Accenture and Generali Employee Benefits (GEB) have introduced a blockchain solution to improve the reinsurance process for captives in the employee benefits industry.
Specifically, the solution allows participants in the reinsurance process for captive or pooling services to access the same data, and aims to reduce processing errors through smart contracts and automated reconciliation.
It offers a range of employee benefit solutions, such as life, short and long-term disability, accident and healthcare insurance. These 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.
“This prototype represents a step forward for GEB and for the insurance industry,” said Sergio Di Caro, GEB’s CEO. “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.”
The introduction of this product follows the 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.
Accenture explained that the goal was to disrupt the market by bringing genuine integration of systems, data and processes to all stakeholders in the employee benefits sector. Accenture suggested the prototype lowered costs, saved time and improved data quality for all stakeholders.
The solution is said to be inspired by B3i, an initiative of 15 global re/insurers that came together in late 2016 to explore and test the potential of blockchain in the industry.
Accenture, Generali, Blockchain, Captives, Global