Partner Article

Edenred Payment Solutions launches new product to transform insurance payouts with virtual cards

Edenred Payment Solutions has announced the launch of a new Virtual Card Number (VCN) product designed to help make claims payouts faster and easier for policyholders. Instead of waiting weeks for reimbursements, customers can now get instant access to funds right when they need them.

For years, insurance claimants have had to deal with the hassle of paying upfront, filing claims, and waiting for refunds. According to research undertaken by Sollers Consulting and Ipsos, 63% of UK customers consider a quick claims handling process as one of their top expectations from their insurer. Edenred Payment Solutions aims to support the industry through its Virtual Card product which transforms the claims process giving policyholders immediate access to approved claim funds through a virtual payment card. 

These cards can be easily added to mobile wallets like Google Pay and Apple Pay, allowing direct payments to service providers or merchants without the usual delays. Policyholders can then use the cards at pre-approved merchants tailored to their claim, offering a seamless experience, whilst minimising fraud risk for insurers.

Already live with a large multinational French insurance company, this solution has allowed the insurer to issue cards quickly, track transactions, and maintain consistent branding on their digital card. 

The implementation can be replicated for new clients in as little as two months, including agent training and creating a customised dashboard tailored to their needs.

Key benefits of Edenred Payment Solutions Virtual Cards in Insurance:

• Easy Funds Management: e-money accounts are set up for insurers and seamlessly integrated with payment schemes such as Faster Payments and SEPA. This allows insurers to load funds quickly and securely, ensuring compliance and protection of funds at all times.
  
  
• Better control and security: Each virtual card is generated with a unique card number, expiration date, and security code, making claims payouts simple. Insurers can also set limits and restrict spending to specific categories to ensure proper use.
  
  
• Simplified claims process: The system streamlines the entire claims process by automating the reconciliation of invoices with claim payouts, reducing paperwork and delays. This results in a more efficient workflow for insurers and a better experience for policyholders.
  By combining automation, flexibility, and speed, this solution redefines the claims payout process, delivering better outcomes for both insurers and their customers.

Rehana Mitha, Managing Director at Edenred Payment Solutions, says:  "Virtual cards and embedded finance are transforming the insurance industry by streamlining the claim payout process. These technologies enable instant access to funds; eliminating delays and reducing paperwork for policyholders, while also offering insurers better transparency and fraud prevention tools. 

By simplifying reconciliation, improving security, and tailoring card usage to specific claims, virtual cards deliver significant benefits for both insurers and their customers. As one of the most widely used financial products, insurance is ripe for innovation, and we’re excited to help drive this change.”

Rich Logan, Product Director at Edenred Payment Solutions added: "Our new Virtual Card System represents a major leap forward in how insurers can handle claims payouts. The ability to integrate seamlessly with existing systems means that insurers can adopt this solution quickly, minimising disruption while maximising impact. We’re proud to be leading this shift towards smarter, faster, and more secure claims processes."

This was posted in Bdaily's Members' News section by Edenred Payment Solutions .