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Ireland-based global consulting firm Accenture and Italy-based insurance giant Generali Group’s employee benefits unit have debuted a blockchain solution for employee benefits. The partnership was announced in a press release from the firms on April 16.
Generali Employee Benefits (GEB) is an employee benefit solutions provider and global business line of Italy’s largest insurance firm — and 8th largest globally. The press release states that GEB operates the largest employee benefits solutions network worldwide.
The blockchain solution will reportedly facilitate data sharing for parties involved in the reinsurance process for captive and pooling services. It will also reportedly improve procedures’ reliability through the use of smart contracts and automated reconciliation.
Captive insurance refers to underwriters who are wholly-owned by their
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