Blockchain Solution For Employee Benefits Rolled Out By Accenture And Generali

News | April 17, 2019 By:

Generali Employee Benefits (GEB), in partnership with professional services giant Accenture, has rolled out a blockchain solution for the employee benefits (EB) industry.

GEB, a Global Business Line of the Generali Group, provides solutions in the field of employee benefits for multinational corporations. It operates the world’s largest network by bringing together the capabilities of over 100 countries to serve more than 1,500 multinational companies.

The new blockchain solution, supported by the Generali Group and inspired by the Blockchain Insurance Industry Initiative (B3i), allows participants in the reinsurance process for captive or pooling services to access the same data and reduces processing errors through smart contracts and automated reconciliation. It is expected to streamline GEB’s employee benefit operating model for captive services, which includes employee benefits solutions, such as life, short and long-term disability, accident and healthcare insurance.

“Blockchain technology creates a more-connected ecosystem among stakeholders, allowing a reliable means of information exchange and streamlining previously complex, manual processes within insurance,” said Daniele Presutti, who leads Accenture’s Insurance practice in Europe. “We are pleased to work with Generali Employee Benefits to help revolutionize the employee benefits process for its customers.”

The prototype of the solution was first unveiled in 2018 to agriculture company Syngenta and local insurers in Spain, Switzerland, and Serbia. The prototype reportedly demonstrated significant results, such as the lowering costs, saving time and improving data quality for all stakeholders.

“This prototype represents a step forward for GEB and for the insurance industry,” said Sergio Di Caro, GEB’s Chief Executive Officer. “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.”