Accenture, Generali tap blockchain for employee benefits

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Global management consulting firm Accenture has teamed up with Generali Employee Benefits to develop what they referred to as a unique employee benefits system powered by blockchain technology. This solution would be the first of its kind, allowing participants in the reinsurance process to be able to access data, which is expected to reduce processing errors through smart contracts and reconciliation that is completely automated.

This is a revolutionary idea for those who are looking to track their own information as well as their employee benefits. While companies are able to share information with employees, the use of blockchain technology will allow users to be able to gain a complete view of all of the data that is directly related to them. Plus, it gives the added protections that blockchain technology provides by eliminating the possibility that people could tamper, modify, or duplicate records, something that frequently occurs in these kinds of data sharing ventures.

The use of blockchain technology is the kind of innovation that should help to create a secure system. What separates this technology is the fact that it allows the system to be able to maintain and record data of multiple users but do so in a secure way that has not been seen before in any other innovation.

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

Accenture has been working on solutions related to blockchain technology for some time now. On April 9, the company was granted two patents directly related to the partnership with Generali. According to a report from the U.S. Patent and Trademark Office, these patents would create solutions that would allow users to share token data using a digital signature.

In fact, they have become so widely recognized as a leader in this field that Everest acknowledged them as one of the leaders in the blockchain industry, joining IBM, NTT Data, and Infosys, among others. The Everest Group recognized that Accenture is one of just a handful of companies that is the most likely to be able to produce blockchain solutions that are successful in reaching their goals.

GEB was first established in 1966 as an employee benefits solutions provider. The company has grown in the last 50 years to serve over 1,500 companies in 100 different countries across the globe. This is seen as a great opportunity to provide more secure solutions for employee benefits while allowing users to have complete access to their data.