Hauser Insurance Constantly Monitors The Role Of Digital Currency In The Insurance Industry
As the popularity of cryptocurrencies grows, some insurance companies wonder how the technology fits into their daily operations. For example, some companies allow their clients to pay for their policies using digital currency. Some agencies even pay claims using this method. As time goes by, technology will facilitate even more alternative payment methods. Hauser Insurance is constantly monitoring the effect cryptocurrency has on the insurance industry.
Though it is necessary to modernize the insurance industry, Mark Hauser Insurance recognizes some of the problems with cryptocurrency. Digital currency is becoming widely accepted. However, the crypto market is volatile. Throughout 2022, it is predicted that crypto will suffer market swings.
To add to the volatility of cryptocurrency, cybercrime is on the rise. Cyberattacks and other cybercrimes are at an all-time high. Criminals creating these crimes ask for payments in digital payments to prevent being traced. Cryptocurrency scams are similar to credit card scams. Crypto users need to watch their investments and report any discrepancy to appropriate authorities.
The government is now trying to regulate cryptocurrency. Involvement in digital currency already needs to be reported to the IRS. Regulations will only make a volatile market shakier. Most investment experts recommend to their clients that cryptocurrencies take up less than 5 percent of their portfolios.
When advising their clients, Hauser takes a consultative approach. Their risk management team evaluates each client’s risks and gaps. After the evaluation, the new solution is implemented. The client usually sees a reduction in both costs and risks.