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San Francisco-based Metromile, which offers pay-per-mile insurance, says that it will roll out cryptocurrency capabilities later this year.
Massachusetts-based Premier Shield Insurance, an insurance agency, says it lets policyholders pay auto, home and business insurance premiums and agency fees with Bitcoin, up to a limit of $5,000.
Metromile “launched this option to support the increasing demand for Bitcoin and cryptocurrency payments from our customers.
Bitcoin is the original cryptocurrency, a form of currency that people can buy, sell or exchange without the involvement of a bank.
In the news release, Metromile CEO Dan Preston says adding Bitcoin as a payment option “is the next logical step” for the digital insurance platform and its artificial intelligence-powered claims process.
Metromile currently offers coverage in eight states: Arizona, California, Illinois, New Jersey, Oregon, Pennsylvania, Virginia and Washington.
Bob Hunter, director of insurance at the nonprofit Consumer Federation of America, says his stance on insurers dabbling in cryptocurrency would likely mirror Warren Buffett’s overall position on cryptocurrency.
“I would, as a regulator, not accept Bitcoin as backup for the business,” says Hunter, former insurance commissioner in Texas.
Such backup funding is known in insurance circles as “surplus.” It’s the amount by which an insurer’s assets exceed its liabilities.
John earned a bachelor’s degree in journalism from the University of Kansas and a master’s degree in communication from Southern New Hampshire University.
Insurance intersects with many parts of our lives, yet it’s tough to untangle, and wrong choices can make a financial mess.