Accenture and GEB Release Blockchain Technology Solution for Employee Benefits
Generali Employee Benefits (GEB) and global consulting and digital solutions company Accenture in April 2019 announced the release of a new blockchain technology solution to be applied to the employee benefits sector.
The blockchain technology is reported to facilitate data sharing, thereby increasing transparency within the reinsurance process for captive or pooling services. It is also designed to reduce processing errors through the use of smart contracts and automated reconciliation.
The release of the blockchain solution follows the successful trial of a prototype in 2018 which involved global agricultural company Syngenta, another global client and local insurers in Switzerland, Spain and Serbia. The prototype was able to demonstrate improved data quality along with a significant reduction in processing time and costs.
The innovative blockchain solution is intended to streamline the operating model for GEB’s captive services which include healthcare, disability, accident and life insurance. According to Sergio Di Caro, GEB’s Chief Executive Officer “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.”
The blockchain solution was inspired by B3i, a blockchain startup owned by 15 of the world’s largest insurers and reinsurers who collaborated in late 2016 to explore the potential of applying distributed ledger technology to the industry. B3i’s founding shareholders include Aegon, Allianz and Munich Re, Swiss Re, Tokio Marine, XL Catlin and Zurich. According to corporate registry filings in Switzerland, the startup raised about $16 million in February 2019 which raised its total capital to over $22 million.
Blockchain records and securely stores information in a database-type system. This information can then be accessed and distributed among interested parties and stakeholders. This allows multiple stakeholders an unprecedented ability to securely distribute, exchange and access the same information in an environment of trust and transparency.