Insurer Begins Accepting Cryptocurrency For Premium Payments

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Michigan-primarily based Universal Fire & Casualty Insurance Co. has began 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 choices and client service portals, special item positioning, and sophisticated analytics leveraging predictive models, artificial intelligence and Big Data sources," Timm said. UFCIC said it is accepting a wide variety of cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, for premium payments for direct online 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 attain 50% clean energy usage. "Early in the improvement of UFCIC’s innovation plan it became evident that the use of crypto for mainstream customer insurance transactions was not a matter of if, but when," John Lucker, the company’s chief strategy and analytics officer, said. While demand is growing, many economic firms nonetheless 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 buy tickets and concessions, according to BuyBitcoin. In May, pay-per-mile auto insurer Metromile announced that it would let customers use bitcoins to acquire insurance coverage or get payments for claims, starting later this year. The payments firm PayPal and a number of major retailers including Microsoft, Cryptocurrency start Home Depot, Starbucks and Whole Foods accept Bitcoin. The company, which insures tiny corporations and offers surety bonds merchandise, says the move is to enhance its competitive market place position as aspect of a broader innovation program. The company 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 enterprise letting prospects use Bitcoin to invest in insurance.

Google Scholar5. 61, no. 6, pp. X. Lin, R. Lu, and X. Shen, "Location-Release Signature for Vehicular Communications," in Proceedings of the 2009 Proceedings of 18th International Conference on Pc Communications and Networks - ICCCN 2009, pp. 15, no. 1, pp.

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