Italy’s Reale Mutua rolls out first fully digital surety bond

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Italian mutual insurance company, Società Reale Mutua di Assicurazioni has recently announced the issue of its first fully digital surety bond. The issue forms a part of the national project “Fideiussioni Digitali” promoted by CeTIF, SIA, and Reply, in collaboration with Banca d’Italia and IVASS.

Reale Mutua stated that the development has been achieved via its innovation center – Special Risks Technical Department and Reale Lab 1828.

“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 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 us to prevent fraud and improve operational efficiency,” declared Mauro Gentini, Special Risks Manager of Reale Mutua.

Reale Mutua stated that the digital surety bond has the Municipality of Milan ass obligee and guarantees the completion of reclamation works in the “ex-Plasmon” area in Via Cadolini, Milan, by the principal Milano Progetti, a company of AbitareIn Group.

Established in Turin in 1828, Società Reale Mutua di Assicurazioni is an Italian mutual insurance company. It is the parent company of Reale Group, an international group with around 5 million customers in Italy, Spain, and Cile. Reale Mutua offers an extensive range of products, both in the life and non-life insurance businesses.

“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 with 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”.