Dock Financial: Virtual payment cards for an effortless claim experience
In the event of damage, holders of an insurance policy often find themselves not only in a personal emergency but also in a financial emergency due to initial costs to be paid upfront, while for the insurer, claims are a bureaucratic nightmare with a lot of administrative effort. This results in a nightmare experience for the customer, plus a lack of efficiency and performance for the insurer.
At this point, Dock offers a way of facilitating claim payments by enabling an insurer to push pre-funded virtual payment cards to the customer at the moment of truth – seamless and frictionless.
How it works
Dock’s solution pushes virtual payment cards directly into any customer’s mobile wallet by using unique web provisioning, without any additional app or any other software download needed. Furthermore, Dock enables the insurer to have full transparency on how and where the cards are used by providing highly sophisticated card controls e.g. limitation of amount, time, region, merchant categories or individual suppliers.
- 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
- The policyholder follows the link, enters the 5-digit authorisation code from the text message to activate the card
- 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”
- 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 Munich?
Dock taps into customer centricity by turning the existing money flow of reimbursing claims upside down and combining it with unique web provisioning technology.
At ITC DIA Europe Munich 2023, Martin Schmid, SVP Market Relations Julian Lorenz – Product UX/UI Designer at Dock Financial presented how to turn a cumbersome claim situation into a effortless claim experience by using modern payment rails.
Who is Dock Financial?
With more than 10 years of experience, Dock uses modern payment rails to improve claim payments for insurance and assistance providers at an industrial scale. Dock is a well-established provider of payment and compliance infrastructure to banks, 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, has its own e-money license, a Mastercard Principal Membership.