Accenture, Global management consulting and professional services firm has partnered Generali Employee Benefits (GEB) to launch a blockchain solution for the employee benefits sector.
Blockchain Solution For Employees
The blockchain solution leverages GEB’s employee benefit operating model for captive services, offering customers a range of employee benefit solutions, such as life, short and long-term disability, accident and healthcare insurance. This is also inclusive of reinsurance from Generali to captive or pooling services to serve multinational corporations that need to manage the insurance scheme and financials centrally.
Forbes noted that through the blockchain technology, participants in the reinsurance process to captive services could access the same data, which in turn, reduces processing errors through smart contracts and automated reconciliation taking advantage of distributed ledger technology (DLT) architecture.
While commenting on the blockchain solution, Daniele Presutti, who leads Accenture’s Insurance practice in Europe, says “You can share data today—but blockchain allows you to see the data, and it’s a full view of the data that’s relevant to them. It is important to note that only stakeholders that need to see the data will have access. And, if anyone tries to tamper with, duplicate or modify any part of the record, all stakeholders will know.”
The prototype was first unveiled in 2018 to Syngenta, a leading agriculture company, and local insurers in Spain, Switzerland, and Serbia. Sergio Di Caro, GEB’s Chief Executive Officer, stated that “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 technology will change, not only our Network but the employee benefits industry as we know it.”
Adoption of Blockchain Tech For Employees Benefits
GEB-Accenture got inspired to develop their blockchain solution for the employee benefits (EB) sector in 2016. This was aided by 15 global insurers and reinsurers coming together under The Blockchain Insurance Industry Initiative B3i in 2016. The B3i initiative explored the potential use-cases for blockchain technology within the insurance industry.
Also, Di Caro noted that “This is the direction to go, but definitely we need to take a prudent and coordinated approach. Our ambition is to initially enlarge the scope of the prototype also to the other business lines of Generali Global Lines and, to do so, we have to first assess this feasibility internally,”
GEB is an employee benefits solutions provider, established in 1966. It operates a large network that brings together the capabilities of over 100 countries to serve more than 1,500 multinational companies.