Karma Wallet, a financial platform dedicated to sustainability and social impact, has strategically partnered up with Palomar, an innovative specialty insurer serving residential and commercial clients to launch Karma Wallet Card.
The card aims to provide customers with the benefit of greater financial security through an innovative insurance coverage capability provided by Palomar.
Karma Wallet provides aggregated data on the positive impacts made by Palomar customers, enhancing Environmental, Social, and Governance (ESG) reporting.
This partnership underscores Palomar’s commitment to sustainability and corporate responsibility, helping to better communicate efforts to stakeholders and the broader community.
Jayant Khadilkar, Chief Executive Officer and Co-Founder of Karma Wallet, is a reinsurance industry veteran who previously served as an Executive at Renaissance Reinsurance and as the Global Head of Analytics and Technology at TigerRisk Partners.
Through this wallet, the duo plan to allow customers to receive additional living expenses in less than 24 hours via the direct deposit functionality of the card in the event of a claim.
This rapid payment system ensures that customers have immediate access to funds, alleviating the stress and uncertainty that often accompany such situations, explained the firms.
The card isn’t limited to property insurance claims, renters’ insurance companies and auto insurance companies can also benefit from swift claims payments.
With sustainability in mind, The Karma Wallet Card enables customers to make a positive impact on their everyday purchases. For example, using the card for gas purchases helps fund reforestation efforts, while dining at local restaurants supports hunger alleviation programmes.
Khadilkar commented, “We’re thrilled to partner with Palomar. Our new Karma Wallet Card not only streamlines claims processes but also empowers individuals to make a difference with their everyday spending by amplifying the socioeconomic impact of every transaction and fostering a more conscientious consumer culture.”
