Billon Group joins forces with ERGO Hestia, the second largest insurance company in Poland, in an innovative new implementation of regulated electronic money. The companies are piloting a solution for delivering instant refunds of premium overpayments to the insurer’s clients using Billon’s distributed ledger technology. A select group of ERGO Hestia’s customers has been receiving the blockchain-based payments since early September and a wider pilot will now begin.
“Billon met the challenge that ERGO Hestia faced in expediting premium returns to the clients,” said Jacek Figuła, chief commercial officer of Billon Group. Billon has turned the process fully digital and automated the interaction with the end-client.
“If the insurer did not have customer bank account numbers on record, processing refunds was challenging,” Figuła explained. “We are certain that our solution can bring real value also in other sectors, such as telecommunications,” he added.
The new approach uses Billon’s Distributed Digital Cash system to enable ERGO Hestia in a new digital engagement process. Billon Solutions, a regulated subsidiary of Billon, issues e-money as tokenized Polish zlotys in accordance with European and national e-money regulations. ERGO Hestia provides an easy-to-use payout system, complemented with a regulatory-required fully automated onboarding and KYC for payout recipients. With this fully digital and automated solution, ERGO Hestia’s clients can collect funds with no operational engagement of the insurer.
“When it comes to receiving premium refunds, our customers value security, speed and simplicity,” said ERGO Hestia’s Oskar Jedynasty, head of automation division, IT department. “With this pilot, we’re aiming to not only deliver these benefits but to further our commitment by managing costs effectively through innovative, smart uses of blockchain technology together with Billon Group.”
