Metromile plans to adopt Bitcoin

[FatFork]

Metromile, Inc., a leading digital insurance platform and pay-per-mile auto insurer, today announced it will soon allow policyholders the option to pay for insurance and receive payment for eligible and approved insured claims in bitcoin or dollars. Metromile will be the first insurance company to both accept premiums and pay claims in cryptocurrency.

To this end, Metromile itself plans to buy $10 million worth of Bitcoin sometime in the second quarter of 2021, in order to begin adopting the cryptocurrency. The company noted that as digital assets are rapidly becoming mainstream, the addition of Bitcoin payments should “promote financial resilience” for its customers.

In an announcement published today, Metromile CEO Dan Preston said:
“We believe in the transformative potential of blockchain technology. We are still in the early days of realizing how this shift to decentralized finance and cryptocurrency will create enduring advantages in insurance, but we believe that offering bitcoin as an option for premium and claims payments would be an important first step,”

source: https://finance.yahoo.com/news/metromile-plans-adopt-bitcoin-offer-120000933.html

[Kemarit]

Another step to adoption as well, I haven't heard insurance platform that allows it's policy holder to pay and received in Bitcoin, so most probably this is the first and could set a precedence in their industry.

And then they have plans to purchase $10 million worth of Bitcoin, not that huge, and might not move the market significantly, but still it's good to for hear for adoption, so again this is a win-win for us.

[Darker45]

Another step to adoption as well, I haven't heard insurance platform that allows it's policy holder to pay and received in Bitcoin, so most probably this is the first and could set a precedence in their industry.

Globalnewswire says so. Metromile will be the first insurance company to both accept premiums and pay claims in cryptocurrency.^[1]

But this is not the first time an insurance company joins the Bitcoin community. Late last year, Massachusetts Mutual Life Insurance Co. (MassMutual) also officially joined the community by purchasing $100 million worth of Bitcoin.^[2]

But there must have been other insurance companies which have gotten themselves involved in Bitcoin one way or another beforehand.

[1] https://www.globenewswire.com/news-release/2021/05/06/2224468/0/en/Metromile-Plans-to-Adopt-Bitcoin-to-Offer-Drivers-More-Choice.html
[2] https://www.wsj.com/articles/massmutual-joins-the-bitcoin-club-with-100-million-purchase-11607626800

[Poker Player]

For those of you who despair because we have been on the sideways price for a month or so, this news should give you hope, because we keep seeing them. It's a trickle, day in and day out. I think the price, when it makes a push upwards, is going to hit $100k in a heartbeat.

[FatFork]

For those of you who despair because we have been on the sideways price for a month or so, this news should give you hope, because we keep seeing them. It's a trickle, day in and day out. I think the price, when it makes a push upwards, is going to hit $100k in a heartbeat.

Yeah, "The Bigger the Base, the Higher Into Space!" ^[source]
As a price remains in a consolidation pattern for a longer period of time, breakouts tend to be stronger.

[Kong Hey Pakboy]

For those of you who despair because we have been on the sideways price for a month or so, this news should give you hope, because we keep seeing them. It's a trickle, day in and day out. I think the price, when it makes a push upwards, is going to hit $100k in a heartbeat.

The current price stagnation of bitcoin is a test of faith for the hodlers whether they are worthy of big profits or are they just another people who follows the hype and sells whenever it is a trending thing to do. 10k will happen and people are going to get caught off guard so you better be ready to take the money out whenever that happens.

[lifeforcepools]

Yes, this is probably good news, but how many people will be interested in this?

[DoublerHunter]

^ I don’t think Metromile was the first one who adopted Bitcoin. Honestly, accepting Bitcoin as a form of payment method does not mean that they had adopted cryptocurrency. They just know that Bitcoin can easily be liquidated though it is somehow volatile. I would consider a company to adopt BTC if they have programs that BCT or Cryptocurrency is the reward such as publishing their own coins. But accepting it as a payment method does not count for me.

[Yaunfitda]

Yes, this is probably good news, but how many people will be interested in this?

