London, UK (June 7, 2022) – Travel and health InsurTech leader PassportCard has been granted a US patent for its real-time claims payout through debit card which gives customers access to a global, 100% cashless insurance service.
The patented technology, driven by AI, predictive analytics and a vast medical services database allows customers to facilitate automated, instant processing of insurance claims – without having to pay via their own funds and wait to be reimbursed.
The system pre-emptively processes a claim, activating the dedicated debit card issued to the customer when they purchased the policy. Following treatment, the customer pays with their card or digital wallet, without having to deal with the usual pain points of paperwork, processes and personal expenses.
PassportCard is the only company in the world to offer real-time payment via a rechargeable debit card, in the event of any insurance related scenario. This includes payment to medical services, medication and/or compensation in the case of baggage loss, delays and other emergency situations.
Since entering the market, PassportCard has become a frontrunner in key travel insurance markets across Europe and the Pacific. With this new patent – which will provide IP protection and additional growth potential in North America, one of the key insurance markets in the world – the business has set its sights on further expansion, to bring superior cross-border insurance services to more locations and customers than ever.
Partnership discussions are underway globally to allow other organizations to benefit from this revolution, via potential licensing and white-labelling agreements.
“It is an honour to have received this recognition for PassportCard’s innovative technology in the United States,” said PassportCard Group President Alon Ketzef. “Continuous innovation to eliminate the inherent friction in insurance has always been our main focus; we will always seek to meet customers via their preferred channels. Whilst our end-to-end digital solution is important, it’s equally paramount that the personalised, 24/7 customer support we provide fully aligns with our tech advancements – a perfect combination that delivers PassportCard’s unique and unparalleled customer experience.”
“With our technology being recognized as unique, and other pending patents for additional innovation in customer experience, we feel in a stronger position than ever to expand into additional territories,” he added. “We look forward to this next exciting step in bringing seamless and fuss-free insurance to the masses.”
PassportCard Real-time travel insurance solution revolutionizes the relationship between the insurer and its customers, introducing a new holistic approach with no out-of-pocket expenses, no paperwork and no long claim process, available already to hundreds of thousands of travelers.
It is the world’s first travel insurance solution facilitating claims payout in real time – on the spot when the customer really needs it!
In a price-driven market characterized by low engagement where Uber, Amazon and Airbnb are setting the customer’s service expectations, PassportCard’s award winning solution is an opportunity for leading insurers and assistance companies to offer an innovative co-branded disruptive service and superior customer experience.
Based on its Big-Data and predictive analytics technologies and global payment platform, PassportCard is operating in Germany and Canada both in collaboration with Allianz and in Israel, where in less than 4 years it has reached 30% market share, high customer satisfaction and 85% customer return rate!
As part of its global penetration strategy, PassportCard has recently launched TravelCard in Australia and plans to further expand globally.
PassportCard, a UK based company, is a Joint Venture between White Mountains Insurance Group (NYSE: WTM) and DavidShield.
For more information, please visit www.passportcard.com.
SOURCE: PassportCardTags: industry first, InsurTech, patent, United States (USA)