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 Bancorp, in collaboration with InsurCard, have joined with the New Jersey Insurance Underwriting Association (NJIUA) to offer a program to provide immediate cash payments to New Jersey policyholders in the event of a catastrophe. The NJIUA is an association created by the state of New Jersey in 1968 to provide essential property insurance to any person unable to obtain insurance coverage.

"We feel that providing a card to our policyholders will enable them to recover more quickly from a catastrophic situation. Cardholders are able to access funds immediately to secure items such as hotel rooms, food or clothing. Plus, external adjusting firms appointed by the Association can add additional funds to a prepaid card immediately, providing instant relief for our policyholders," explained Jerry Warner, President of NJIUA.

The InsurCard Visa Prepaid Card is loaded when emergency payments are required, eliminating the challenges associated with check issuance. The InsurCard can be used to make purchases wherever Visa debit cards are accepted and cardholders have access to cash through ATMs located nationwide. Policyholders can obtain account balance and transaction information 24-hours a day.

InsurCard was developed by J. Robert Mendte of Lansdale, Pa. - an executive with more than 30 years experience in insurance operations. "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.

In any designated catastrophe, representatives of NJIUA and/or field adjusters will have access to an inventory of preprinted cards. These cards remain inactive and have no value until authorized by NJIUA. After the catastrophe, adjusters will contact policyholders who have experienced losses and make an initial claim evaluation. Based on this evaluation, the cards will be distributed and activated by NJIUA either by phone or via an internet connection with an amount to be paid for immediate needs. Once activated, the InsurCard provides the policyholder with the necessary funds to meet critical needs such as food, shelter, and emergency repairs. As the recovery process continues, the card can be reloaded to pay for permanent repairs and additional living expenses.

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 NJIUA 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 Payment Solutions Group

The Bancorp Payment Solutions Group, a division of Bancorp, 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 MasterCard, Visa, and Discover 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.