Debit and Forget It

Beginning last month, The Hartford Financial Services Group began offering emergency claim debit cards to its policyholders who sustain losses after a catastrophic event. The cards can be used at ATMs to withdraw cash or at stores, in which case a personal identification number will be required to ensure that stolen or lost cards will not be misused.

Once the claim has been assessed, the card is issued by Hartford claim handlers to policyholders directly at the catastrophe site or at the nearest accessible location.

“What it allows [claimants] to do is not intermingle [a claim payment] with their own personal funds,” said Vittoria Pace, assistant vice president of property field claim operations for The Hartford. “They can keep this card and understand how they are spending and utilizing their funds separately and distinctly from their personal or corporate accounts.”

The cards will only be distributed by the company's adjusters, who determine the amount of money to be allocated and activate the card within 24 hours. Since the card can be initiated and funds allocated over the phone or by laptop, there is no extra equipment needed by adjusters in the field.

“This is a customer-service opportunity and another tool that our adjusters have in order to meet the needs of our insureds,” said Pace. “We've all come a long way; it's not just about writing checks anymore, which can take five days or so to clear. This [option] provides insureds quicker access to funds.”