Enservio Patents Co-Party Activation Card for Insurance Claims (Feb. 14, 2013)
Feb. 14, 2013
Needham, Mass.-based Enservio, which provides software and services to property insurers, has been awarded a patent by the U.S. Patent and Trademark Office on what the company claims is the industry’s first co-party activation debit card for insurance claims payments. Since its debut three years ago, Enservio’s ReStore Card debit card has been utilized for some $100 million in claim payouts. The card offers insurance carriers the ability to deliver a payment for an auto, personal property, dwelling or liability claim via one or multiple prepaid cards that can be used simultaneously.
The patent is based on technology that builds in an additional security feature on top of the payment networks, requiring both parties to activate their separate cards in order for funds to be accessed. “The industry has been trying to solve this problem for some time,” said Jon McNeill, CEO of Enservio. “This product was built from the ground up with the specific needs of the insurance industry in mind to replicate co-party check behavior and to accommodate escheatment processes.” The cards enable insurers to cut processing costs by nearly 50 percent over traditional check-based payments, according to Enservio.
Once a claim has been settled, the insurance company loads the card with the amount of the claim award via a secure online process using a special code unique to each card. The card is then given to the claimant, who activates it online or via a mobile device. After the MasterCard-branded card is activated, it can be used immediately for POS and online purchases, EFT funds transfer into a bank account and cash access at ATMs. Additional claim funds can be added to the card by the insurance provider, if necessary. Cardholders also benefit from special deals and discounts with participating retailers, such as Sears, Target, Dell and Kohls, in stores and via an online shopping environment dubbed RestoreMall.
