New pre-paid card promises benefits for insurers
A new pre-paid card promises to benefit insurers by cutting costs and reducing fraud.
Alliance & Leicester Commercial Bank and Money Card, providers of the Visa pre-paid card said it will also give greater financial control and improve customer service.
Pre-paid cards are already established in the UK and are reported to be secure, inclusive and safe.
Insurance financial managers will benefit from reduced management and reconciliation times, automated processing which cuts out back office administration, and monitoring of claimant spending.
Stewart Fraser, director of pre-paid cards at Alliance & Leicester said: "Our pre-paid cards offer managers in the insurance industry some exciting benefits. There are distinct advantages in terms of cost savings and control throughout the claims process, the complete removal of cash and cheques plus the cards are well received by customers.
"As a leading bank we are able to provide everything managers in insurance companies require in banking terms – supported by a dedicated relationship management team."
The providers have stated that the pre-paid cards will be popular with recipients too as they speed up handling at tills as well as allowing Internet, mail order and telephone transactions. Lost or stolen cards can be blocked and replaced.
Insurance financial managers interested in the scheme should contact the dedicated phone inquiry line free on: 0800 02 03 04 or visit: www.alcb-moneycard.co.uk.
