Citi Prepaid Services Teams with Enservio to Tackle ‘Great Frontier’ (April 28, 2015)
Citi Prepaid Services is teaming up with Enservio to offer property insurance policyholders the option of a Citi prepaid card for claims payments. Deirdre Ives, chief operating office of Citi Prepaid Services, describes insurance payments as “the next great frontier” in corporate disbursements.
The custom designed, fully functional prepaid cards are tailored for Enservio, whose ReStore Payments platform provides policyholders with a variety of options, including cards and electronic fund transfers, according to the announcement. Ives tells Paybefore that policyholders are able to use the prepaid card at Enservio’s online store to replace damaged goods at a discount, in stores and online, or may access funds at Citi and MoneyPass ATMs with one surcharge-free withdrawal.
“One of the challenges in the insurance market is how to drive adoption and make the prepaid card an attractive model for policyholders to adopt,” says Ives. In addition to purchases and ATM access, the reloadable prepaid cards enable users to transfer funds to bank accounts via ACH. “The goal is to make it a seamless experience for policyholders,” she says.
The deal will enable Citi to reach multiple property insurance carriers at once. The two companies also had some overlapping clients, which made it a smart partnership, Ives notes.
Enservio won a 2014 Paybefore Award for best benefits delivery for its ReStore Card.