Well for Metromile insurance policy holders, this could be the first time that they are going to hear about bitcoin. And for those who have been in crypto space, this is going to be a welcoming news for them. So in a sense, it will open up a new set of investors, meaning many Metromile policy holders could be interested. And so it might help the price a bit as bitcoin is growing and adoption on it's way.

[sunsilk]

"promote financial resilience” for its customers.

I like this quote.

Now that they've seen the potential of cryptocurrencies and mainly, bitcoin. They have come to realize how powerful it is in these difficult times. It's not just about being resilient during this pandemic.

But also being financially aware of the things that are happening worldwide. Metromile just did the right thing and every company that adds up bitcoin to their asset and services, they're making the right decision.

[FatFork]

^ I don’t think Metromile was the first one who adopted Bitcoin. Honestly, accepting Bitcoin as a form of payment method does not mean that they had adopted cryptocurrency. They just know that Bitcoin can easily be liquidated though it is somehow volatile. I would consider a company to adopt BTC if they have programs that BCT or Cryptocurrency is the reward such as publishing their own coins. But accepting it as a payment method does not count for me.

I'm not sure. Based on what I can read, Metromile is doing exactly what cryptocurrency adoption implies. They have stated that they intend to accept premiums and pay claims in cryptocurrency. This implies that they will have to maintain liquidity in cryptocurrency at least to some extent.

I say that is exactly Bitcoin's real purpose, to be used as a currency.

"promote financial resilience” for its customers.

I like this quote.

Now that they've seen the potential of cryptocurrencies and mainly, bitcoin. They have come to realize how powerful it is in these difficult times. It's not just about being resilient during this pandemic.

I agree. That is what Satoshi would say.

[noorammak]

As far as I know, insurance companies also have investment funds to profit from any market. Metromile is a digital insurance company, a technology company. The fact that they accept Bitcoin and plan to buy 10 million Bitcoins is an act of their investment opinion. I think the amount they spend on Bitcoin is still low. It will serve as reserve money to pay off in the future and also to be an investment. The risk of converting to Bitcoin is low and accounts for only a small portion of the company's total capitalization.
Their adoption of Bitcoin bodes well for other companies to gain access to bitcoin.

[The Cryptovator]

Something I wonder is there any other goal to adopt Bitcoin for a few companies? Of course, if more institutions adopt Bitcoin then it's good for us and for all over the Bitcoin community. There is a win-win situation, institutions could make more money once the Bitcoin price increase and Bitcoin getting pump due to institutional investment. Besides that, I think a few companies have been trying to approach more customers by adopting Bitcoin, especially those who are crypto users. Because it has been broadcasting many news portals once institutional investors invest in Bitcoin. So it's introducing with more people all over the world and here now we discussing Metromile. Anyway adopting Bitcoin always good for the community and institutions themselves.

[fiulpro]

Metromile, Inc., a leading digital insurance platform and pay-per-mile auto insurer, today announced it will soon allow policyholders the option to pay for insurance and receive payment for eligible and approved insured claims in bitcoin or dollars. Metromile will be the first insurance company to both accept premiums and pay claims in cryptocurrency.

To this end, Metromile itself plans to buy $10 million worth of Bitcoin sometime in the second quarter of 2021, in order to begin adopting the cryptocurrency. The company noted that as digital assets are rapidly becoming mainstream, the addition of Bitcoin payments should “promote financial resilience” for its customers.

In an announcement published today, Metromile CEO Dan Preston said:
“We believe in the transformative potential of blockchain technology. We are still in the early days of realizing how this shift to decentralized finance and cryptocurrency will create enduring advantages in insurance, but we believe that offering bitcoin as an option for premium and claims payments would be an important first step,”

source: https://finance.yahoo.com/news/metromile-plans-adopt-bitcoin-offer-120000933.html

Well I for sure remember an insurance company which deals with retirement using 50% of their funds and investing in Bitcoins. Therefore they for sure are not the first insurance company to integrate their business with Bitcoins but for sure this is greatly appreciated in the community.

