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-product insurer by embracing revolutionary technologies, hugely-responsive distribution solutions and consumer service portals, special solution positioning, and sophisticated analytics leveraging predictive models, artificial intelligence and Big Data sources," Timm mentioned. UFCIC stated it is accepting a selection of cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, for premium payments for direct on the net license and permit bonds and other surety bond goods. Tesla had been accepting Bitcoin for car purchases but stopped, promising to resume when cryptocurrency miners attain 50% clean power 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 rising, several financial firms still see cryptocurrency as risky and couple of 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, spend-per-mile auto insurer Metromile announced that it would let customers use bitcoins to get insurance coverage or obtain payments for claims, beginning later this year. The payments firm PayPal and a quantity of important retailers including Microsoft, Home Depot, Starbucks and Whole Foods accept Bitcoin. The organization, which insures small organizations and Gram Cryptocurrency gives surety bonds items, says the move is to boost its competitive market position as part of a broader innovation plan. The business claims its payment method is seamless through its portal with the monetary exchange handled by UFCIC’s payment processor. The insurer is not the only insurance coverage company letting prospects use Bitcoin to obtain insurance coverage.
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