Professional services firm Accenture and Italian insurance group Generali have launched a blockchain solution that brings employee benefits into the digital age.
The product is aimed to streamline Generali’s Employee Benefits Network offerings, including insurance cover for life, disability, accident and healthcare, the two firms jointly announced Tuesday. Through smart contracts and automated reconciliation, the system allows participants in the reinsurance process to share accurate data and reduce processing errors.
Using blockchain technology allows the firms to streamline "complex" manual processes within insurance, said Daniele Presutti, Accenture’s insurance practice lead in Europe.
The rollout comes after the firms conducted a trial of the solution last year. The effort saw participation from 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 announcement.
Generali Employee Benefits CEO, Sergio Di Caro, said:
Generali Group started experimenting with blockchain in 2017 when it joined B3i, an insurance industry blockchain group set up to test the potential of the technology.
As far back as 2016, Accenture’s Abizer Rangwala, who focuses on insurance IT strategy for the firm as a managing director, said that he expects blockchain technology to have a “profound effect on business” in the insurance industry.
Accenture image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.