Again they will gain a lot more customers since every now and then there are Bitcoin holders looking for normal services which might accept bitcoins, overall making it easier for them to make transactions.

I do think that they should for sure appoint an expert to make sure that this is a good and profitable experience for everyone involved.

[serjent05]

One by one company is now adopting Bitcoin at a much faster rate.  It looks like there is no stopping for Bitcoin now.  Institutions are pouring investment into the Bitcoin market so it is expected that more known companies will start accepting Bitcoin because of the strengthened foundation brought by the institutional investors.

[Fortify]

Metromile, Inc., a leading digital insurance platform and pay-per-mile auto insurer, today announced it will soon allow policyholders the option to pay for insurance and receive payment for eligible and approved insured claims in bitcoin or dollars. Metromile will be the first insurance company to both accept premiums and pay claims in cryptocurrency.

While it is always useful to have large new companies coming into the space and adopting Bitcoin, it feels like many of them are simply in it for the publicity side rather than the practical side. What better way to get a flock of new users than claim to be the first offering a certain product with Bitcoin as a payment option? It will be interesting to see how they implement it, because any sensible insurance operation will just have payouts pegged at the prevailing exchange rate, making the implementation a bit of a mirage. They'll gain on any potential upward BTC price movement (or suffer from an increasingly unlikely downside) while the user payouts will be fixed to the equivalent USD value they would get from any standard insurance contract. Ah well, I guess as Bitcoin users we can only be grateful they will assist in nudging the price up and making later government regulation a step more difficult.

[eaLiTy]

Metromile, Inc., a leading digital insurance platform and pay-per-mile auto insurer, today announced it will soon allow policyholders the option to pay for insurance and receive payment for eligible and approved insured claims in bitcoin or dollars. Metromile will be the first insurance company to both accept premiums and pay claims in cryptocurrency.

It is good to hear when new companies starts adopting BTCitcoin as a payment and then plan on paying them with BTCitcoin if they requested. We will be hearing about more companies adopting cryptocurrency because of the hype and the momentum the entire cryptocurrency market is getting at the moment and it is a good promotion that they will not get even if they spend hundreds of millions for advertisement.

[Similificator]

Yet again another huge steo forward not just for bitcoin but for this whole industry as well since after this, many others may follow and along the way, may even adopt a few altcoins as well. I am pretty sure that we are in for another bullish market a few months from now. I just hope that more big names or companies would also adopt Bitcoin along with other alts so that using crypto currencies such as bitcoin or other altcoins in daily transactions in the physical world would hapoen sooner.

[Gamerholic]

Well, this is another good news for the market that can support it both at the price level and at the level of popularization of bitcoin and cryptocurrency. The more such companies that create the possibility of settlements in bitcoins, the better for the market and the particular company itself. This is a sign of the advanced thinking of her management, which ultimately will bring not only profit but also popularity, and therefore new customers.

[just_Alice]

Another step to adoption as well, I haven't heard insurance platform that allows it's policy holder to pay and received in Bitcoin, so most probably this is the first and could set a precedence in their industry.

Globalnewswire says so. Metromile will be the first insurance company to both accept premiums and pay claims in cryptocurrency.^[1]

But this is not the first time an insurance company joins the Bitcoin community. Late last year, Massachusetts Mutual Life Insurance Co. (MassMutual) also officially joined the community by purchasing $100 million worth of Bitcoin.^[2]

But there must have been other insurance companies which have gotten themselves involved in Bitcoin one way or another beforehand.

[1] https://www.globenewswire.com/news-release/2021/05/06/2224468/0/en/Metromile-Plans-to-Adopt-Bitcoin-to-Offer-Drivers-More-Choice.html
[2] https://www.wsj.com/articles/massmutual-joins-the-bitcoin-club-with-100-million-purchase-11607626800

The MassMutual company only got involved with Bitcoin by making an investment, where the only purpose was to make a profit. The Metromile, on the other hand, will provide the opportunity for the customers to both pay and receive payouts with Bitcoin. Thus, I believe, it really is the first insurance company to offer such an option.