AXA is the first all-lines insurance company in Switzerland to offer its policyholders the option of paying bills in Bitcoin. In doing so, it is investing in its digital development and responding to growing customer demand for more freedom of choice in payment transactions.
As part of a market research study at the end of 2019, AXA surveyed people between the ages of 18 and 55 on the topic of cryptocurrencies. Even then, around a third of respondents said they owned them themselves, or were interested in them.
The Corona crisis has once again accelerated the digital transformation over the past year – and thus has also strengthened the upward trend of cryptocurrencies. To meet this growing need, AXA is now enabling its customers to pay bills in Bitcoin (BTC) as well.
Pioneer in cryptocurrencies
AXA is the first all-industry insurer to offer this solution. From the beginning of April, the new payment option will be available to all private customers. For the time being, premium payments for all non-life products of AXA Versicherungen AG can be conveniently paid in Bitcoin. In addition to the reference number and the invoice amount, all that is needed is a Bitcoin wallet.
“This is AXA’s response to the growing need of its policyholders for alternative payment solutions, with new technologies playing an increasingly important role.” – Claudia Bienentreu, Head Open Innovation at AXA Switzerland.
The Bitcoin are automatically converted into Swiss Francs by the Inapay payment solution, so there is no exchange rate risk for the insurance company. In addition to payment in Bitcoin, other payment options such as TWINT will be launched soon. After that, the payment, as well as the service offering, will be continuously expanded both for access via the web and via a mobile app.
One of several AXA initiatives in the Blockchain space
AXA is committed to several projects in the field of blockchain. It has already been a member and on the board of the association Cardossier since 2017, which has developed a platform that maps the entire lifecycle of a vehicle using blockchain technology. Together with importers, road traffic authorities and other members, the aim is to increase transparency and efficiency in the market.
AXA Switzerland is also a sponsor of the Blockchain Challenge at the University of Basel, in which it is working with students to examine how a traditional insurance company can create offerings for the growing market for so-called smart contracts.