Bitcoin In insurance | Bitcointalksearch.org

Kprawn

legendary

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You know what would be nice for customers? If they can pay insurance premiums every month with Bitcoin and then after 10 years be able to

access that address that they used for that payments and then have a total picture of exactly how much they spend on insurance over that

period. You transfer money from another address to your "insurance" address and then follow the whole transaction log on the Blockchain. Grin

avatar_kiyoshi

legendary

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Quote from: nydiacaskey01 on December 13, 2016, 11:44:55 PM

If you are talking about the monthly premiums for Insurance like insurance for life and non-life, in our country there is a third party biller who accepts Bitcoin as payment to monthly premiums for insurance companies like Pru life, Sun Life, AXA and other local insurance companies but I don't think they (insurance companies) will accept payments directly using Bitcoins.

Could be AXA can accept bitcoin directly: http://www.coindesk.com/investment-bank-axa-eyeing-bitcoin-for-remittance-market/
http://www.newsbtc.com/2015/09/08/axa-investment-bank-is-looking-to-use-bitcoin/

But I think they ask you a personal data obviously. Also the possibility they spend bitcoin to fiat is high.
There's difficult to big companies which real bitcoin loyalist.

buwaytress

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I think we always need to give people like you a pat on the back. It's difficult enough to convince a friend to open a wallet, much less convince a business person to look into his business using bitcoin. Forget for a moment that even if the company accepts btc, it may only be to eventually exchange it back to fiat.

Just spreading the awareness to clients will encourage adoption.

xavier77

sr. member

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Xavier

If bitcoins were accepted in in insurane it would be the best day because insurance costs a lot of money and it would be great if we could pay through bitcoins.

Juggy777

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Quote from: just_Alice on December 14, 2016, 09:57:01 AM

Quote from: Juggy777 on December 13, 2016, 11:27:20 PM

So last evening at a meet, I met this guy who works in the insurance field, and has tieups with all large general insurance companies. So I asked him what's the insurance companies stand on Bitcoin, will they accept it as a payment over usd. He said the trend is divided, some people are clamoring for its inclusion, while many are yet skeptical. So pressing further I asked him the reason of being so skeptical, and I wasn't surprised lack of awareness, it's not owned by a country and etc. But end of one hour down, i finally convinced him to buy one btc which he did today morning, and he's promised to get insurance people also to have a look into it. That would be awesome right, paying of high premiums with Bitcoin what do you all think?

Insurance companies break their back to bring more and more people to using theit services so I wouldn't be surprized much if they start using Bitcoin for their purposes. The question is should we spend our precious coins on insurances? IMO we shouldn't. Or if we can't avoid it the less we spend the better. Maybe in developed countries the situation is different but where I live insurances are only waste of your money, if something really happens they will do everything they can to not pay to you the amount you deserve.

Yes I am trying to promote it to everyone I meet, more people who know more will use it. Coming to your point look buddy it was a general statement that bitcoin could help us paying of I'm insurance. It's sad if your country insurance did not give you good results. If you may have read many agents are accepting it. And this guy also said to me it's growing though to early to call it a success but ya the seed has been planted, now let's just water it and wait for results. Today agents accept for premiums, you never know tomorrow what else.

just_Alice

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Quote from: Juggy777 on December 13, 2016, 11:27:20 PM

So last evening at a meet, I met this guy who works in the insurance field, and has tieups with all large general insurance companies. So I asked him what's the insurance companies stand on Bitcoin, will they accept it as a payment over usd. He said the trend is divided, some people are clamoring for its inclusion, while many are yet skeptical. So pressing further I asked him the reason of being so skeptical, and I wasn't surprised lack of awareness, it's not owned by a country and etc. But end of one hour down, i finally convinced him to buy one btc which he did today morning, and he's promised to get insurance people also to have a look into it. That would be awesome right, paying of high premiums with Bitcoin what do you all think?

Insurance companies break their back to bring more and more people to using theit services so I wouldn't be surprized much if they start using Bitcoin for their purposes. The question is should we spend our precious coins on insurances? IMO we shouldn't. Or if we can't avoid it the less we spend the better. Maybe in developed countries the situation is different but where I live insurances are only waste of your money, if something really happens they will do everything they can to not pay to you the amount you deserve.

