KEEP UP TO DATE WITH ALL THE IMPORTANT COVID-19 INFORMATIONCOVID-19 RESOURCE PORTAL
FANews
FANews
RELATED CATEGORIES

Santam’s Prepaid Insurance Claims Card pioneer is awarded

16 September 2011 Paycorp Holdings (Pty) Ltd

2011 Global Prepaid Awards Drawcard

DrawCard, a pioneer of prepaid cards in South Africa, has been selected as a finalist in four categories that form part of this year’s Global Prepaid Awards to be held on 6 October at the Royal Courts of Justice in London. This is the highest number of nominations assigned to any one of the finalists that made the list.

“This in itself is a significant achievement and something we’re very proud of. To be recognised amongst the leading and most innovative prepaid card companies around the world is humbling and a testament to the hard work of our staff and loyalty of our clients,” says Philip Froom, co-founder and CEO of DrawCard – which specialises in Visa payroll cards; incentive cards; gift cards; and insurance replacement cards; amongst other card programmes.

DrawCard takes great pride in the design and development of innovative card programmes that can differentiate their clients’ product and service offerings – an example being South Africa’s first ever Visa prepaid claims card, namely Santam’s Prepaid Insurance Claims Card, which was selected as a finalist in two of the four award categories, the Best Prepaid Card Innovation and the Best Corporate Prepaid Card Programme. DrawCard was further selected as a finalist for the Leading Prepaid Organisation CEMEA (Central and Eastern Europe, the Middle East and Africa); and the Best Prepaid Programme Manager.

“The Santam prepaid card allows Santam policyholders to spend their claim funds at any Visa merchant of their choice. Policyholders, however, are encouraged to spend their claim funds at certain partner preferred retailers, earning the cardholder cash-back rewards in the process. This programme has further 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,” explains Froom.

Now in its 4th year, the Global Prepaid Awards has become a firm fixture for many key role players in the industry. According to Prepaid Awards Producer Emma Armstrong, submissions came in from all over the world since entries opened in April this year. “Hence, it was inevitable from the outset that decisions on finalists would be very difficult given the extremely high standard of entries received.” She adds that with over 500 attendees expected at the event, this year’s award ceremony is set to be a memorable occasion.

Quick Polls

QUESTION

Is the commission procurement rule introduced via clause 5.14 of the Amended Financial Services Sector Code (AFSSC) an important piece of the transformation puzzle?

ANSWER

The clause’s implementation coincides with an increase in the minimum spend targets, which further complicates matters
Many FSPs still view the AFSSC as a matter of choice and consequence rather than compliance
Transformation represents a great opportunity for growth and penetration by brokers
Brokers are unlikely to find their commission business yanked away from them by insurers looking to influence procurement scorecards
fanews magazine
FAnews August 2020 Get the latest issue of FAnews

This month's headlines

Ethical behaviour - are you toeing the line?
Latest business interruption developments raise more questions than answers
Brokers remember: You are accountable...
A sustainable pension - How to manage living annuities in uncertain times
Claim stats… life can change in a heartbeat
Are South Africa’s income protection benefit providers ready for COVID-19?
Subscribe now