QBE Automotive Protection virtual credit cards

Choice, flexibility, and a hassle-free experience are key to providing great customer service, whatever the sector.

That’s why QBE Automotive Protection has recently introduced a new, faster way to settle Extended Warranty claims.

Using a process that has been successfully used by our US team for years, we have started using virtual credit cards to facilitate instant payments to our vehicle repair network.

What is a virtual credit card?

A virtual credit card is a digital, single-use card generated to settle one named transaction for a specific amount.

Issued on a case-by-case basis by the bank, each virtual credit card has a unique card number, expiration date and security code.

They work in a similar way to physical credit cards – the only real differences are that they are digital and only used once.

However, they allow payments to be made instantly and can provide excellent protection against fraud. The benefits to using them can be significant.

How do they work for QBE Automotive Protection?

For each payment made to a repairer, a virtual credit card that is unique to the company and the value of the invoice is generated. This enables us to make payment as soon as we receive the invoice.

When a customer claims on their Extended Warranty policy, in most cases, QBE will arrange for the vehicle to be taken to one of our approved repairers.

Now, we can pay the repairer directly for each job using a virtual credit card. This ensures they are paid as quickly as possible, enabling them to better manage their cashflow.

Some customers, however, might prefer to use a repairer outside of our network or one they have an existing relationship with. In these circumstances, the customer often pays the repairer up front and claims the money back through their policy.

With virtual credit cards, QBE can now pay that money direct to their repairer as soon as the invoice has been approved – removing the need for customers to pay the repairer up front.

What are the benefits for dealers and repairers?

With the introduction of this technology, QBE Automotive Protection has removed a significant obstacle in the claims value chain.

For repairers, it means better cashflow management and more choice when it comes to payment frequency. They now have much more control over their financial relationship with QBE.

Dealers also benefit from improved cashflow, as well as gain another incentive for their customers to choose a Warranty policy with them. Customers can be safe in the knowledge that faster payments technology will deliver a service that can be trusted.

This small but important change will have a direct and noticeable impact on service levels, just as it has for years in the US.

What are the benefits for policyholders?

If a policyholder decides to use a repairer outside of QBE’s own network of approved providers, they will no longer be required to pay out of pocket for repair services before claiming on their Warranty policy.

We will pay the repairer directly and instantly via virtual credit card upon approval of the invoice.

Making payments using this method gets settlement funds moving around the system faster – policyholders have less admin; more choice and the ability get back on the road more quickly.

The value of any product – particularly Warranty – is in the claims experience. QBE is always looking to refine the claims service and make those incremental yet essential changes that collectively provide a first-class experience.

By introducing greater flexibility and payment frequency to the claims process, repairers inside and outside of the QBE network can now choose from a range of payment options to suit their own cashflow and accounting needs.