Professional consulting firm Accenture and Italian insurance Generali Group have partnered to present a blockchain solution for the employee benefits industry.
Italy-based Generali Employee Benefits (GEB) majors in providing employee benefits solutions, which stands the top place among the Italian largest insurance firm and 8th globally.
According to the press release, the blockchain system is designed to provide participants in the reinsurance process with access to share correct data and captive services. Through the use of smart contracts and automated reconciliation, the solution also reduces errors in the processing phase to enhance reliability. The difference between captive insurance service and reinsurance pooling service is the reinsurance pooling service is a form of risk management used by insurance companies to increase the chance to underwrite types of catastrophic risks.
The blockchain product is aimed to simplify Generali’s Employee Benefits Network offerings for captive services, including insurance cover for life, disability, accident, and healthcare.
The blockchain solution follows the successful step of a prototype demonstration last year involving major agricultural firm Syngenta. The prototype had given out significant results including improvement for data quality and time-saving.
Sergio Di Caro, Generali Employee Benefits CEO, stated in the press release that “The use of blockchain technology allows for a truly connected ecosystem and a seamless partnership between clients, advisers, local insurers and Generali. Blockchain will change not only our network but the employee benefits industry as we know it.”