Digital insurance platform will be the first to accept insurance premiums and pay insured claims in cryptocurrency
Metromile, Inc. (NASDAQ: MILE, MILEW), 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.
Metromile will purchase $10 million of bitcoin in Q2 2021 to adopt cryptocurrency as an additional choice for insurance premiums and payment of claims. Metromile 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 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,” said Metromile Chief Executive Officer Dan Preston.
Drivers pay only for what they use with Metromile’s real-time, personalized auto insurance policies priced and billed by the mile. Claims are handled quickly, and in many cases, are fully automated. Metromile continues to add new features to its digital insurance platform to give drivers more choice and flexibility to complement their lifestyle and individual needs.