Prospect specialises in binding authority business and reinsurance placed into Lloyd’s of London and London company markets...

Insurance Solutions for Prepaid Providers

Prepaid Insurance and Benefits

Please contact Matthew Price on 0207 977 7670 or via email mprice@prospectbrokers.com to discuss the fantastic benefits that we can offer.

As an overview, your prepaid card customers can be provided with the following: 

• Purchase Protection – Covers theft or accidental damage on new purchases.
• Price Protection – Covers the difference in the cost of goods when found cheaper elsewhere.
• Extended Warranty – Extends warranty on purchases for an extra 12 or 24 months.
• Mobile Phone Insurance – Covers the cost of loss or damage to cardholders mobile phone.  Can include contactless cover and identity theft.
• Gadget Insurance – Covers cost of loss or damage to cardholder's gadgets which can include MP3 players/Ipods, cameras etc...
• ATM theft – Covers theft of cash following a withdrawal from an ATM.
• Ticket Insurance – Covers the cost of the cardholder's or companions ticket if unable to attend an event due to sickness, accident, bereavement or vehicle breakdown.
• Baggage Insurance – Covers lost, stolen or damaged baggage whilst in transit.
• Trip Cancellation – Protects the cardholder from cancellation of  their purchased ticket due to accident, sickness or bereavement.
• Liability Waiver – Protects the company against the fraudulent misuse of the prepaid card.
• Prospect can also offer other benefits in respect of Travel and Health Benefits.
• We are also happy to look to offer bespoke products and discuss these on a case by case basis.

 Prospect Case Study

We were approached by a new prepaid card provider in early 2010 with the idea of giving their customers insurance benefits. Their aim was to keep existing cardholders and offer incentives to new individuals/companies to buy their product:

• We initially met and discussed the relevant products that would be appropriate after analysing their customer profile.
• After selecting the appropriate products we approached our specialist underwriters and negotiated the best coverage and premium cost.
• We assisted the client with promotion, marketing and compliance.
• The program went live two months after our first meeting to 5,000 existing cardholders.
• The offered insurance has helped steadily increase the card’s circulation and usage. 

Contact – Matt Price(mprice@prospectbrokers.com)