Allstate, Mastercard partner for 'e-mail' claim payments
Allstate Insurance Co. won't be sending out as many paper checks in the future if its customers prefer faster claims payments through Mastercard Send's digital platform.
The Allstate QuickCard Pay option will allow the insurance company to deliver funds to customers' debit cards through an e-mail message, utilizing the same type of technology used by P-to-P apps such as Early Warning's clearXchange, which is also eyeing insurance payouts through its model. Allstate is an early adopter among U.S. property and casualty insurance companies to provide this type of digital money service through its Allstate ExpressPay network.
QuickCard Pay reaches virtually all U.S. debit card accounts, including non-Mastercard debit cards.
“It is very important to people to get the quickest access to the funds you need when an emergency occurs—whether that be with your home, your car or your business,” said Matt Barr, senior vice president of digital payments and labs for Mastercard.
“We built Mastercard Send so partners like Allstate can provide claimants with the quickest means of receiving their payment on a claim," Barr said in the Oct. 24 release.
Allstate says the QuickCard Pay option for claims is faster than its previous Fast Mobile e-Payment service, which produced same-day payment with just an email address or mobile phone number.
Mastercard Send facilitates the secure delivery of funds through a single connection to its platform. Businesses, merchants, governments, non-profits, issuers and other senders can send money to consumers and small businesses through the platform.