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-solution insurer by embracing innovative technologies, very-responsive distribution solutions and consumer service portals, distinctive product positioning, and advanced analytics leveraging predictive models, artificial intelligence and Big Data sources," Timm said. 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 goods. Tesla had been accepting Bitcoin for auto purchases but stopped, promising to resume when cryptocurrency miners reach 50% clean power usage. "Early in the improvement of UFCIC’s innovation strategy it became evident that the use of crypto for mainstream client 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 growing, several financial firms nonetheless see cryptocurrency as risky and few insurers are willing to underwrite the risks. Fans of the sports teams Dallas Mavericks and Miami Dolphins can use bitcoin to purchase tickets and concessions, according to BuyBitcoin. In May, pay-per-mile auto insurer Metromile announced that it would let buyers use bitcoins to acquire insurance or get payments for claims, beginning later this year. The payments firm PayPal and a quantity of main retailers including 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 boost its competitive market place position as aspect of a broader innovation plan. The firm claims its payment process is seamless by means of its portal with the monetary exchange handled by UFCIC’s payment processor. The insurer is not the only insurance firm letting clients use Bitcoin to obtain insurance.
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