Technology

Zurich Insurance and Visa launch instant insurance refund in Brazil

The solution cuts the time to receive the refund, after Zurich's approval, from five working days to up to 30 minutes

Zurich insurance company logo photographed
Zurich insurance company logo photographed in Tokyo, Japan. Photo: Reuters/ Issei Kato
  • For now, the pilot solution is for travel insurance, for Zurich customers with Visa debit cards who request refund for flight delay coverage and pharmaceutical expenses;
  • The solution cuts the time to receive the compensation after Zurich’s approval, from five working days to up to 30 minutes;
  • According to Zurich, the plan is to expand the solution to other 34 travel insurance coverages, as well as to other products;
  • Through Visa, the solution is already available in 30 countries.

Zurich Insurance, Cielo and Visa launched on Monday the instant payment of insurance claims by debit card, the first of its kind in the country.

The solution allows reducing the time for the insured to receive the compensation after Zurich’s approval, from five working days to up to 30 minutes.

Initially, the solution is for travel insurance, in a pilot for Zurich customers with Visa debit cards who request refund for flight delay coverage and pharmaceutical expenses, the companies explained in a statement.

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After choosing to receive by debit card, the customer receives an e-mail confirming approval of the refund request and the link to enter the card data to receive the credit. Cielo is responsible for processing the transfers.

According to Fabiano Lima, the plan is to expand the solution to other 34 travel insurance coverages and to other products such as auto insurance and for small and medium-sized companies. Lima is director of Life, Pension, and Capitalization at Zurich and is in charge of the company’s new business, expansion and consolidation strategies in these segments.

Through Visa, the solution is already available in 30 countries, according to the company’s VP of Solutions and Innovation in Brazil, Percival Jatobá.

Translated by LABS

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