Generali’s Blockchain Solution

Accenture and Generali Employee Benefits (GEB) have debuted a “first-of-its-kind” blockchain solution for the employee benefits industry that 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.

The solution is expected to streamline GEB’s employee benefit operating model for captive services, which offers global customers a comprehensive range of local admitted employee benefits solutions, such as life, short and long-term disability, accident and healthcare insurance. These local offerings are completed with reinsurance from Generali to captive or pooling services to best serve multinational corporations that need to centrally manage the insurance scheme and financials.

The rollout of the solution follows the “successful demonstration” of a prototype last year involving two global clients, one of which is Syngenta, an agriculture company, and local insurers in Spain, Switzerland and Serbia. The goal was to “disrupt the market” by bringing genuine integration of systems, data and processes to all stakeholders in the employee benefits sector. The prototype demonstrated significant results – lowering costs, saving time and improving data quality for all stakeholders.

“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.” – GEB’s CEO, Sergio Di Caro.

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