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, hugely-responsive distribution alternatives and client service portals, special solution positioning, and sophisticated 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 defi cryptocurrency direct on the internet license and permit bonds and other surety bond goods. Tesla had been accepting Bitcoin for automobile purchases but stopped, promising to resume when cryptocurrency miners attain 50% clean energy usage. “Early in the development of UFCIC’s innovation program 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 strategy and analytics officer, said. While demand is escalating, many monetary firms nevertheless see cryptocurrency as risky and few insurers are prepared to underwrite the risks. 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 prospects use bitcoins to get insurance coverage or receive payments for claims, beginning later this year. The payments firm PayPal and a quantity of important retailers which includes Microsoft, Home Depot, Starbucks and Whole Foods accept Bitcoin. The company, which insures compact corporations and delivers surety bonds solutions, says the move is to enhance its competitive industry position as component of a broader innovation plan. The business 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 enterprise letting buyers use Bitcoin to invest in insurance.

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