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The Bancorp Bank Teams Up With InsurCard

To issue the InsurCard Visa prepaid card for Franklin Mutual Insurance

The Bancorp Bank Payment Solutions Group, a division of The Bancorp Bank (Bancorp), has announced that The Bancorp, in alliance with InsurCard, has joined with Franklin Mutual Insurance in New Jersey to offer a program which gives Franklin Mutual home insurance policyholders access to insurance claims funds.

InsurCard is a payment vehicle designed specifically for the distribution of insurance payments.

Reportedly, the InsurCard Visa prepaid card is distributed at the spot so that the policyholders no longer have to wait to cash a check. The program offers policyholders immediate access to insurance claims funds and can be used to make purchases wherever visa debit cards are accepted.

Dale Martin, co-vice president of claims for Franklin Mutual Insurance, said: “We believe an insurance carrier should always try to find new and innovative ways to provide better, quicker and more efficient claims service to their policyholders. Franklin Mutual Insurance is convinced that InsurCard will be a big improvement over the current payment method in catastrophe situations.”

Field adjusters will carry a supply of payment cards as they assess damage. These cards are inactive and have no value until authorised by the insurer. Upon arrival, the adjusters intends to make an initial claim evaluation and the cards will be loaded with the appropriate value by the adjuster either by phone or an internet connection. Once activated, InsurCard enables access to critical needs such as food, shelter and emergency repairs.