank transfers as a means of paying settlements.

Their questions were;

• What are the benefits of a prepaid card for insurance payouts?
  
• What are the costs of implementing prepaid cards as an alternative payment solution for settling payments?
  
• How do the costs compare with alternative payout methods?
  
• Where do the funds sit until they are redeemed by the customer?
  
• What is the process for authorising and making the payments?
  
• What is the customer experience and how does it affect their future renewal behaviour?
  
• Can the card be used for one-off payments or regular payments?
  
• Can the spend be restricted to certain merchants?
  
• Is full management information available at a customer level?
  

Prepaid cards are now the fastest growing new payment process for major insurance companies across Europe.

Find out more by contacting us on mail@prepaidconsulting.co.uk or call one of us on +44 (0) 7525 067 297.