The solution aims to reduce the time it takes for the insured to receive payment of their claim, following approval by Zurich, from five working days to up to 30 minutes. Initially, the solution is only valid for travel insurance customers, in a pilot for Zurich policyholders who have Visa debit cards and who request reimbursement for flight delay and pharmaceutical expenses, the companies explained in a statement.
Expanding the solution to more travel products
After choosing to receive the money onto their debit card, the customer receives an email confirming approval of the refund request, and the link to enter their card details to receive the credit. Cielo is responsible for processing the transfers. According to the director of Life, Pension and Capitalization at Zurich in Brazil, Fabiano Lima, the plan is to expand the solution to another 34 travel insurance coverage products and others such as auto insurance and for small and medium-sized companies. By Visa, the solution is already available in 30 countries.