UFCIC Accepts Cryptocurrency Payments for Commercial Surety Products

The acceptance of cryptocurrency for premium payment can be seen within a larger context of insurers’ current focus on customer centricity and convenience during the purchasing or claims process, according to Juan Mazzini, a senior analyst at Celent (Boston). “It’s no surprise then to see that same approach in the payments space, where customers expect instant and touchless payments, use digital wallets, and already some of them see crypto-currencies as another (digital) form of currency,” he says. “This move by UFCIC, to accept a variety of crypto-currencies for payment of premium for its direct online license and permit bonds and other surety bond products, is a perfect example of how insurers are adapting to what customers expect from them.”