Meycell

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Quote from: Juggy777 on December 13, 2016, 11:27:20 PM

So last evening at a meet, I met this guy who works in the insurance field, and has tieups with all large general insurance companies. So I asked him what's the insurance companies stand on Bitcoin, will they accept it as a payment over usd. He said the trend is divided, some people are clamoring for its inclusion, while many are yet skeptical. So pressing further I asked him the reason of being so skeptical, and I wasn't surprised lack of awareness, it's not owned by a country and etc. But end of one hour down, i finally convinced him to buy one btc which he did today morning, and he's promised to get insurance people also to have a look into it. That would be awesome right, paying of high premiums with Bitcoin what do you all think?

very good bitcoin accepted insurance, this is evidence that bitcoin can accepted to all activity
very interested you can make sure person . do like that to many people to that bitcoin famous more

bitbunnny

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Life or other type of insurance in Bitcoin maybe sounds good but I don't know how would that function in reality because of Bitcoin volatility. It would b very hard to define the sum.
The other idea related to insurance could be protection of your wallet. So some kind of insurance in case of hacking attack or similar. Maybe this would be interesting to users.

talkbitcoin

legendary

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All I know is that I know nothing.

so far i have only been seeing people who look at bitcoin as an investment and nothing else. and since there aren't already too many people using bitcoin the chances of an insurance company getting a customer who is using bitcoin and then the chances of that person be willing to pay with bitcoin (go into his investment) is so slim and i don't see how the company can be successful with doing this.

Juggy777

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Quote from: romero121 on December 14, 2016, 06:29:06 AM

Have done a good work of making a common man use bitcoin into his field of work. At the same has benefited good by means of making trade of a single bitcoin. These small implementations gradually make a big group to use bitcoin into their business and as he's an insurance company representative sure it reaches several other people through his mouth.

Yes that exactly was my intention, this insurance guys have a huge network and clients. And once they like something and they start to trade ideas, it's a small step but I am sure it will yield results. For others as long as they take premiums trough Bitcoin it's fine if they use bit pay, the idea is to make more and most transaction with Bitcoin and save local currency for a rainy day, I don't think any government can control Bitcoins as of now none.

romero121

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Have done a good work of making a common man use bitcoin into his field of work. At the same has benefited good by means of making trade of a single bitcoin. These small implementations gradually make a big group to use bitcoin into their business and as he's an insurance company representative sure it reaches several other people through his mouth.

btccashacc

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Quote from: Juggy777 on December 13, 2016, 11:27:20 PM

So last evening at a meet, I met this guy who works in the insurance field, and has tieups with all large general insurance companies. So I asked him what's the insurance companies stand on Bitcoin, will they accept it as a payment over usd. He said the trend is divided, some people are clamoring for its inclusion, while many are yet skeptical. So pressing further I asked him the reason of being so skeptical, and I wasn't surprised lack of awareness, it's not owned by a country and etc. But end of one hour down, i finally convinced him to buy one btc which he did today morning, and he's promised to get insurance people also to have a look into it. That would be awesome right, paying of high premiums with Bitcoin what do you all think?

They might accept bitcoin as payment processor but like people said above they will convert it as soon as possible to fiat using 3rd party like bitpay in order to avoid the volatility, so i think they dont need to adopt bitcoin, though accept bitcoin makes the bitcoin itself get more popularity as payment processor, the bad news is also government will regulate bitcoin if it's really adopt in insurance, better for them not to adopt it if they just received the bitcoin and convert it to the fiat imidiately, just my thought.

Sithara007

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They are never going to accept direct payments in Bitcoin, as the exchange rates are far too volatile (time taken for conformation is another concern). At the most, they will accept BTC for insurance premium payments, through third party payment gateways such as Bitpay.

Juggy777

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I have read every one views and so on knew this idea would take a long time if it does ever happen, it's good to know that the agents have started accepting Bitcoins, maybe it's a small number of agents but sooner or later they shall grow, and never say never the insures may finally find it interesting, only if some countries officially accept Bitcoin which by far no country has done it. Let's see what happens In the long run.

target

legendary

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There was an attempt lately which the crowdfunding of inchain project that failed. Not sure why but people the crypto aren't so much interested to insurance for we now know how to keep our coins safe in our wallets.

