Net Insurance has become the partner of Nexi’s open banking project. It is an ecosystem for open banking that involves as partners the most innovative companies in the technology and fintech sector, accelerators, startup incubators, consulting companies, and research centers. The project was launched by Nexi, the PayTech listed on Piazza Affari and controlled by Advent International, Bain Capital, and Hourglass funds.
Find out more information about the newly launched open banking project by Nexi in Italy, and read the most important business news with our companion app, Born2Invest.
Yolo – the first insurance broker in Italy is part of the agreement
The technological enabler of the Net Insurance offer will be Yolo Group, an insurtech startup in which Net Insurance has invested, participating in a financing round in early 2019.
Yolo (an acronym for You Only Live Once), was the first insurance broker in Italy to sell insurance products on demand and pay per use on a daily or monthly basis, which can be subscribed via app or with a click: from travel coverage, to flight and smartphone protection and coverage for sports activities.
The startup was founded in 2017 by Simone Ranucci Brandimarte, founder of Buongiorno e Glamoo (a pioneer company in mobile commerce, later sold to Seat Pagine Gialle) and president of Digitouch (one of the leading Italian companies in digital marketing applied to mobile, a company listed on Aim), together with CEO Gianluca de Cobelli (former manager in CartaSì, Amex, EY and Reply) and Mansutti spa, a historic Italian insurance brokerage company.
The innovative services of Net Insurance
Thanks to the agreement, Nexi will make Net Insurance’s innovative services available to its partner banks, which will be able to offer its customers targeted insurance coverage, activated in real time and in a completely digital way. Customers of banks that join Nexi Open, when making a purchase with digital payment instruments, can now instantly activate a temporary insurance coverage, tailored to their needs and related to the product or service purchased: sports activities, travel, mobility, luggage and much more. Net Insurance also provides individual policies for customers operating in commerce, services, tourism.
“Nexi Open is our open banking platform created to bring to banks useful solutions to improve customer satisfaction and to develop new sources of profitability. The agreement with Net Insurance is a key element in the project to build an ecosystem of partnerships that we make available to banks, thus confirming our role as PayTech’s ally,” explained Daniele Gabbai, Head of Strategic Partnerships & Alliances at Nexi.
Andrea Battista, CEO of Net Insurance, commented: “The agreement with Nexi is a fundamental step for the digital positioning of the company. The agreement marks Net Insurance’s official entry into the open banking ecosystem, one of the strategic drivers of innovative processes in the banking, financial, and insurance sectors. On the one hand, it is a way to expand the cooperation with our partners, on the other hand, the concrete opportunity to extend our range of action.”
Net Insurance is an insurance company listed on Aim Italia that at the end of 2018 led the business combination with Spac Archimede. Last April, Net Insurance participated in the $1.19 million (€1.1 million) round of the insurtech startup Neosurance, also underwritten by Luiss Alumni 4 Growth and a group of investors led by Mezzetti Advisory Group.
As for Nexi, this is the second important partnership signed in a few days. Recently, the company has also entered into a strategic agreement with Microsoft, which in turn has joined Nexi Open.
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First published in BeBeez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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