The company, which insures small businesses and offers surety bonds products, says the move is to increase its competitive market position as part of a broader innovation plan.
UFCIC said it is accepting a variety of cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, for premium payments for direct online license and permit bonds and other surety bond products. The company claims its payment process is seamless through its portal with the monetary exchange handled by UFCIC’s payment processor.
“Early in the development of UFCIC’s innovation plan it became evident that the use of crypto for mainstream customer insurance transactions was not a matter of if, but when,” John Lucker, the company’s chief strategy and analytics officer, said. “When we implemented our new direct online surety bond portal, cryptocurrency was a way to provide our customers with a broader and flexible array of convenient payment options that the marketplace is demanding.”