Accenture and Generali launch blockchain solution for captive employee benefits

Accenture and Generali Employee Benefits (GEB) have launched a blockchain solution for the employee benefits (EB) industry.

The GEB Network is a Global Business Line of the Generali Group focused on providing employee benefits solutions for corporate clients. It operates the world’s largest network, serving more than 1,500 multinational companies.

The blockchain solution is supported by the Generali Group and inspired by B3i, a collaborative blockchain-focused initiative of 15 global insurers and reinsurers. It is expected to bring new levels of transparency and innovation to the employee benefits industry.

The launch follows the successful demonstration of a prototype last year, which involved agriculture firm Syngenta and local insurers in Spain, Switzerland and Serbia. The prototype demonstrated significant results — lowering costs, saving time and improving data quality for all stakeholders.

According to the official release, the solution will allow participants in the reinsurance process for captive or pooling services to access the same data. It will also help reduce processing errors through smart contracts and automated reconciliation.

“Blockchain technology creates a more-connected ecosystem among stakeholders, allowing a reliable means of information exchange and streamlining previously complex, manual processes within insurance,” Daniele Presutti, who leads Accenture’s Insurance practice in Europe, said.

GEB said that the solution would help streamline its employee benefit operating model for captive services, which offers global customers a broad range of local admitted employee benefits solutions, such as life, short and long-term disability, accident and healthcare insurance.

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