News Details

WILMINGTON, Del.--(BUSINESS WIRE)-- The Bancorp Bank Payment Solutions Group, a division of The Bancorp Bank ("Bancorp"), a wholly owned subsidiary of The Bancorp, Inc. (Nasdaq: TBBK), today announced that The Bancorp, in collaboration with InsurCard, has joined with Franklin Mutual Insurance in New Jersey to offer a program which gives Franklin Mutual home insurance policyholders quick access to insurance claims funds. InsurCard is a payment vehicle designed specifically for the distribution of insurance payments.

The InsurCard Visa Prepaid Card is distributed at the scene so policyholders no longer have to wait to cash a check. The program offers policyholders immediate access to insurance claims funds and can be used to make purchases wherever Visa debit cards are accepted. Policyholders can obtain account balance and transaction information 24-hours a day as well as access to thousands of ATMs worldwide.

InsurCard was developed by J. Robert Mendte of Lansdale, Pa. - a seasoned professional with more than 30 years experience as an insurance operations executive and management consultant. "After seeing the challenges faced by people in these very difficult situations, it was clear that there had to be a better way. By using InsurCard, insurers can provide immediate relief to their customers and continue to load payments as necessary with the press of a button," offered Mendte.

Franklin Mutual Insurance is the first insurance carrier to introduce InsurCard in New Jersey. "We believe an insurance carrier should always try to find new and innovative ways to provide better, quicker and more efficient claims service to their policyholders. Franklin Mutual Insurance is convinced that InsurCard will be a big improvement over the current payment method in catastrophe situations," explained Dale Martin, Co-Vice President of Claims for Franklin Mutual Insurance.

Field adjusters will carry a supply of payment cards as they assess damage. These cards are inactive and have no value until authorized by the insurer. Upon arrival, adjusters will make an initial claim evaluation and the cards will be loaded with the appropriate value by the adjuster either by phone or an internet connection. Once activated, InsurCard enables access to critical needs such as food, shelter and emergency repairs. As the recovery process continues, the card can be reloaded to pay for additional living expenses and permanent repairs.

John Barbella, Senior Vice President for The Bancorp Bank states, "We believe that prepaid cards will revolutionize the way insurers make payments as insurers look for ways to control payments and drive cost savings while providing enhanced customer care. We are very excited about the Franklin Mutual program and we are anticipating rapid growth in this space."

About InsurCard

InsurCard is a wholly owned subsidiary of Service Network Design LLC. As specialists in insurance operations and systems, SND designed InsurCard to meet the stringent requirements of the insurance industry. For more information about InsurCard visit www.insurcard.com or call 1-800-708-9887.

About The Bancorp Bank

The Bancorp Payment Solutions Group, a division of The Bancorp Bank, a wholly owned subsidiary of The Bancorp, Inc. (Nasdaq: TBBK), offers secure, creative and innovative payment solutions to the prepaid card industry. As a leading issuer of prepaid cards, The Bancorp Payment Solutions Group contributes to the success of Fortune 500 companies through the development of cutting-edge prepaid card programs that meet the rapidly changing needs of the prepaid industry. Through long-standing relationships with the card associations, leading program managers and processors, The Bancorp Payment Solutions Group designs innovative and flexible prepaid card programs which deliver outstanding results. For more information about The Bancorp Payment Solutions Group please visit www.thebancorppsg.com.

The InsurCard Visa Prepaid Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc.The Bancorp Bank; Member FDIC.

    Source: The Bancorp, Inc.