Claim Your Insurance With MasterCard Prepaid

What's Next In Payments®
4:16 PM EDT November 27th, 2012

Hollard Insurance – South Africa’s largest independent insurer has joined with with MasterCard Worldwide, ValueCard, Opengate and Tutuka to launch a unique prepaid card. The ClaimsCard enables Hollard to deliver a value-added service whereby claimants can use the card at participating retailers to replace goods covered by a specific claim. “The filtering technology offers customers a convenient, secure, and efficient purchasing solution and simultaneously enables us to better manage our claims processes. Ultimately, our customers enjoy the best possible up-to-date cover, with peace-of-mind,” explains Arie de Ridder, group procurement manager at Hollard.

The card is delivered to customers whose claim is approved and activated by a secure SMS process. It can then be used by customers to replace goods at their convenience from more than 2000 retailers across South Africa. “The Hollard ClaimsCard gives claimants their purchasing power back so that they can replace lost, stolen or damaged goods almost immediately. It also means that claimants can get what they want as per the approved claims category, when they want, from the participating retailer of their choice,” says Drisha Nair, marketing director at Tutuka.

MasterCard claims that the prepaid card makes the whole process safer and less costly. “Removing cash from the claims process eliminates the costs and risks normally associated with cash transactions. The ClaimsCard is set to revolutionise the South African insurance industry, which is ready to embrace financial services products that reduce the risks associated with claims payments,” says Zietsman.

Customers seem to agree as Hollard Insurance has already paid more than seven million South African Rands ($792,841) in claims through the card and expect that more than 30% of all household contents claim settlements will be paid through ClaimCards within the next year.

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