A new pre-paid travel card aimed at speeding up claims settlements and tackling holiday card fraud
InsureandGo will be taking claim settlements by the horns by channelling funds to the customer within hours of a claim being approved.
In what is a first for the travel insurance industry, the InsureandGo pre-paid travel card will allow customers to choose whether to have their travel insurance settlements paid to their card or by cheque.
InsureandGo will issue the pre-paid card free to customers who buy travel insurance when they take out a new policy at least seven days before they travel.
There is no cap on the amount of settlement and no annual fee. The card is available exclusively through InsureandGo.
Perry Wilson, director, said: “We expect a huge demand for our pre-paid travel card and we believe it will transform the way people spend money abroad and how quickly travel claims can be settled.
The company hopes to tackle holiday credit or debit fraud by enabling the card to be loaded with cash and used as a debit card without an overdraft facility.
Said Wilson: “Holiday card fraud is a massive problem… this card will help make it harder for criminals to access your details and reduce the amount of money they can steal.”
Additional money can be put on the card before or during the holiday via text and online. The card comes in Euro or dollar dominations.
The InsureandGo card is serviced by MasterCard, Altair Financial Services International and Raphaels Bank.
