Cryptocurrencies are literally “invading” the fintech industry, and insurance companies are following the lead. Leading insurers now accept digital currency payments for premiums, as they aim to enter the cryptocurrency market.
In our article, we will spotlight three top insurance companies that look forward to their Web3 future. You’ll discover the advantages this brings to their customers and gain insights into why cryptocurrency insurance is gaining traction.
Stay tuned to understand what these innovative companies offer for their customers.
Before we mention some good examples, we need to review the “WHY” factor – why do they do it? Well, cryptocurrency payments provide a unique benefit to insurers: faster settlement of transactions and reduction of costs. Insurance companies have started to adopt cryptocurrency prices as blockchains let them grab unique opportunities which just can’t be missed.
If you want to buy Bitcoin to pay for your next fee, you can do it in seconds. No more waiting in queues, no more issues if you’re traveling abroad, or hard-to-do verifications.
But here are the three main reasons to do so:
Paying your insurance with digital tokens may have been an illusion, if you asked people in the 2000s. Well, not anymore.
AXA Switzerland is setting a new trend in the insurance world by offering its customers the option to pay for their non-life insurance policies with cryptocurrency. In response to customer demand, AXA Switzerland has decided to accept Bitcoin payments and convert them into Swiss francs.
The move mirrors the growing acceptance of cryptocurrencies as a viable payment method in many different sectors, including retail, gaming, and transportation. It also makes life easier for those who want to purchase or renew their insurance without relying on traditional currencies such as good old cash or credit cards.
AXA also can add more crypto clientele, which is a strong marketing motive.
Metromile is the first insurance company to accept cryptocurrency payments and payouts. By offering policyholders an option to pay premiums and receive claim payouts in Bitcoin, Metromile has been a pioneer in the crypto-adoption journey across sectors.
The insurer views cryptocurrencies as digital assets with considerable potential. It has invested $10 million worth of Bitcoin across its holdings, embodying a strong show of faith in blockchain innovations and digital currencies overall.
Because of Metromile’s adoption of cryptocurrencies, there is now one more voice within the finance domain that openly welcomes them with open arms – something that further drives their legitimacy and increases usage amongst users manyfold.
MetLife, a global life insurer present in more than 50 countries, has become one of the first U.S. insurers to announce its use of public blockchain technology. The company has announced its embracing of Web3 technology for its customers, using Ethereum, which is an open-sourced public blockchain distributed ledger system providing greater transparency and trust between the customer and company based on immutable records stored on a decentralized platform hosted by millions around the world.
The goal of this adoption was to increase efficiency in claims processing through shared networks and decrease fraud risk while enabling improved data quality for simpler claim resolution within predetermined limits.
We have no doubts about it, as crypto converters simplify transactions and make it easy for both customers and businesses. With their help, you can move money from your bank account to a crypto wallet in seconds. Don’t be surprised if you see more insurance companies jump on the crypto bandwagon in the next few months. The crypto adoption is at an all-time high, so insurers don’t want to miss out on revenue. And quite honestly – who would?