Professional services firm Accenture and Italian insurance group Generali have launched a blockchain solution that brings employee benefits into the digital age.

The product is aimed to streamline Generali’s Employee Benefits Network offerings, including insurance cover for life, disability, accident and healthcare, the two firms jointly announced Tuesday. Through smart contracts and automated reconciliation, the system allows participants in the reinsurance process to share accurate data and reduce processing errors.

Using blockchain technology allows the firms to streamline "complex" manual processes within insurance, said Daniele Presutti, Accenture’s insurance practice lead in Europe.

The rollout comes after the firms conducted a trial of the solution last year. The effort saw participation from agriculture firm Syngenta and local insurers in Spain, Switzerland and Serbia.

“The prototype demonstrated significant results – lowering costs, saving time and improving data quality for all stakeholders,” according to the announcement.

Generali Employee Benefits CEO, Sergio Di Caro, said:

Generali Group started experimenting with blockchain in 2017 when it joined B3i, an insurance industry blockchain group set up to test the potential of the technology.

As far back as 2016, Accenture’s Abizer Rangwala, who focuses on insurance IT strategy for the firm as a managing director, said that he expects blockchain technology to have a “profound effect on business” in the insurance industry.

Accenture image via Shutterstock