Its good to see if insurance companies accepting btc though. But i doubt someone will actually send btc to them for i myslef would rather convert my btc to fiat and send to them.

~Bitcoin~

legendary

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It will be great idea to pay high premiums with bitcoin but on the other hand this can take away significant amount of marketcap from bitcoin because those insurance company will surely use bitpay like third party to instantly convert all the bitcoins they will receive into USD. This will decrease marektcap which will have direct effect to bitcoin price.

However having ability to pay insurance premium can help bitcoin to get more adoption also more attraction/awareness about bitcoin to common people.

davis196

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Quote from: Juggy777 on December 13, 2016, 11:27:20 PM

So last evening at a meet, I met this guy who works in the insurance field, and has tieups with all large general insurance companies. So I asked him what's the insurance companies stand on Bitcoin, will they accept it as a payment over usd. He said the trend is divided, some people are clamoring for its inclusion, while many are yet skeptical. So pressing further I asked him the reason of being so skeptical, and I wasn't surprised lack of awareness, it's not owned by a country and etc. But end of one hour down, i finally convinced him to buy one btc which he did today morning, and he's promised to get insurance people also to have a look into it. That would be awesome right, paying of high premiums with Bitcoin what do you all think?

Adopting bitcoin in the insurance industry is a good idea.

The big problem is that a lot of companies refuse to adopt bitcoin becasue of the fear of a

government ban for btc.

onyek16M

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Quote from: Juggy777 on December 13, 2016, 11:27:20 PM

So last evening at a meet, I met this guy who works in the insurance field, and has tieups with all large general insurance companies. So I asked him what's the insurance companies stand on Bitcoin, will they accept it as a payment over usd. He said the trend is divided, some people are clamoring for its inclusion, while many are yet skeptical. So pressing further I asked him the reason of being so skeptical, and I wasn't surprised lack of awareness, it's not owned by a country and etc. But end of one hour down, i finally convinced him to buy one btc which he did today morning, and he's promised to get insurance people also to have a look into it. That would be awesome right, paying of high premiums with Bitcoin what do you all think?

Great ! i hope many more people like him can accept bitcoin and use bitcoin
and may be this is way to bitcoin famous especially for the uninitiated know bitcoin

Watershin

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Quote from: nydiacaskey01 on December 13, 2016, 11:44:55 PM

If you are talking about the monthly premiums for Insurance like insurance for life and non-life, in our country there is a third party biller who accepts Bitcoin as payment to monthly premiums for insurance companies like Pru life, Sun Life, AXA and other local insurance companies but I don't think they (insurance companies) will accept payments directly using Bitcoins.

Ya in my area also the Agent is ready to accept insurance premium in bitcoin, but directly no insurance company is accepting bitcoin as payment for premium the main reason they are giving is the non stability in price is the main problem, because if the price is increasing is ok but if their is any major crash due to some bad news then the insurance company how are going to manage that loss. So if bitcoin have to come to a stable price then only i think most of the company will try to take bitcoin serious.

zidanw

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1xbit.com

Quote from: Juggy777 on December 13, 2016, 11:27:20 PM

So last evening at a meet, I met this guy who works in the insurance field, and has tieups with all large general insurance companies. So I asked him what's the insurance companies stand on Bitcoin, will they accept it as a payment over usd. He said the trend is divided, some people are clamoring for its inclusion, while many are yet skeptical. So pressing further I asked him the reason of being so skeptical, and I wasn't surprised lack of awareness, it's not owned by a country and etc. But end of one hour down, i finally convinced him to buy one btc which he did today morning, and he's promised to get insurance people also to have a look into it. That would be awesome right, paying of high premiums with Bitcoin what do you all think?

a good thing if it happened. Some of these are still not ready for everyone. Most Bitcoin businesses are new and still offer no insurance. In general, Bitcoin is still in the process of maturing.

Topic: Bitcoin In insurance (Read 1097 times)