NetSpend Ordering System to be Integrated Into Accu-Auto Software for Specialty Auto Insurance Agents

/ Source: GlobeNewswire

AUSTIN, Texas, March 24, 2011 (GLOBE NEWSWIRE) -- NetSpend Holdings, Inc. (Nasdaq:NTSP), a company whose mission is to empower the estimated 60 million underbanked consumers in the United States with the convenience, security and freedom to be self-banked, today announced a new marketing agreement with Accu-Auto, a leading software-based comparison rater developed and owned by Norcross, Georgia-based Assurance Systems, Inc. The new agreement will give more than 2,000 specialty auto insurance agents in the Southeast United States the opportunity to offer a NetSpend prepaid debit card to current and potential policyholders as a convenient and cost-effective way to pay monthly premiums. 

Accu-Auto will fully integrate an ordering mechanism for NetSpend prepaid debit cards into their software, giving independent insurance agents the option to simply check a box and order a card for their customers. After the applicant clears the federally-mandated identity verification process, a fully functional, personalized card will be delivered in five to 10 business days giving him or her access to more than 100,000 reload locations and a full suite of product features including free direct deposit, free online money transfers between cardholders, complimentary AD&D insurance coverage and a savings account that currently offers 5.00% APY— one of the highest rates in the industry.

In addition to industry-leading product features, NetSpend also helps save cardholders time and money.   The card eliminates the need to drive to multiple service providers to pay bills in person.  Through, cardholders have the ability to pay their auto insurance premiums—and other bills—in the comfort and security of their own home.  The NetSpend card also helps to avoid fees for money orders or wire transfers and, where available, can also lead to discounts from insurance companies for paying electronically.  For agents selling specialty auto insurance policies, NetSpend prepaid debit cards can help increase their premium income through higher customer retention.

"We look forward to working with Accu-Auto to provide their network of independent agents the ability to seamlessly order NetSpend prepaid debit cards for their customers," said Dan Henry, chief executive officer, NetSpend.  "The opportunity to expand our distribution network while also serving the needs of consumers and agents is truly a positive for everyone involved."

"We are excited to offer our Agent Partners an opportunity to enable their clients to make electronic online payments with their carriers," stated Gordon Ragan, president of Assurance Systems, Inc.  "Several carriers offer reduced rates and reduced installment plans for the insured if they can make electronic payments via credit or debit card or by recurring ACH/EFT methods. NetSpend is a means whereby any end-user client can participate in these savings," continued Mr. Ragan.  "Together with our comparative rating system, we seek out value-added partnerships that can help agents increase productivity, decrease service time, and continue to be competitive, and with NetSpend, we found a true complimentary product that is great for the Agent Partner and the Insured, giving both more reason to retain their relationship."  Mr. Ragan further stated, "We are excited to participate with such a strong, service-oriented company like NetSpend, and we hope that our Agent Partners continue to utilize this product to help unbanked or underbanked clients use all the retention methods available in today's economy."

About NetSpend

NetSpend is a leading provider of general-purpose reloadable (GPR) prepaid debit cards and related financial services to the estimated 60 million underbanked consumers in the United States who do not have a traditional bank account or who rely on alternative financial services. The company's mission is to develop products and services that empower unbanked consumers with the convenience, security and freedom to be self-banked.  Headquartered in Austin, TX, NetSpend is traded on the NASDAQ stock exchange under the symbol NTSP.

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About Assurance Systems, Inc. / AccuAuto

Assurance Systems provides advanced IT solutions for the independent insurance agent and for insurance carriers.  AccuAuto, the company's mainstay, is a comparative rater for personal automobile insurance and is used by thousands of agents across the Southeast. In business for more than twenty-five years, Assurance Systems continues to develop new and exciting products, including AccuAgency, a web-based agency management system.  The company's mission is to provide state-of-the-art systems and resources that are both invaluable and affordable to the insurance agent.  Assurance Systems a privately-owned corporation and is located in Norcross, Georgia.

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CONTACT: Press Contacts: Brad Russell NetSpend (512) 539-5932 (office) (512) 743-4507 (cell) Suzanne Dawson Linden Alschuler & Kaplan (212) 329-1420 (office) (908) 242 -7162 (cell)