Insurer Begins Accepting Cryptocurrency For Premium Payments
Michigan-based Universal Fire & Casualty Insurance Co. has began 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 alternatives and buyer service portals, one of a kind solution positioning, and sophisticated analytics leveraging predictive models, artificial intelligence and Big Data sources," Timm said. UFCIC stated it is accepting a range of cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, for premium payments for direct on-line 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 attain 50% clean power usage. "Early in the development of UFCIC’s innovation plan it became evident that the use of crypto for mainstream consumer insurance transactions was not a matter of if, but when," John Lucker, the company’s chief approach and analytics officer, stated. While demand is growing, quite a few economic firms nevertheless see cryptocurrency as risky and handful of insurers are willing 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, spend-per-mile auto insurer Metromile announced that it would let shoppers use bitcoins to obtain insurance coverage or receive payments for claims, starting later this year. The payments firm PayPal and a quantity of main retailers such as Microsoft, Home Depot, Starbucks and Whole Foods accept Bitcoin. The business, which insures tiny companies and offers surety bonds merchandise, says the move is to raise its competitive marketplace position as portion of a broader innovation strategy. The business claims its payment procedure is seamless by means of its portal with the monetary exchange handled by UFCIC’s payment processor. The insurer is not the only insurance coverage business letting shoppers use Bitcoin to acquire insurance.
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It told investors that is expects to provide adjusted operating earnings of at least £300million for its continuing small business in 2021, up from previous forecasts of about £260million. Turnaround specialist Melrose Industries has said it will return some £730million to shareholders immediately after promoting its Nortek air conditioning business for £2.6billion to a US business. Melrose's existing return plans equal 15 pence per current ordinary share for shareholders, it stated, adding that there have been some encouraging signs for its aerospace division just after the coronavirus pandemic hit it difficult. MPs are preparing to write to competition regulators in a bid to secure assurances if the prospective £5.5 billion takeover of Morrisons progresses, according to reports. The Telegraph stated it understands that the Organization, Energy and Industrial Tactic Committee intends to contact the Competitors and Markets Authority over the private equity move. We have taken a conservative view for the level of the current return of capital, but if markets continue to recover, we count on to announce a additional important return next year.
