Life Insurance

UFCIC now accepts cryptocurrency for premium payments

Universal Fire & Casualty Insurance Company (UFCIC), a Michigan-based multi-line admitted property and casualty insurance firm, has announced that it will now accept cryptocurrency for premium payments.

In a statement, UFCIC said that it will now accept a variety of cryptocurrencies – including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin – for premium payments for direct online license and permit bonds and other surety bond products.

Read more: Cryptocurrency market ‘underserved’ by insurance

John Lucker (pictured), executive vice president, chief strategy, and analytics officer at UFCIC, said the move will allow the firm to improve its competitive market position.

“Early in the development of UFCIC’s innovation plan it became evident that the use of crypto for mainstream customer insurance transactions was not a matter of if, but when,” said Lucker. “When we implemented our new direct online surety bond portal, cryptocurrency was a way to provide our customers with a broader and flexible array of convenient payment options that the marketplace is demanding.”

“While we are proud to be the first US insurer to offer this capability, we aren’t sitting still,” said Rick Klimaszewski, president, chief operating officer, and general manager of UFCIC’s surety bond business. “Going forward, we will continue expanding the menu of cryptocurrency options available for premium payment and customer convenience.”

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