Accenture, Generali launch blockchain insurance service for captive employee benefits
Today Accenture and Generali Employee Benefits (GEB) announced the launch of a new blockchain-based reinsurance service for captives. Big companies often provide group insurance services for their global subsidiaries via captives. It enables groups to pool the risk internally, but there’s still a need to offload at least part of the risk to reinsurers.
By using blockchain, the data can be shared with external insurers and reinsurers which saves time and reduces processing errors. It also enables automatic reconciliation. The employee benefits enabled through the Generali system includes life, disability, accident and healthcare insurance.