Insurer Begins Accepting Cryptocurrency For Premium Payments

Michigan-based Universal Fire & Casualty Insurance Co. has began accepting cryptocurrency for premium payments. "UFCIC is uniquely propelling itself forward as a multi-line, multi-item insurer by embracing innovative technologies, very-responsive distribution selections and customer service portals, distinctive solution positioning, and sophisticated analytics leveraging predictive models, artificial intelligence and Big Data resources," Timm stated. UFCIC stated it is accepting a selection of cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, for premium payments for direct on-line license and permit bonds and other surety bond goods. Tesla had been accepting Bitcoin for automobile purchases but stopped, promising to resume when cryptocurrency miners reach 50% clean power usage. "Early in the improvement of UFCIC’s innovation program it became evident that the use of crypto for mainstream client insurance transactions was not a matter of if, but when," John Lucker, the company’s chief tactic and analytics officer, stated. While demand is increasing, lots of financial firms nevertheless see cryptocurrency as risky and couple of insurers are prepared to underwrite the risks. Fans of the sports teams Dallas Mavericks and Miami Dolphins can use bitcoin to acquire tickets and concessions, according to BuyBitcoin. In May, pay-per-mile auto insurer Metromile announced that it would let shoppers use bitcoins to invest in insurance coverage or receive payments for claims, starting later this year. The payments firm PayPal and a number of significant retailers including Microsoft, Home Depot, Starbucks and Whole Foods accept Bitcoin. The business, which insures little organizations and provides surety bonds products, says the move is to improve its competitive market position as portion of a broader innovation plan. The enterprise claims its payment process is seamless via its portal with the monetary exchange handled by UFCIC’s payment processor. The insurer isn’t the only insurance organization letting clients use Bitcoin to buy insurance.

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