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DrawCard Santam Insurance Claims card winner in Paybefore Awards

08 February 2012 DrawCard

Paybefore has selected DrawCard’s Santam Insurance Claims Card as a 2012 Paybefore Awards winner in two categories - the Best Emergency/Insurance/Non-Government Benefits Prepaid Program as well as the Best Non-US based Prepaid Program. Paybefore Awards,

The Santam Insurance Claims Card was selected by a panel of five industry experts who served as judges for this year’s competition, which - once again - included entries from around the world.

“To be recognised on the global stage amongst the leading payments companies in the world is extremely gratifying and something we are very proud of. This could only be achieved through the passionate commitment of our staff and the loyalty and support of our clients and partners,” said Philip Froom, co-founder and Chief Executive Officer of DrawCard. “The Santam card programme has revolutionised the way Santam now pays its claims, providing convenience and choice to its policyholders, coupled with an innovative cash-back rewards Programme”.

An established leader in its field, DrawCard specialises in the design and development of innovative prepaid card programmes, including Visa payroll cards, incentive cards, gift cards, and insurance replacement cards, amongst others.

“We are very proud of our relationship with DrawCard, our prepaid card programme is bringing numerous benefits to Santam and its policyholders, said Robert ter Borg, Head: Group Sourcing Business Development at Santam”. This programme has enabled Santam to create flexibility in their claims processes as well as rewarding its policyholders for risk management behaviour which benefits the policyholder as well as Santam, says ter Borg. Instead of settling client’s non-motor personal lines claim by cheque or bank transfer, the insurer simply issues a prepaid card with the amount of the approved claim pre-loaded.

Froom commended Santam for being among the first companies globally to implement a card-based claims settlement solution: “It’s very new internationally with only a handful of these type of insurance card programmes in use.”

DrawCard also scooped the Best Corporate Prepaid Card Award at the 2011 Global Prepaid Awards held in London in October 2011.

“Paybefore Awards were created to honour the companies and individuals that are keeping prepaid on the cutting edge of payments,” said Loraine DeBonis, Paybefore editor-in-chief and chair of the judging panel.

“Our industry continues to break new ground and expand the reach of electronic payments because of companies like DrawCard who make innovation and execution a priority,” she continued. “We are proud to recognise its contributions to advancing the prepaid industry.”

“Prepaid is the fastest growing area of payments because it addresses unmet payment needs of consumers, businesses and governments,” added Marilyn Bochicchio, Paybefore’s CEO. “Paybefore Awards recognises the creativity of prepaid practioners in developing programmes that address these needs more effectively than cash, cheques or even other types of payment cards.”

The Santam Insurance Claims Card now will vie for best-in-category distinction, which will be announced during the Paybefore Awards ceremony on March 12 at the Prepaid Expo USA (http://www.prepaidexpousa.com/) in Las Vegas.

Quick Polls

QUESTION

How to give affordable and appropriate financial advice to the low income market segment. There is little room on a R50 pm policy for advisers to be remunerated for the time it would it would take to educate & fulfil admin function. What is the solution?

ANSWER

[a] Eliminate non-advice sales / telesales
[b] Implement industry standards for non-advice information
[c] Introduce an insurer-funded pro-bono advice network to low income earners
[d] Reinforce the Policyholder Protection Rules
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