May 2008
Open Solutions Inc.®, a provider of integrated enabling technologies for financial service providers throughout the United States, Canada and international markets, was awarded “Best in Category” during the 2008 Prepaid Card and CDHC Conference in Las Vegas. The company’s Asset Retention Solutions (ARS) debit card program was recognized in the Best Claim Card Program category. Paybefore, the leading provider of information to the prepaid and stored value card industry, presented the awards.
According to Paybefore, the award identifies the prepaid and stored value card industry’s superior products, services and programs. Additionally, Paybefore Awards recognize those solutions that demonstrate innovation, thought leadership and contribution to the industry.
“Open Solutions is enabling a Customer Asset Account (CAA) to have the functionality of a checking account. We have a Web site that the accountholder can visit to check their statement and balance. And they can use the debit card with ease to make payments without closing the account,” said Chris Jackson, vice president of Product and New Business Development, Corporate Financial Solutions for Open Solutions.
Open Solutions’ award-winning CAA debit card solution enables insurers to provide claimants full and immediate access to funds generated by a claim payment, while gaining the advantages of an interest bearing account. With all the conveniences of a debit card and/or check, claimants gain the ability to manage funds online and via a live call center. The average account balance is $50,000 with a range from $5,000 to several million.
In addition to the convenience and sophisticated functionality, Open Solutions’ ARS retention program was recognized for its recent achievements including processing more than 400,000 claims annually, working with more than 100 clients and reporting more than $9 billion in assets.
Rob Pinataro, vice president, CFS and IPTG Operations for Open Solutions, said, “We are dedicated to helping our clients leverage CAA accounts across all of their distribution channels. The award is industry recognition that Open Solutions’ tradition of innovation has applicability across the financial services spectrum from banks and credit unions to insurers and others. The adaptation of the debit card, a banking technology, to the insurance market demonstrates the value to insurers of having a technology and service partner with broad capabilities.”
Pinataro concluded, “Open Solutions has a long history of listening to clients to identify development priorities and of investing for the benefit of its clients. We promised our clients that we would deliver a debit card capability and we delivered.”
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