Switzerland-based AXA Insurance is Now Accepting Bitcoin

AXA, the largest insurance firm in Switzerland, has revealed that its clients can now make use of Bitcoin as a means to remit their insurance payments. With this move, AXA is the first insurance firm in Switzerland to allow consumers to pay for its services via cryptocurrency. This decision was stimulated by the partnership with a crypto broker, Bitcoin Suisse.

However, AXA made it clear that it would only accept payment via Bitcoin only for its non-life insurance services. Life insurance services are excluded because of some restrictive protocols that surround them. The insurance firm claimed that its decision to incorporate digital currency into its daily activities was facilitated majorly by the digital transition of the world’s economy, which occurred during the deadly pandemic as Coronavirus plagued the planet.

AXA’s leader of open innovation, Claudia Bienentreu, believes that AXA’s decision was sparked by the need to respond to the increasing requests made by its clients to provide another means, back with advanced tech, whereby they can pay their premiums faster and more efficiently. In 2018, the insurance company expressed that market research revealed that a significant portion of its customers with the age bracket of 18 to 55 years either have digital currency or interested in it.

Clients who will pay via crypto instead of cash would not pay extra charges to the firm, and also, the risk of transaction rate would not be bored by the client. Bitcoin broker, Suisse, will be the holder of the bitcoins as revealed by the company, and none of it would be entered into the firm’s financial statement.

While the insurance firm does not charge fees to its clients for the Bitcoin transaction, the broker, however, while converting the Swiss franc to Bitcoin, adds its commission fee of 1.75% for each transaction.

In the past, AXA collaborated with some crypto-based firms. In 2017, it joined the vehicle dossier network, which traces and records cars’ life cycles using blockchain. AXA also funded the blockchain challenge hosted by the University of Basel, where it carried out its research on how an insurance company can utilize smart contracts.

Leave a Reply

Your email address will not be published.

Related

GBP to USD Prediction – Bulls Target $1.2450 Amid Weak U.S Jobs Report

It is somewhat of a GBP-USD day. The market does not have the United Kingdom’s economy to ponder today. Meanwhile, the attention has remained on the Federal Reserve following GBP-USD’s Thursday $1.23 return. The currency has never explored the value since June. Though hawkish bets place the sterling at the $1.25 mark into 2023, massive […]

Britain’s Chancellor Defers Tough Decisions to The Next Administration

The new British government is characterized by its severance to caution when it comes to its economic administration and its readiness to devote itself to performing just causes, regardless of the financial toll on the political sector.  As its precursor, Liz Truss, in September, decided to divide Britain’s economic organization, and the event exposed enormous […]

Genesis Halts Withdrawals Amid a Collapse of The Digital Currency Market

Genesis Global Capital has stopped processing withdrawals, confirming this week’s rumors. This is the most current lending program to file for bankruptcy. In 2022, Celsius Network, Voyager Digital, and other companies did so. At the moment, Derar Islim is Genesis’ acting CEO. Islim told Investors that the firm is looking at its options and seeking […]

Nayib Bukele Pledges To Buy 1 BTC Daily for El Salvador

The President of Els Salvador has pledged to start buying at least 1 BTC daily. This news emerged months after El Salvador is said to have completed its final BTC acquisition, 80 BTC at quite a cost of $19k each, in July this year. Previous Buy History of El Salvador  As per information from Buy BTC […]

Indonesia’s Central Bank Raises Rates By 50 Bps

In light of a robust economy and “high” inflation expectations, the Bank of Indonesia said on Thursday that it would act more firmly. As a result, the bank has increased the benchmark interest rate for the third consecutive month. A Global Economic Slowdown Bank of Indonesia was expected to increase the 7-day reverse repo rate […]