Insurcard has announced a solution that targets workers compensation programs:
“Workers compensation claimants who get their payments on an InsurCard Visa Prepaid Card are assured of on-time payments. Workers compensation payments are electronically deposited onto the card and the funds are available immediately to the claimant who can use the card at ATMs, banks or merchants; wherever Visa debit cards are accepted. For Insurers and TPAs there is no more guessing about how many days it will take for a check to arrive…payments are delivered to claimants exactly on-time. And for claimants, InsurCard eliminates waiting for checks to arrive or worrying about lost or stolen checks.”
InsurCard is a wholly owned subsidiary of Service Network Design LLC, specialists in insurance operations and systems. The company indicates that the card is designed to meet the needs of the insurance industry:
“InsurCard said that its Visa Prepaid Card is a complete program designed for the payment of Workers Compensation claims. InsurCard offers convenient, low-cost alternatives to paper checks by ensuring on-time delivery of benefits to claimants and giving claimants safe, immediate, easy access to their funds.
Compliant for use in most states, the reloadable InsurCard Visa Prepaid Card for Workers Compensation ensures timely payments, improving cash flow, and reducing Insurers’ check issuance and post- issuance costs by up to 85 percent.”
This card is issued by The Bancorp Bank, and SND Associates is the Independent Sales Organization (“ISO”) pursuant to an agreement with the bank.