JPMorgan announced today that insurers can now use prepaid debit cards to administer workers' compensation. Cardholders can be enrolled through an online managing tool that also allows plan administers to track shipping and payments, and deposit funds into accounts. Cardholders can use the card like any debit card, and can use it where Visa debit cards are accepted.

"Prepaid debit cards are an effective solution for bringing cost-cutting process improvements to any insurance company's financial operations, especially in an environment where challenges include the long-tailed nature of claims and the continued rise of medical costs," said Eduardo Vergara, global commercial card executive, JPMorgan. "The Chase Workers Compensation Card program not only delivers an automated, easy to manage electronic payments system that eliminates more expensive paper-based systems, but provides insurance companies with a custom-branded card designed to increase customer loyalty."