Deventer-based CoverYou has become the first European insurer to accept Bitcoins, making it possible for the users to pay their premiums for insurance coverages for smartphones, tablets and laptops using the digital currency.
The payments will be processed directly on the company’s website and owners of the aforementioned gadgets will be reimbursed for financial loss resulting from exposure to water, broken screens and theft.
In a press release by the company on April 15, CoverYou.nl’s Online Strategy Consultant Ewoud Uphof said, “Paying by using Bitcoins stands for innovation and with CoverYou Insurance, we want to present the creation of a new sort of insurer; one who is consumer-driven and innovative.”
The founder of the electronic devices insurance company, Yvonne Gejis also commented on the Bitcoin inclusion:
“Developments in this market are progressing very quickly. Our smartphone insurance is a popular product at the moment because of the value of smartphone nowadays. Adding Bitcoin as a payment method means embracing new technology and looking ahead.”
The decision to accept Bitcoin as a mode of payment makes sense given that the number of active Bitcoin users is expected to almost quadruple from the current 1.3 million users to almost 5 million. The popularity of the digital currency can also be gauged from the fact that the Belgian city of Ghent will declare itself the “Bitcoin city” on April 18, 2015.
The insurance industry also looks ready for the cryptocurrency since this will not be the first instance when premiums will be paid in Bitcoins. In 2013, American insurer Beauchamp & McSpadden first started the process of receiving premiums in Bitcoin. With CoverYou becoming the first European insurer to embrace the crypto-revolution, it opens up the possibility of other European firms and businesses in this and other domains to follow suit.