UFCIC insurance accepts cryptopayment for premiums

Universal Fire & Casualty Insurance Company (UFCIC) has become another insurance company that accepts cryptocurrencies for premium payments.

Not if, but when

Detroit-based UFCIC offers traditional property and accident insurance to small business owners throughout the United States. These are services in the field of commercial property insurance, general liability, inland navigation, business insurance (BOP) and commercial liability.

To maintain its lead in this competitive environment, UFCIC seeks to gain a technological advantage. According to EVP, Director of Strategy and Analytics at UFCIC, John Lucker, the use of crypto funds for ordinary customer insurance transactions was not a “question of whether, but when”.

Lucker highlighted their use to provide a wider range of convenient payment options for their direct online bond guarantee portal.

UFCIC currently accepts a number of cryptocurrencies, such as BTC, ETH, BTC Cash and Litecoin. Customers can use them to pay premiums for direct online licenses and permits and other surety products. UFCIC’s payment processor also automatically simplifies payment transaction processes for customers.

“We are proud to be an insurance company that offers this option, but we do not sit still. In the future, we will continue to expand the range of cryptocurrency options available for premium payment and customer convenience. ”

– said Rick Klimaszewski, President, Chief Operating Officer and CEO of UFCIC’s Guarantee Bond Division.

Innovation within the competition

Cryptocurrency payments have been introduced to facilitate payments to UFCIC’s new direct guarantee web portal. This is another example of how a company considers innovative approaches to maintaining its competitiveness.

In addition to these adoptions, CEO Chris Timm also added that the company uses advanced analytics using predictive models, artificial intelligence (AI) and Big Data resources.

Other companies take a similar approach to accepting crypto payments. Although one of the most well-known cases seems to have failed, many other companies are asserting themselves. Although UFCIC did not name its payment intermediary, BitPay is one of the most active players.

Conclusion

Although UFCIC considers that they are the first American insurance company to accept payments in the crypt, this is not the case. At the beginning of May, the Metromile insurance company took over this post.