Bancorp Bank teams with InsurCard to issue new pre-paid card for NJIUA

Dec 17, 2009 (Datamonitor via COMTEX) -- The Bancorp Bank, a wholly owned subsidiary of The Bancorp, in collaboration with InsurCard, has joined with the New Jersey Insurance Underwriting Association to offer the InsurCard Visa Prepaid Card to provide immediate cash payments to New Jersey policyholders in the event of a catastrophe.

The Bancorp Bank InsurCard Visa Prepaid Card is loaded when emergency payments are required, eliminating the challenges associated with check issuance, said The Bancorp. The InsurCard can be used to make purchases wherever Visa debit cards are accepted and cardholders have access to cash through ATMs located across the US.

In any designated catastrophe, representatives of NJIUA and/or field adjusters will have access to an inventory of preprinted cards. These cards remain inactive and have no value until authorized by NJIUA. After the catastrophe, adjusters will contact policyholders who have experienced losses and make an initial claim evaluation. Based on this evaluation, the cards will be distributed and activated by NJIUA either by phone or via an internet connection with an amount to be paid for immediate needs.

Once activated, the InsurCard provides the policyholder with the necessary funds to meet critical needs such as food, shelter and emergency repairs. As the recovery process continues, the card can be reloaded to pay for permanent repairs and additional living expenses.

Jerry Warner, president of NJIUA, said: "We feel that providing a card to our policyholders will enable them to recover more quickly from a catastrophic situation. Cardholders are able to access funds immediately to secure items such as hotel rooms, food or clothing. Plus, external adjusting firms appointed by the association can add additional funds to a pre-paid card immediately, providing instant relief for our policyholders."

John Barbella, senior vice president for The Bancorp Bank, said: "We believe that pre-paid cards will revolutionize the way insurers make payments as insurers look for ways to control payments and drive cost savings while providing enhanced customer care. We are very excited about the NJIUA program and we are anticipating rapid growth in this space."

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