Atlanta-based Assurant Specialty Property, provider of specialty insurance and collateral protection programs, now issues Chase Visa-branded debit cards, issued by J.P. Morgan, to renters insurance customers receiving claims payments, instead of settlement checks.
The Assurant Claims debit card works like any other bank-issued debit card. Cardholders can make surcharge-free purchases at the millions of locations that accept Visa debit cards, as well as receive cash back, surcharge-free at participating retail locations.
"With the new debit card program, our customers have access to funds as soon they receive the card. With a paper check, it sometimes can take 10 to 15 business days to process the check and for the bank then to release the funds. We can deliver a debit card in approximately three to five business days," says Kathy McDonald, senior vice president for Assurant Specialty Property.
The Assurant Claims debit card payment program, now available to renters insurance policyholders, will be expanded later in the year to other property and casualty insurance programs, including manufactured housing.