Unlock New Opportunities: Card Issuing Solutions for Insurance and Leasing Companies
- Verestro
- Apr 11
- 2 min read
In the first Verestro webinar, Adam Miziołek explored how insurance and leasing companies can leverage card issuing programs to boost profitability, enhance customer loyalty, and modernize their operations. This article summarizes the key takeaways from the webinar, focusing on the challenges these industries face and the innovative solutions Verestro offers.
Table of Contents:
Challenges Faced by Insurance and Leasing Companies
Adam Miziołek highlighted several key challenges:
High costs of card programs: Implementing card programs can be prohibitively expensive, with costs ranging from $100,000 to $500,000 or even higher for in-house development. This includes licensing (EMI), technology, and operational costs.
Long implementation timelines: Developing card programs in-house can be a lengthy process, often taking six months to a year, or even longer for large corporations.
Traditional operating models: Insurance and leasing companies often rely on traditional sales and distribution methods, with limited digital engagement with customers. This can lead to decreased customer loyalty and missed opportunities for cross-selling.
Verestro's Solutions and Opportunities
Verestro offers Fintech-as-a-Service solutions to address these challenges, enabling insurance and leasing companies to:
Reduce costs and time-to-market: Verestro's platform significantly reduces the cost and implementation time of card programs, with typical implementation costs being much lower than in-house development.
Enhance customer engagement: Card programs and mobile applications provide new digital channels for communication and interaction with customers, increasing engagement and loyalty.
Generate new revenue streams: Card issuance can create new revenue opportunities through fees for services like ATM withdrawals or other defined actions.
Cross-sell products and services: Card issuing solutions offer a platform for cross-selling insurance and leasing products, reaching customers through mobile applications and digital channels.
What Are the Specific Use Cases of Card Issuing?
Miziołek presented specific use cases for insurance and leasing companies:
Insurance Companies:
Offering "hook products" by issuing cards early in the customer relationship, even before claims, to build trust and provide easy access to policy information and claims payouts.
Developing mobile applications to communicate with customers, provide policy details, offer loyalty programs, and cross-sell other insurance products.
Leasing Companies:
Providing "mobility cards" to corporate clients for their employees to pay for public transportation, streamlining expense management.
Leveraging existing B2B relationships to offer card programs as an additional service, creating new revenue streams and opportunities for cross-selling leasing services.
Key Features of Verestro's Card Issuing Platform
Verestro's platform offers a range of features, including:
Card issuing & management (debit consumer, debit business, credit consumer cards)
Support for multiple currencies
Issuing both virtual cards and physical cards
Support for various payment types (POS, e-commerce, ATM)
Tokenization for mobile wallets (Apple Pay, Google Pay, etc.)
The Potential of Card Issuing Solutions for Insurance and Leasing Companies
The webinar emphasized the transformative potential of card issuing solutions for insurance and leasing companies. By partnering with Fintech-as-a-Service providers like Verestro, these companies can overcome traditional challenges, enhance customer relationships, and unlock new growth opportunities in the digital age.
If you are interested in issuing cards with Verestro, don't hesitate to contact us and visit our Developer Zone for more information.
