Cryptocurrencies are being accepted as a payment method by several insurance companies in the United States. For example, Universal Fire & Casualty Insurance Co, located in Michigan, accept premium payments with virtual currencies. This payment form has become a profitable way to save money, invest and have extra profits due to the token’s volatility.
The insurance company says this payment form makes it competitive in the crypto market. University Fire & Casualty Insurance Co believes in new technologies, and this is a reason for the new scope taken on as its payment method.
Additionally, UFCIC said that it would be accepting various cryptocurrencies such as Bitcoin, Litecoin, Bitcoin Cash, and Ethereum. These tokens will serve to cover premium payments for direct licenses in permit bonds and other products. The payment method is fluid and secure due to its automated UFCIC platform.
North American insurers accept payments in Bitcoin
The company’s chief strategy officer, John Lucker, said UFCIC’s plan is groundbreaking in nature given the cryptocurrencies rise. Many people have been trading in the crypto market, and they have gone on to master the market. On the other hand, Lucker also thinks about the payments fluidity that this virtual market can give.
The insurer’s chief executive, Chris Tim, said that this new measure would give the company a new impetus. This can even motivate other North American insurers to use cryptocurrencies.
UFCIC is interested in being an innovative insurer that embraces new technologies for a variety of payments. As a result, you have better options in distribution, product positioning, and more advanced technical analysis. This makes the insurer number one for being taken as multi-line.
Metromile joins cryptocurrency payments
Insurer UFCIC is not alone in adopting this decentralized scheme because Metromile has also entered the game. In May, the auto insurer, Metromile, announced that it would accept payments in cryptocurrencies, specifically with Bitcoin.
However, other insurance agencies are not interested in virtual payments. Some American insurers do not want to take risks with Bitcoin and its price volatility. It also interferes that crypto is taken as illegal currencies and that they support organized crime.
Despite this situation, the crypto market has not stopped growing and payment companies like PayPal accept them. Other companies like Microsoft, Starbucks, Home Depot, and Whole Foods also accept Bitcoin payments.
On the other hand, fans of the Miami Dolphins and Dallas Mavericks sports teams can use crypto to buy tickets. In addition, Tesla CEO Elon Musk has also shown his support for the new virtual market. All these announcements are expected to cause a boom in the cryptocurrency market.