Fabrick strikes new InsurTech deal with Reale Group

By Gloria Methri

Fabrick, the international Open Finance provider has partnered with European insurance group Reale to help optimise insurance premium payments.

The collaboration will make Fabrick’s Open Finance platform available to a network of more than 700 Reale Mutua and Italiana Assicurazioni agencies, as well as to Blue Assistance, which are all part of Reale Group.

Reale Group says its decision to embrace Fabrick’s digital solutions was inspired by the changing needs of the insurance market as well as the organisation’s specific objective to automate the management of insurance premium payments.

Fabrick’s open finance solutions, which use the SaaS model, offer customers a wide variety of electronic payment tools that optimise and automate the payment process and reconciliation process.

The partnership will enable Reale Group’s sales network to use standard and alternative payment solutions such as ‘Pay by Link’ and SEPA Credit Transfer. The partnership will also include virtual POS and physical POS provided by Axerve, which is part of Fabrick’s FinTech ecosystem.

Commenting on the partnership, Massimo Luviè, Joint General Manager of Reale Mutua Assicurazioni and General Manager of Banca Reale, said, “Reale Group, during the extensive process of digitising its business, has recognised the innovation offered by Fabrick’s platform as immensely valuable and views the solution as an opportunity to evolve the Group’s operational model of premium collection management. This will allow our networks to offer, and our customers to choose between, different means of payment, both traditional and innovative.

Paolo Zaccardi, CEO of Fabrick, added, “The opportunities which arise from merging open banking and open payments processes are now tangible, the project which Reale Group has embarked on is just one demonstration of the potential that open finance has when it’s applied to the management of collections and payments. Furthermore, the platform model makes it possible to capture the distinctive characteristics of each business and to respond quickly to ongoing market developments.”