In order to bring employee benefits into the digital age, Accenture (international professional services firm), and Generali (Italian insurance group) have launched a blockchain solution. Employee Insurance benefits and Blockchain simultaneously rolled out by Accenture and Generali.
It was announced on Tuesday collaboratively by both companies, that the product is aimed to streamline Generali’s Employee Benefits Network offerings, including insurance cover for:
Participants in the reinsurance process are able to share accurate data. Also, reduce processing errors through smart contracts and automated reconciliation.
Accenture’s insurance practice lead in Europe, Daniele Presutti, said that utilizing blockchain technology allows both companies to streamline “complex” manual processes within insurance.
They conducted a trial of the solution last year. Participating in the trial were agriculture firm Syngenta, and local insurers in Spain, Switzerland, and Serbia. The rollout came once the trial was completed.
As per the announcement:
“The prototype demonstrated significant results – lowering costs, saving time and improving data quality for all stakeholders”.
Sergio Di Caro, Generali Employee Benefits CEO, 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.”
Generali Group joined B3i, an insurance industry blockchain group set up to test the potential of the technology, in 2017. That is when it started experimenting with blockchain.
Accenture’s Abizer Rangwala focuses on insurance IT strategy for the company as Managing Director. Commenting on the insurance industry in 2016, he said that he expects blockchain technology to have a “profound effect on business”.