Car Insurance Payout Solutions: Could Prepaid Cards Work For Me?
01st February 2024
This Car Insurance Day, Crunch are here to shine a light on how to streamline car insurance payout solutions for your motor insurance business. Despite the industry decreasing during the COVID-19 pandemic, there has been a recent growth of 1.1% from 2022 to 2023, valued at approximately £19.1 billion.
Why does my Car Insurance Payout System need updating?
With an 11% increase in car insurance premiums forecast for 2024, customers will be expecting a robust and efficient solution for their payouts. Furthermore, with an industry increase continuing through to 2024, an increase in payouts will naturally follow. In order to stay on top of this increased workload, insurance companies will need an efficient payout solution that reduces admin and wait time.
Why should I use Crunch to streamline my car insurance payout solutions?
We are Crunch, an industry-leading and experienced payment solutions provider. With over 1 million cards issued, we are leading the way within the FinTech Industry, enabling and empowering our customers to streamline their payout and payment solutions.
How could a Crunch payout solution benefit my Car Insurance Payout Business?
Generally speaking, there are two ways a car insurance provider could utilise Crunch:
The first would be for the payout of insurance policies directly. Crunch provides your company with bespoke branded prepaid cards, which act just like a standard payment card. The difference with Crunch is the prepaid nature of our service. Only the available balance on the card can be spent; meaning no overdrafts, interest or unauthorised purchases.
Whether your company manages Fully comprehensive, Third party, Third party fire and theft or a range of all types; Crunch provides a solution for you.
Crunch’s platform allows for automated or one-off loading, which can be fully tracked and monitored on both sides of the interaction.
Not only can a Crunch system benefit customers, it can also benefit your preferred suppliers. By having a certain amount of funds available for each of your preferred suppliers (courtesy cars, mechanics etc), this reduces the wait time for funds and speeds up the process for both your suppliers and your customers. As well as this, Crunch tracks all outgoings and expenses within the card app and management portal, allowing for easy reconciliation of spending.
Plans that involve the customer as the intermediary greatly benefit from a solution like Crunch, due to its cardholder app and ability to be used both online and offline. This can apply to fully-comprehensive plans where medical bills are covered, as well as standard insurance payouts for damage or theft. Customers can monitor their payouts and can keep a track of their spending and reduce customer service time for your company.
Speaking of customer service, did you know Crunch comes with our very own customer service team? As well as innovating in our field, we also provide your customers with 24/7 assistance with their cards.
Rewards and Incentives
Alternatively, Crunch can be used within the car insurance industry for customer rewards and incentives. If a customer is loyal to your company, why not offer your own branded gift card that can be used anywhere the customer wishes?
Not only is a Crunch car insurance customer reward card the most flexible option, but your cards can be processed at a faster rate than any alternatives. Because of this, there is no need to hold stock of your cards, making for a safer and hassle-free solution than third-party cards.
‘Crunch’ the numbers with us.
Want to find out about our packages, and whether Crunch could revolutionise your car insurance customer payout solutions? Get in touch with our passionate team today!
Crunch provides all of the components you need to launch your own bespoke card programme.Learn more
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