Insurer Begins Accepting Cryptocurrency For Premium Payments

Michigan-primarily based Universal Fire & Casualty Insurance Co. has started accepting cryptocurrency for premium payments. "UFCIC is uniquely propelling itself forward as a multi-line, multi-solution insurer by embracing revolutionary technologies, hugely-responsive distribution selections and client service portals, distinctive product positioning, and advanced analytics leveraging predictive models, artificial intelligence and Big Data resources," Timm said. UFCIC mentioned it is accepting a variety of cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, for premium payments for direct on the web 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 strategy it became evident that the use of crypto for mainstream consumer insurance coverage transactions was not a matter of if, but when," John Lucker, the company’s chief technique and analytics officer, stated. While demand is increasing, many financial firms nonetheless see cryptocurrency as risky and handful of insurers are prepared to underwrite the dangers. 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 clients use bitcoins to acquire insurance or obtain payments for claims, beginning later this year. The payments firm PayPal and a quantity of significant retailers including Microsoft, Home Depot, Starbucks and Whole Foods accept Bitcoin. The corporation, which insures smaller companies and provides surety bonds products, says the move is to increase its competitive industry position as element of a broader innovation plan. The firm claims its payment method is seamless by means of its portal with the monetary exchange handled by UFCIC’s payment processor. The insurer isn’t the only insurance firm letting shoppers use Bitcoin to purchase insurance coverage.

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