Accenture, the global management consulting and professional services company, has collaborated with a Global Business Line of the Generali Group called Generali Employee Benefits (GEB) to launch a blockchain solution. The solution will be used for an Employee Benefits (EB) industry.
The purpose of the EB industry is to allow users to take part in the reinsurance process for captive services. Similar kinds of data can be accessed and processing errors can be mitigated through smart contracts and automated reconciliation as well.
GEB has a model called the employee benefit operating model. The model is likely to be streamlined through the solution. It provides a life, short and long-term disability, accident and healthcare insurance. The insurance is considered as a complete local admitted employee benefits solution. It is provided to customers around the globe.
The Generali Group and Blockchain Insurance Industry Initiative (B3i) supports the blockchain solution. B3i consists of 15 global insurers and reinsurers. It was founded in October 2016. The main purpose of B3i was to explore the blockchain potential.
The blockchain is a database system created to record, store and maintain data. It helps participants in accessing and sharing data confidently and securely. It doesn’t only provide confidentiality and security, but also provides transparency.
Accenture is considered as a leading global professional services company. The company offers various services and solutions related to digital, technology, strategy, operations and consulting. It helps clients in 120+ countries. Whereas the Generali Employee Benefits (GEB) Network is considered as a leading employee benefits solutions provider helping corporate clients. It helps 1,500+ multinational companies across 100+ countries.
GEB is ready to operate as a blockchain pioneer. The combination of the solution and the model of GEB is considered as an ideal match. Different digital assets can be exchanged and secured in the blockchain. Costs can be reduced and trust can be increased through the blockchain, according to the official website of Generali Employee Benefits (GEB) reported.
The GEB Chief Process Officer (CPO) Fabiano Rossetto said, “This is exactly how the GEB Network is structured. We work across borders and we’re in the business of collecting, validating, aggregating data in a way that serves the client. Our ecosystem encompasses local partner insurers and clients and every relationship is managed by a contractual agreement, which is the reinsurance treaty. Thanks to this we can process information, govern the Network and transfer the risk to the captive reinsurer.”
The blockchain solution came into existence after the successful demonstration of a prototype. The purpose of the prototype was to provide stakeholders of this EB industry with a genuine system, data, and processes integration. Low costs, less time and improved data quality are results of this demonstration. This demonstration included global clients [the leading agriculture company Syngenta and local insurers from Switzerland, Spain, and Serbia], Business Wire reported.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]