Metromile, the digital insurance platform, and the pay-per-mile auto insurer, has added Bitcoin as one of its payment options.
Metromile Policy Holders Can Opt to Pay Premiums of Receive Claims in Bitcoin
With the Bitcoin payment addition, policyholders can now pay premiums and also opt to receive claims in the leading cryptocurrency by market capitalization. The launch of this feature will place Metromile as the first insurance company to offer cryptocurrency payments to its policyholders.
Premier Shield Insurance also has Bitcoin payments for premiums up to an equivalent of $5000. However, the Massachusetts-based insurance agency does not offer Bitcoin for its claim payouts.
Metromile is yet to decide on the launch date for the Bitcoin payment options. The company’s spokesperson Rick Chen mentioned that it would be later this year.
In preparation for the Bitcoin payment launch, the San Francisco-based insurance broker Metromile will buy $10 million of Bitcoin in the second quarter of 2021.
The announcement confirmed Metromile’s decision to add Bitcoin to respond to customers’ requests. The digital insurance platform and pay-per-mile auto insurer’s CEO Dan Preston affirmed the firm’s dedication towards giving drivers control over how they wish to pay their premiums.
Metromile’s previous offer was that drivers pay a premium per mile covered. Using its real-time, personalized auto insurance program, drivers could only pay what they use. The program enabled drivers to save up to 47% a year. Preston mentioned the Bitcoin payment option would offer flexibility in terms of how their policyholders want to pay and how they wish to be paid.
The San Francisco-based insurance broker added that cryptocurrency transactions would promote fairer insurance practices. Moreover, Metromile hopes to foster financial resilience among its policyholders by having the option to use cryptocurrency, which is quickly becoming mainstream.
Metromile Will Work Closely With Regulators to Comply with the Law
Metromile acknowledged the relatively new industry of blockchain technology. It will work closely with regulators to stay within the bounds of the law for the sake of its customers and shareholders.
Preston, nonetheless, believes blockchain brings enduring advantages to the insurance industry. The bitcoin payment option is the first step for the digital insurance platform and pay-per-mile auto insurer towards tapping these advantages.