Generali Employee Benefits (GEB ) in association with professional services firm Accenture has rolled out a blockchain-based solution for employee benefits (EB) industry.

The launch of blockchain-powered solution follows a successful demonstration of a prototype involving two global clients in 2018.

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Leveraging smart contracts and automated reconciliation, the EB system enables participants in the reinsurance process to share accurate data and reduce processing errors.

According to technology vendor, the product has been design the augment GEB’s employee benefit operating model for captive services, which provides life, short and long-term disability, accident and healthcare insurance.

Generali offers reinsurance for captive or pooling services to serve multinational corporations that require centrally manage the insurance scheme and financials.

GEB CEO Sergio Di Caro said: “This prototype represents a step forward for GEB and for the insurance industry.

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“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.”

Supported by the Generali Group, the solution has been inspired by B3i, a collaborative initiative of 15 insurers and reinsurers.

Daniele Presutti, who leads Accenture’s Insurance practice in Europe, said: “Blockchain technology creates a more-connected ecosystem among stakeholders, allowing a reliable means of information exchange and streamlining previously complex, manual processes within insurance.

“We are pleased to work with Generali Employee Benefits to help revolutionise the employee benefits process for its customers.”