VISA | Setoo

Challenge: Providing immediate access to funds during times of need

From travel delays to natural disasters, emergencies arise when people
least expect them. During these trying times, individuals are often
unprepared to complete forms, confirm claim estimates and pay
expenses. In these moments, immediate access to funds is critical.

Historically, insurance payouts have been a cumbersome experience
dominated by inefficient and slow payment methods such as cheques
and bank transfers. Customers often wait days or weeks for a cheque to
clear or a bank transfer to post.

Using Visa Direct, Setoo now offers a real-time payout solution to its
customers. When a customer purchases insurance powered by Setoo
with their Visa debit card, Setoo pays out claims in real-time directly
back to the card, without collecting any additional information from the
customer. In the event of an incident, a single authorisation and a clearing
message is sent to Visa, with funds posted to the cardholder’s account,
typically within seconds.

Solution: Real-time payments to the rescue!

Customers are immediately paid and able to use
the funds to mitigate the emergency at hand.

“We empower online businesses
to create and distribute innovative
insurance products, removing the need
for any claims process and providing
real-time compensation. Visa Direct
fits perfectly with the quick, smooth
disbursement we require.”

Eyal Gluska, co-founder

& co-CEO of Setoo

Result: An industry-leading customer experience

Visa is committed to working with innovative companies
in the insurance industry to transform outdated and time-consuming payout processes into real-time access to
funds when individuals, families and businesses need them
the most.