For the first time in Europe you can purchase insurance coverage with Bitcoins. CoverYou, a Dutch insurance company, is the first insurance provider to introduce Bitcoin as an alternative payment method. The company now allows its premium customers in Belgium and the Netherlands to insure their mobile devices such as smartphones, tablets and iPads using Bitcoins. By-monthly service subscribers will not have this possibility and will continue paying for the services with traditional online payment methods.
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Bitcoin as an Innovation
The founder of CoverYou, Yvonne Geijs, believes in technological progress and innovation:
”Developments in this market are progressing very quickly. Our smartphone insurance is a popular product at the moment because of the value of smartphones nowadays. Adding BitCoin as a payment method means embracing new technology and looking ahead.”
Ewoud Uphof, the online business developer at CoverYou commented of the reason why by-monthly customers will not have the opportunity to pay with Bitcoins. He explained that the process of integrating Bitcoin for these users requires greater resources and technology.
iDeal E-Commerce Solutions
CoverYou uses the services of iDeal, a local Dutch provider of e-commerce solutions. It is one of the most popular payment companies that allows users to purchase products and services online through direct online transfers from their bank accounts.
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When it comes to minimising the risks connected with Bitcoin’s volatility, CoverYou receives the payments through Mollie, a payment processing company with headquarters in the Netherlands. This well-known payment model allows CoverYou to receive payment in EUR and to avoid all uncertainty related to the price of the cryptocurrency.
Bitcoin Community Matters
CoverYou made a thorough market research on whether the local Bitcoin community would be willing to purchase tech-insurance for their gadgets. The decision to incorporate Bitcoin into the company’s payment system was made after the number of messages from the local Bitcoin community increased. Uphof says:
“I met and talked to some members of the local Bitcoin community and they said there were willing to take insurance for their smartphones, tablets and other devices if we included Bitcoin as one of our payment methods”.
Europe is Only the Start
Although CoverYou only operated in two European countries, it is part of an international insurance syndicate called the QSX Insurance Group. The group was established in 1985 in cooperation with Lloyd’s broker Thompson Health and Bond Ltd. It currently operates from US, Italy, the Benelux and Germany.
It is still undetermined whether the group will integrate the crypto-technology in other business fields or whether other insurers will follow CoverYou and adopt Bitcoin as a payment method. As for now, Bitcoin supporters in Belgium and the Netherlands can pay with Bitcoin for the protection of their e-devices from theft and damage.