Insurance companies accepting Bitcoin?

[Factmine]

Its actually not a terrible idea.
Online bill payment via Bitcoin would be a perfect fit. You don't need instant confirmation, an hour or two would be totally acceptable for this purpose.
Taking BTC may save both users and the company on transaction fees associated with credit card payments etc.

Though if they use fiat currency then that would mean it is stable and they would be trusting the fiat currency to remain the same. However, for example, if an insurance company tries to use bitcoins then that would mean they are relying on something unstable and the price is volatile. What if bitcoins crash? That would mean the insurance company will also crash, bye services.

[eaLiTy]

I am not sure whether this will be a reality anytime soon as Insurance companies do run according to the regulations set by the government and i do not think that they would suddenly start accepting bitcoin as a mode of payment ,if it happens it is really a good thing but regulators would not accept bitcoin citing different issues but a third party provider could fix the issue 

[nara1892]

if you want to make this idea works, I think the insurance should socialize about bitcoin first before giving the contract, and of course to the family all.

I think it is a good idea. you can try it, but probably you will need to explain more about bitcoin to the company first.

[Btc_1856]

It completely belong to company whether to accept are not because most of the insurance companies till are not accepting bitcoin but may be soon they will start accepting bitcoin, it is also one of the confusion to me because bitcoin has price fluctuation so there are less chances to accept bitcoins may be.

[Pettuh4]

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?

I can certainly say that unless Bitcoin is treated as a currency alone and not as a currency and a commodity at the same time( thereby causing volatility and fluctuations) insurance companies and other financial institutions will still be skeptical about its full time adoption and implementation  because it can gain value or devalue at the times of claims and will leave customers unsatisfied.

[LLec]

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.

If they can't tax it they wouldn't accept it.
That should be a question on your exam.

[Taki]

Well, don't know to such serious firms as health insurance take bitcoin as payment. To me it's sounds complicated today, but who knows what is going to be in the future.

[roadbits]

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.

If they can't tax it they wouldn't accept it.
That should be a question on your exam.

But how the government will collect tax from bitcoin transaction. Is this possible? If it is possible means, they must track our transaction then only it is possible to collect tax from all transaction. I think it is very complicated and Govt will not take this much of risk. Before Govt accepts this currency first all small companies must do their business with this bitcoin then only the value of bitcoin will increase, and govt will start to look at this currency. I think it will take a long process.

[Zadicar]

I dont think soo that this thing would be implemented on insurance companies since owners would not be interested on the price volatility of bitcoin. If bitcoins price would be stabilize maybe it would do but for now i could say its really hard specially if no one on that place knows about bitcoin.

[avikz]

Accepting bitcoin will be very beneficial for the insurance companies as they will be able to earn a good amount of profit on the premium received. However, they should not settle the claims through bitcoin, because, they may be loosing money if they do so.

Bitcoin has a huge potential to go up to any price in near future or within 5-7 years of time. So if the insurance companies start accepting bitcoin as a premium, it will become an investment for them for the future.