Global Consulting firm Accenture and Italian Insurance giant Generali have released a blockchain solution which provides employee benefits of the digital age. The latest merger was announced through a press release from the firms on April 16.
Generali Employee Benefits (GEB) is mainly an Employee benefit solutions provider and global business line of Italy's Insurance firm and 8th largest in the world. The press release also states that GEB runs the biggest employee benefits network solutions worldwide.
The main purpose of the product is to streamline Generali's Employee Benefits Network offerings along with Insurance cover for life, disability, accident, and healthcare, both the firms declared on Tuesday.
The blockchain solution is aimed to improve data sharing for parties involved in the reinsurance process for captive and pooling services. It will reportedly help to remove processing errors with the help of smart contracts and automated reconciliation.
Here, Captive insurance points to underwriters who are fully-owned by their insured clients, however, reinsurance pooling services are a risk financing mechanism utilized by insurers to enhance their skills to underwrite particular type of risks.
The solution is backed up by Generali and encouraged by the effort of the insurance industry joint blockchain initiative B3i.
The solution is launched after companies have held a test of the solution in 2018. Some firms have put their efforts include popular agriculture firm Syngenta and Spanish, Swiss and Serbian local insurers.
The prototype provided great benefits to the employee benefits sector by building effective integration of systems, data and processes for stakeholders, enhancing data quality and saving time and costs.
Sergio Di Caro, CEO of Generali Employee Benefits said,
“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.”
Earlier, B3i has created Swiss blockchain startup B3i Services AG and expanded its group of investors last month as part of funding round. The startup works on multi-company syndicated risk placement, accounting, and claims and has built a product as per R3 Cerda’s distributed ledger technology.