The leading digital insurance platform will now allow policyholders to pay for insurance in Bitcoin. The company will also now be able to pay insurance claims out in Bitcoin and other cryptocurrencies.
Metromile (MILE) represents the first car insurance provider to make such a move, giving its clients more flexibility in payment options.
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The company announced via a press release that it would also purchase $10 million worth of Bitcoin to hold and also help facilitate claims payments in the crypto.
The company said in its statement that it believes "allowing cryptocurrency payments will support its commitment to fairer insurance and promote financial resilience for policyholders as cryptocurrency becomes mainstream and a more significant portion of consumers’ assets."
Metromile's CEO, Dan Preston, said that the company wants to give drivers control over how they want to pay for insurance.
“Metromile gives drivers control over how they want to pay for insurance. We started by giving drivers an opportunity to save 47% a year by paying per mile, and now we want to offer people the flexibility to pay and be paid how they want."
Metromile's goal is to earn customers by saving them money through a pay-by-mile model with fully automated claims, in most cases.
The company said it would be working closely with regulators to address any concerns. Preston added that the company believes in the transformative potential of blockchain and cryptocurrency.
“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."