By Neal B. Strom of Strom & Associates, Ltd. posted in Workers’ Compensation on Tuesday, April 8, 2014.
Energi, a provider of risk management and insurance programs for the energy industry, announced the opening of a new satellite office in Downers Grove, Illinois. Energi recently announced its partnership with InsurCard to offer prepaid debit cards for workers compensation claims.
With an InsurCard Visa prepaid card – designed specifically for workers compensation insurance claim payments – a claims adjuster enters a claim into the system indicating the injured worker should be paid by InsurCard. An electronic payment file is sent from the insurer to the bank that issues the InsurCard. The bank mails the injured worker their card and loads the value of the payment to the card account.
The claimant receives their InsurCard and, as with any Visa card, they dial up a toll-free number to activate it. At that point, they can use the card much like a debit card at ATMs, banks or merchants; wherever Visa is accepted. Even more, the card holder can call InsurCard’s call center or check the website for customer service or inquiries on balances. The bank provides audit trails, financial activity, & reconciliation reports to the insurer.
This is a much better approach at providing wages to an injured worker quicker and with more ease of access.