Insurer Begins Accepting Cryptocurrency For Premium Payments

Michigan-based Universal Fire & Casualty Insurance Co. has started accepting cryptocurrency for premium payments. "UFCIC is uniquely propelling itself forward as a multi-line, multi-item insurer by embracing revolutionary technologies, extremely-responsive distribution possibilities and customer service portals, exclusive solution positioning, and advanced analytics leveraging predictive models, artificial intelligence and Big Data sources," Timm stated. UFCIC stated it is accepting a range of cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, for premium payments for direct on the internet license and permit bonds and other surety bond products. Tesla had been accepting Bitcoin for vehicle purchases but stopped, promising to resume when cryptocurrency miners reach 50% clean energy usage. "Early in the improvement of UFCIC’s innovation plan 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 strategy and analytics officer, stated. While demand is escalating, a lot of financial firms still see cryptocurrency as risky and handful of insurers are willing to underwrite the risks. Fans of the sports teams Dallas Mavericks and Miami Dolphins can use bitcoin to obtain tickets and concessions, according to BuyBitcoin. In May, pay-per-mile auto insurer Metromile announced that it would let customers use bitcoins to invest in insurance or receive payments for claims, beginning later this year. The payments firm PayPal and a quantity of big retailers such as Microsoft, Home Depot, Starbucks and Whole Foods accept Bitcoin. The firm, which insures tiny enterprises and offers surety bonds solutions, says the move is to improve its competitive marketplace position as element of a broader innovation plan. The business claims its payment approach is seamless through its portal with the monetary exchange handled by UFCIC’s payment processor. The insurer isn’t the only insurance business letting buyers use Bitcoin to buy insurance coverage.

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