I have done a summary of Cryptocurrency insurance companies at Cryptocoinzone. However, all companies are in early development and I shouldnt use them as an insurance company yet. They are more for testing right now.
http://www.cryptocoinzone.com/blockchain-insurance/
Topic: Insurance companies accepting Bitcoin? - page 2. (Read 1480 times)
I don't think Bitcoin is recognized as a currency like dollars or euros, so I doubt the payment should legally be given in BTC.
Also in long term contracts BTC may be replaced to another currency, or too scarce that pay me agreed prize would be impossible.
Maybe Bitcoin may be accepted using a 3rd party processor, like Bitpay, like some stores already do.
If you want to pay Bitcoin as insurance better do a custom contract or put your Bitcoins in the heirloom
Also in long term contracts BTC may be replaced to another currency, or too scarce that pay me agreed prize would be impossible.
Maybe Bitcoin may be accepted using a 3rd party processor, like Bitpay, like some stores already do.
If you want to pay Bitcoin as insurance better do a custom contract or put your Bitcoins in the heirloom
I don't think it would be plausible. Because this would mean that the amount of money they are holding will be very volatile. Another thing is that insurance companies will holding millions of dollars in funds and holding that much in bitcoin is not advisable.
I'm currently training on one of the most leading insurance companies here in the Philippines and I will take my licensure examination this coming Monday.
It just comes to my mind that if ever there will be an insurance company that will accept bitcoin as their premium and bitcoin will also be given for every claims such as death benefit and other more, will it be successful or not? What do you think of this idea?
It just comes to my mind that if ever there will be an insurance company that will accept bitcoin as their premium and bitcoin will also be given for every claims such as death benefit and other more, will it be successful or not? What do you think of this idea?
I don't see any particular advantages of Bitcoin in this instance. Being anonymous/pseudonymous is irrelevant as the insurance policy would have to have the information about the insuree anyway.
Insurance is generally intranational, so no currency exchange is involved.
Speed of transaction isn't important. There is also no risk of chargeback that needs to be stopped.
Am I missing something?
When bitcoin is started as a currency and people will not feel that there is any hurdle to use bitcoin then they will accept bitcoin in institutes like that. Not only insurance but most of the companies which are running under the government rules will not feel any complication to use bitcoin.
Already the same business plan to accept bitcoin into insurance premium was put forth earlier by an user. It would be better to find him and get the required information. I think its a better plan to attract the people who are aware of bitcoin into the insurance as there is several competitors in the same insurance sector.
You know better mate, probably you will gonna be working in that industry. IMO, insurance is only applicable if the insurer can see there will be profit he can make doing the operation, and AFAIK, all insurance requires us to divulge or personal information before we will be enrolled or accepted. I don't think we can do that as we are in the world where anonymity matters most.
The idea is really good but insurance company will not accept may be because government will have an eye on every transaction, till now government has not given any signals to authorized insurance companies to accept bitcoin as one of the payment method for premiums may be. But one day it is going to happen all companies will start accepting bitcoins.
I'm currently training on one of the most leading insurance companies here in the Philippines and I will take my licensure examination this coming Monday.
What insurances specifically ? I hate the entire concept of insurances anyway.One gotta die before repping the benefits of it.It just comes to my mind that if ever there will be an insurance company that will accept bitcoin as their premium and bitcoin will also be given for every claims such as death benefit and other more, will it be successful or not? What do you think of this idea?
That indirectly chains to the services willing to accept bitcoins.A hospital should be accepting bitcoins in-order to utilize the claims given by the health insurance company.Not happening anytime soon.
I'm currently training on one of the most leading insurance companies here in the Philippines and I will take my licensure examination this coming Monday.
It just comes to my mind that if ever there will be an insurance company that will accept bitcoin as their premium and bitcoin will also be given for every claims such as death benefit and other more, will it be successful or not? What do you think of this idea?
It just comes to my mind that if ever there will be an insurance company that will accept bitcoin as their premium and bitcoin will also be given for every claims such as death benefit and other more, will it be successful or not? What do you think of this idea?
Jump to: