Citi Transaction Services Latin America & Mexico
Insurance Claims
Deliver fast and accurate payments to your claimants.
A growing number of insurance carriers benefit from security and control that prepaid card solutions offer over
traditional forms of payments including cash, paper check, and ACH transfer. These advantages apply to the
disbursement of all types of insurance payments within Property and Casualty and Life and Health. Citi Prepaid’s
solutions facilitate fast and reliable payments to claimants, improving the carrier’s control, security, and cost
efficiencies in claims dispersal. In turn, claimants benefit from the immediate access to their funds with
unmatched flexibility and card acceptance.
The Solution
Citi Prepaid enables insurance carriers to
deliver one-time and recurring payments
electronically to claimants. Claimants receive
a personalized Visa®or MasterCard® debit
card to receive all of their recurring claims
payments in a secure and dependable
manner. The Citi Prepaid solution includes:
Custom Debit Card
• Visa or MasterCard prepaid card
• Branded and personalized (optional)
• Reloadable and reusable (optional)
• “Universally” accepted at millions of locations
• Accommodates the “unbanked”
• Instant issue option
Enhanced Communications
• Robust reporting package
• Custom cardholder website
• Real-time account information
• Account activity alerts
Complete Turnkey Solution
• Design and implementation
• Card issuance and account maintenance
• Minimal IT integration to automate payments
• Marketing support
• 24/7 client support
A Better Way to Pay
Citi Prepaid’s innovative platform and
market-proven implementation methodology
deliver a secure, paperless solution designed
to support a carrier’s large-scale claims
dispersals:
Financial Efficiencies
• Reduces issuance costs
• Decreases “daily carrying cost”
• Creates new revenue stream
• Eliminates check reconciliation
• Outsources escheatment
• Reduces payment fraud
• Reduces duplicate payments to vendors
• Consolidates multiple payments to the same
person
Control
• Increases ability to encourage spend
towards approved claim remedy sites
• Faster payment and document delivery
Improved Customer Service
• Overcomes claimant complaints
• Eliminates lost or late payments
• Eliminates check issues and reissues
• High card acceptance amongst claimants
Streamlined Operations
• Guarantees pay on time
• Decreases pay inquiries
• Reduces manual processes
• One operational platform
• Enhances reporting capabilities
A Better Way to Get Paid
Citi prepaid delivers flexible and reliable
payment solutions that claimants prefer:
Greater Fund Access
• Faster payment delivery
• Immediate access to funds
• “Universal” card acceptance
• Full claimant fund control
Convenience and Security
• Doesn’t require a bank account
• No need to cash checks
• No more lost or stolen checks
• Zero Liability Fraud Protection
Enhanced Control
• Manage and track payments
• Online, phone account
management
• 24/7 multilingual support
• Account activity alerts
• Discounts with approved vendors
Insurance carriers prefer
prepaid cards over cash,
checks or ACH because they:
CAPTURE: Automated, real-time
capture of all spending data including
who, when, where and how much.
CONTROL: Prepaid cards help
carriers control costs, streamline
administration and ensure a better
claimant experience.
CORRECT: Prepaid cards reduce the
instance of fraud and provide
“Zero Liability” protection for the
carrier and the claimant.
Citi covers all claims types:
• Workers’ Compensation
• Home owners / Farm owners
• Auto repair
• Special property
• Commercial multi peril
• Life / Health
• Short term / Long term
disability
Citi Transaction Services Latin America & Mexico
Market Readiness
Over $370 million was loaded onto prepaid instruments related
to Hurricane Katrina insurance relief funds in 2005.
Claims 81%
Insurance Claims
• Over $300 million of initial emergency payments were made via prepaid cards
• More funds were provided on prepaid cards than was disbursed on prepaid in all of 2004
• It has been estimated that total insurance claims for Hurricane Katrina will range
from $40-$60 billion
Projected Breakdown of Financial
Prepaid Card Payment for Katrina victims*
SOURCE: Mercator Advisory Group, 9/05
Other 19%
About Citi Prepaid Services
Citi Prepaid is a division of Citi Global
Transaction Services (GTS). GTS offers
integrated cash management, trade and
securities and fund services to multinational
corporations, financial institutions and public
sector organizations around the world. With a
network spanning over 140 countries, GTS
supports over 50,000 clients.
Founded in 1997 as Ecount, Citi Prepaid is the
preeminent provider of special purpose
prepaid cards. Our client portfolio includes
over 50 of the Fortune 100. We have launched
over 3,000 programs, and as such, have
developed best practices in nearly every
industry, including insurance.
Industry Leadership
Citi Prepaid is the prepaid market
leader having provided electronic
payment solutions for major
industry segments including:
• Insurance
• Automotive
• Utilities
• Telecommmunications
• Consumer Products
• Retail
• Staffing
• Healthcare
• Government
• Higher Education
• Market Research
A Culture of Innovation
To meet and exceed the needs of
our clients and cardholders, we
maintain a culture of innovation and
have launched numerous industry
“firsts.” But more than a single
feature or product introduction, Citi
Prepaid has successfully mastered a
proven approach and methodology
to quickly and seamlessly implement
prepaid programs with world-class
quality and support.
World Class Support
Citi Prepaid delivers world class support,
including dedicated client services,
cardholder services and quality assurance teams. Every client has access to
ClientZone, the most robust online
self-service console. ClientZone allows
program administrators to fully manage
their accounts from any location
including payment issuance, inventory
management and reports viewing.
To learn more visit www.citiprepaid.com
Citi Transaction Services
www.transactionservices.citi.com
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