Digital solutions giant Accenture and insurance firm Generali have launched the first blockchain-based solution for the employee benefits (EB) industry to mitigate processing errors in the reinsurance process through smart contracts and automatic reconciliation.
Generali Employee Benefits (GEB) benefit operating model, which serves enterprises worldwide with a broad range of employee benefits solutions including life, short and long-term disability, accident and healthcare insurance, is set to be streamlined significantly by the application of the blockchain solution.
The firms highlighted the success of a prototype demonstration last year that was trialled with agricultural firm Syngenta and insurers based in Spain, Switzerland and Serbia.
Costs were cut, time was saved and data quality was improved as a result of the blockchain solution’s integration at the firms undertaking the trial.
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“This prototype represents a step forward for GEB and for the insurance industry,” said GEB CEO Sergio Di Caro in the press release.
“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.”
Daniele Presutti, who heads up Accenture’s European insurance operations, added:
“Blockchain technology creates a more-connected ecosystem among stakeholders, allowing a reliable means of information exchange and streamlining previously complex, manual processes within insurance.
“We are pleased to work with Generali Employee Benefits to help revolutionise the employee benefits process for its customers.”