Bitcoin Forum

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?

it is always good even if one person starts accepting bitcoin if you ask me.
but usually when these businesses start accepting bitcoin they are not really accepting bitcoin because they will always find a way to accept money in the background. for example using a payment processor to get bitcoin but receive money in their account like what bitpay offers.

Yes I was very happy personally that all efforts worked and got one more person in Bitcoin world. Ya u understand your point and that's valid, however what's was on my mind was if we can pay Bitcoin for the premiums we save on our currency, that we could use more and would save us lots of cash. Cause you know right premiums are quite high, though he acknowledged that it will be a long way, but there are many individuals in the industry who have taken baby steps and some even pros brought cars and all using it. Fingers crossed now.

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.

insurance companies are already partnering with the bankers hyperledger. because hyperledger will be the backbone of the IMF. where promissory notes and 'financial products' are created to then trade/gamble against. while offering the front end user (fiat2.0) to the general public

i have spoke with a few institutions and to them, bitcoin is just gimmick.
yes they can accept it. but within minutes they are converting it to fiat to then pay office costs and in cases of insurance to pay out repair costs of customers.

they would only see it viable if national car dealerships/repairshops, utility companies were accepting bitcoin.

in many industries they all claim the issue is not about being able to accept bitcoin. they understand its easy enough. but there is a lack of utility.
put simply why would an independant retailer in lets say texas. where all of his bills and costs are dollars. why would they accept Euro's.
even if there are MORE people in europe using the euro than there are americans using the dollar.

put simply why would an independent retailer in lets say texas. where all of his bills and costs are dollars. why would they accept chinese yuan.
even if there are MORE people in china using the yuan than there are americans using the dollar.

the reason is the texas retailer has no need of euro, yuan. even if they are more popular than dollars around the world.

now bitcoin. only has a couple million users. the pound has 60million users, the dollar has 310million users, euro has 340million. yuan has over a billion users.

so why would some american company accept bitcoin vs yuan..

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retailers want suppliers and manufacturers, shipping etc to accept bitcoin.
they want their phone, electric, and other utility services accepting it.

they dont care much about IRS/HMRC (tax offices) accepting bitcoin, because most large companies know their way around taxes.. but unless they can spend bitcoin on their real and unavoidable costs, they dont see a 'need' for it and only do it as a gimmick. like accepting airmiles or loyalty cards.

at the moment bitcoin is just some "free press" advertising where a business appears in the media for accepting bitcoin. but beyond the gimmick it lacks utility

For them it doesn't matter, they want money in a currency they can spend easily, that is dollar. The true is most people use bitcoins only to make profit holding, trading, gambling and convert the coins later again to spend it as fiat, because interesting shops don't accept bitcoins yet. The same will happen to insurance companies, at this moment it doesn't make much sense, only for a moral effect of adoption.

a better option is not to get random company to accept bitcoin.. but be more strategic.

EG
elon musk
if he accepts bitcoin when selling cars, offers bitcoin to pay for the recharge stations, car insurance and repairs. knowing elon must is both the manufacturer and the retailer. it all becomes a full circle economy, from end to end.. rather then a front end gimmick.

if you know a green grocer that gets its stock from a particular farmer, get the farmer to accept bitcoin. then sell its farm produce for bitcoin and then get the greengrocer to buy its stock with bitcoin.

more success is found if you know/ask about the behind the scenes of the business and find solutions/reasons they can use/need bitcoin

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.  ;D