Reale Group Applies Blockchain Tech to Surety Bonds

Digitalisation and innovation are two key elements in the strategy of Reale
Group which, just in these days, has issued its first fully digital surety bond, as part of the national project “Fideiussioni Digitali” promoted by CeTIF, SIA and Reply, in collaboration with Banca d’Italia and IVASS. Surety bonds are generally a three-party deal, where everyone is offering a guarantee that is going to carry out every aspect of a contract according to the T&Cs.

An important result that has been achieved thanks to the commitment of Reale Mutua’s
Special Risks Technical Department and Reale Lab 1828 – the innovation centre of Reale Group – both being one of the first in Italy to believe in the process of digitisation of sureties.

The first digital surety bond issued by Reale Mutua has the Municipality of Milan as obligee and it guarantees the completion of reclamation works in the so-called “ex Plasmon” area in Via Cadolini, Milan, by the principal Milano Progetti – a company of AbitareIn Group.

“We have proudly been able to give concrete form to this ambitious national project, thanks to a team of professionals who are open to digital and technological evolutions – declared Mauro Gentini, Special Risks Manager of Reale Mutua – with the aim of accelerating the innovation process within Reale Group. By issuing our first digital surety on blockchain, we intend to be proactive and pioneers in this collaboration and its further developments will allow usto prevent fraud and improve
operational efficiency”.

“Reale Group keeps on investing in innovation, with the firm belief that understanding and monitoring the main trends in the evolution of the company, of the market and of the insurance sector is one of the key success factors for the future – said Gianluca Lorenzi, Head of Reale Lab 1828.

Blockchain technology will bring important advantages along the whole value chain. The adoption of a blockchain solution for the issuance of surety bonds perfectly fits into our approach to innovation, which is based on the exploration of new technologies and new business models”.

About alastair walker 6524 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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