Travel insurance provider Allianz Global Assistance has announced that it has joined forces with Mastercard to deliver claims payments in real time to bank accounts through debit cards.
Using Mastercard Send, Allianz can now pay customers within minutes of their claim being finalized. This feature allows travelers to get access to their funds sooner, which may help them to pay travel expenses or replace lost or stolen items while they’re still on their trip, Allianz said, instead of waiting for a check by mail.
Mastercard Send is a Push Payments service that facilitates the delivery of funds quickly and securely, Allianz said. These funds can then be used anywhere the debit card is accepted, including overseas. Through a single connection to the Mastercard Send platform, businesses, merchants, governments, non-profits, issuers and other senders can send money to consumers and small businesses. By digitizing personal payments that are typically handled via cash or check, Mastercard aims to provide greater convenience, choice and security to both payment senders and receivers.
In March, Allianz Global Assistance announced the ability to make claim payments directly to customer bank accounts. Those payments are routed through the banking system and usually arrive within about two days. Currently about one-third of Allianz Global Assistance customers are choosing the direct deposit payment option when they file their claim online, Allianz said.
Earlier this year, Allianz rolled out a suite of new features to make filing a travel insurance claim and receiving payment faster and easier. Among the updates the company announced were redesigned claim forms that are designed to be easier to understand and use and the ability to file an online claim from any device. Consumers can also use the company’s TravelSmart mobile app to file and track claims.