Insurer Begins Accepting Cryptocurrency For Premium Payments

Michigan-primarily based Universal Fire & Casualty Insurance Co. When you loved this article and you would like to receive more information about my webpage please visit our own web-page. has started accepting cryptocurrency for premium payments. "UFCIC is uniquely propelling itself forward as a multi-line, multi-solution insurer by embracing revolutionary technologies, extremely-responsive distribution choices and client service portals, exceptional item positioning, and advanced analytics leveraging predictive models, artificial intelligence and Big Data resources," Timm mentioned. UFCIC said it is accepting a assortment of cryptocurrencies which includes Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, for premium payments for direct online license and permit bonds and other surety bond items. Tesla had been accepting Bitcoin for car purchases but stopped, promising to resume when cryptocurrency miners reach 50% clean energy usage. "Early in the development of UFCIC’s innovation program it became evident that the use of crypto for mainstream buyer insurance coverage transactions was not a matter of if, but when," John Lucker, the company’s chief tactic and analytics officer, mentioned. While demand is escalating, quite a few financial firms nonetheless see cryptocurrency as risky and few insurers are prepared to underwrite the dangers. 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 consumers use bitcoins to buy insurance or obtain payments for claims, beginning later this year. The payments firm PayPal and a number of main retailers such as Microsoft, Home Depot, Starbucks and Whole Foods accept Bitcoin. The corporation, which insures tiny businesses and gives surety bonds products, says the move is to raise its competitive market place position as aspect of a broader innovation strategy. The company claims its payment process is seamless by way of its portal with the monetary exchange handled by UFCIC’s payment processor. The insurer is not the only insurance coverage organization letting prospects use Bitcoin to invest in insurance.

Google Scholar6. M. Raya and J.-P. X. Lin, X. Sun, P.-H. 1-7, San Francisco, CA, USA, August 2009. View at: Publisher Website

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