A new partnership was announced yesterday (Oct. 14) between Berkshire Hathaway Travel Protection and MasterCard that’s aimed at taking the hassle out of paying travel insurance claims.
Because those payments are traditionally made online, through EFT transaction or paper checks, there’s typically a lag of a few days — or even a few weeks. By using MasterCard Send, Berkshire Hathaway Travel Protection can streamline that process by facilitating the payments for those claims nearly instantly. This solution then sends funds directly to a personal account through a debit card.
Through a single connection to the MasterCard Send platform, businesses, merchants, governments, non-profits, issuers and other senders can send money to consumers — regardless if they have a bank, or where they are located in the world.
“We are excited to be working with MasterCard to help provide our customers with a new, more convenient way to receive claim payments,” said Dean Sivley, president of Berkshire Hathaway Travel Protection. “Our integration with MasterCard illustrates the innovative ways we are changing travel insurance, and our commitment to providing our travelers the very best claims experience.”
“When you’re facing a travel emergency, there is nothing more concerning than waiting days for payment or wire transfers,” he added. “We are completely alleviating that concern.”
This partnership marks the first travel insurer to use MasterCard Send for its claims processing, which the company noted was a “consumer-centric claims-payment approach” to travel insurance payments by taking out the payment lag time.
“When the unforeseen occurs, consumers should have the peace of mind knowing they have quick access to their funds. That’s the premise that we’ve built MasterCard Send upon and why we believe it makes sense for the travel insurance industry,” said Barbara King, Group Head, Personal Payment Solutions, MasterCard. “The innovative ways businesses like Berkshire Hathaway Travel Protection are leveraging our platform to advance their services and improve the consumer’s experience is proof positive that we’ve delivered on our objective.”
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