The energy industry’s leading risk management and insurance provider Energi now offers prepaid debit cards for workers’ compensation benefits through its partnership with InsurCard. The InsurCard payment program gives injured workers and healthcare providers instant access to funds with no time delay for check clearance. The debit card solution eliminates fees, risk of theft and the need for bank accounts or forms. Cards are widely accepted at automated teller machines and merchants worldwide.
The InsurCard prepaid card program was created to specifically meet the requirements of workers’ compensation benefits, and is the only prepaid card program that has state compliance approval in most states.
“While monitoring the latest claims technologies, we saw that issuing claim payment checks was no longer the most efficient solution,” said Energi’s senior vice president of claims Bob Woods.
“We weighed the needs of our policyholder network and saw an opportunity to enhance this process with an electronic solution. Using InsurCard eliminates the processing cost of paper checks and creates a fast, efficient claims process—while also providing claimants with maximum flexibility.”
Energi is working toward ways to expand the use of the prepaid cards to satisfy other indemnity payment needs.
“We’re constantly watching the market and our own business to continue growing and improving Energi,” said Energi CEO Brian McCarthy. “When it comes to a solution like InsurCard, our teams are quick to identify the advantages and adapt our business processes. Using InsurCard, we’re able to increase our efficiency and decrease our costs, while also providing a solution that benefits claimants.”