ITC DIA Europe

Dock Financial: From Claim to Experience with Virtual Payment Cards

Written by Jolijn Schalkwijk on Apr 10, 2024

Often, policyholders have to pay expenses out of their own pockets, which are then reimbursed after several weeks or even months by the insurance provider. This way of handling claims can lead to financial emergencies, or even personal emergencies when policyholders are not able to pay upfront in the event of damage. Also, for insurers, it can take a lot of manual administration and reconciliation. A loss-loss situation as we would say, as the customer experience and the insurer’s internal efficiency both have serious room for improvement.

Dock Financial uses modern payment rails to facilitate claim payments for insurance and assistance providers at an industrial scale. The company directly disburses the customer through instant payment cards at the moment of truth, ready to be used instantly and worldwide. The payment card can be pushed directly into the customer’s mobile wallet using web provisioning, without any additional app or any other software download needed. The insurer has full control of the cards’ amount, time, region, merchant categories or individual suppliers.

The solution is already in the market and used by various assistance providers e.g. Eurowag, Service24 and RMC. It is also used by insurers, for example in cases of baggage delay.

How it works

  1. The policyholder receives a text message on the phone, including a link and an authorisation code that leads directly to a pre-funded payment card.
  1. The policyholder follows the link, enters the 5-digit authorisation code from the text message to activate the card.
  1. The pre-funded payment only needs to be added to the existing mobile wallet by clicking the button underneath the card, which says “Add to Google or Apple wallet”.
  1. The pre-funded card appears in the existing mobile wallet and can be tapped at any point of sale terminal worldwide where Mastercard is accepted.

Why did we select Dock Financial for ITC DIA Europe Amsterdam?

Dock Financial taps into the trends of customer-centricity and automated claims processes. The claims process is being reimagined by Dock Financial with direct claims disbursements. Martin Schmid, SVP Market Relations at Dock Financial will further elaborate on the topic of modern payment rails and Dock Financial’s solution of virtual payment cards onstage at ITC DIA Europe Amsterdam 2024.

Who is Dock Financial?

Dock Financial provides payment and compliance infrastructure to banks, and regulated companies in the financial sector, as well as to traditional businesses from travel, mobility, and insurance. Dock is currently active throughout the European economic area, employs more than 140 people, and has its own e-money license, a Mastercard Principal Membership.

“Most companies want to automate and streamline their back office processes while improving the customer experience. With our platform, we bring companies exactly what they are looking for in their digital transformation.”

Marko Wenthin, CEO Dock Financial
Amsterdam 12-13 June

ITC DIA EUROPE

00 Days
00 Hours
00 Minutes
00 Seconds
Have a look!
ITC DIA Europe - Amsterdam 2024 - Register here! Purchase now!