Accenture, a professional services company, and Italian insurance company Generali, have released a blockchain solution that brings benefits to employees in the digital age.
The product is aimed at optimizing the Generali Benefits offerings for employees, including life insurance, disability, accident and health insurance, both companies announced this Tuesday. Thanks to smart contracts and automatic reconciliation, the system allows participants in the reinsurance process to exchange accurate data and reduce processing errors.
The use of blockchain technology allows firms to simplify the “complex” manual processes within insurance, says Daniele Presutti, Accenture's leading insurance intern in Europe.
The implementation occurs after the firms tested the solution last year. The agricultural firm Syngenta and local insurers in Spain, Switzerland and Serbia took part in the work.
“The prototype has shown significant results – reducing costs, saving time and improving data quality for all stakeholders,” the announcement says.
Generali Benefits Employee Benefits CEO, Sergio Di Caro, said:
“The use of blockchain technology provides a truly connected ecosystem and unhindered partnership between clients, consultants, local insurers and Generali. Blockchain will change not only our network, but also the employee benefit industry as we know it. ”
The Generali group began experimenting with the blockchain in 2017 when it joined B3i, the blockchain group of the insurance industry, created to test the potential of this technology.
Back in 2016, Abizer Rangwala from Accenture, who as managing director focused on IT insurance strategies for his company, said he expects the blockchain technology will have a “profound impact on business” in the insurance industry.