Cryptocurrency Payments for Insurance: Are Insurance Companies Really Embracing Bitcoin and Altcoins?

It is no longer unusual to hear that a bank accepts savings in Bitcoin, Ethereum, and the like. Or that a loan company helps businesses with crypto. After all, the traditional financial and insurance industries were among the first to adopt cryptocurrencies. The latter ones have found more than one way to incorporate these means of payment into their business. This approach proved useful not only for companies but also for policyholders.

The above claim was confirmed by several recent surveys, including that of Goldman Sachs, which showed that 6% of respondents (over 300 financial executives in the insurance sector) verified that their companies invest in crypto.

Benefits for Policyholders and Insurance Companies

Several things make cryptocurrencies attractive, not only for insurance companies but also for policyholders. Some of them are beneficial to both parties, and some are specific.

So, when it comes to policyholders, they can expect several advantages of using crypto. One of the most notable is the opportunity for diversification. Thanks to crypto, they can get another asset (on top of the traditional ones) to add to their diversification strategy. By doing this, they can spread risk and keep their funds protected.

Also, policyholders can count on speedy transactions because crypto transactions are usually processed much faster than wire transfers. Receiving claim payouts on time in urgent situations is possible thanks to cryptocurrency.

We should also note that they get more privacy because they can stay pseudonymous.

On the other hand, insurance companies benefit from reduced transaction costs, faster settlements, improved security, and a few other things.

Successful Examples

It’s one thing to discuss things in theory and another to see how they work in real life. Fortunately, there are many successful examples of insurance companies accepting crypto as a payment plan.

INGUARD

INGUARD is one of the leading digital insurance companies based in the U.S. It provides its services in all 50 U.S. States. What makes INGUARD truly special is that they were the first insurance companies in North America to accept Bitcoin payments in 2013.

Interestingly, this brand is partnered with numerous tech companies who share their vision for insurance, including Fitbit and Michelin.

Lemonade

Some insurance companies rely on the blockchain. Lemonade is an excellent example of this. This brand throws blockchain technology and artificial intelligence into the mix or provides pet, car, home, and other types of insurance. It goes without saying that policyholders can use cryptocurrency as a payment plan.

XA

Compiling a list of insurance companies accepting crypto without mentioning

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By: CryptoNinjas.net
Title: Cryptocurrency Payments for Insurance: Are Insurance Companies Really Embracing Bitcoin and Altcoins?
Sourced From: www.cryptoninjas.net/2023/11/20/cryptocurrency-payments-for-insurance-are-insurance-companies-really-embracing-bitcoin-and-altcoins/
Published Date: Mon, 20 Nov 2023 06:07:04 +0000

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