Global insurance firm Generali and Accenture and have launched the first-ever Blockchain-based solution for the HR industry.

The solution is aimed at mitigating processing errors in the reinsurance process through smart contracts and automatic reconciliation for employee benefit.

Generali Employee Benefits (GEB) benefit operating model will be streamlined significantly by the application of the Blockchain solution.

There was a prototype demonstration last year with agricultural firm Syngenta and insurers based in Spain, Switzerland, and Serbia, which was a resounding success. The solution helped the user companies to cut costs, save time and assured higher data quality.

“This prototype represents a step forward for GEB and for the insurance industry,” said GEB CEO Sergio Di Caro in the press release, “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.”

Daniele Presutti, who heads up Accenture’s European insurance operations, added, “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 revolutionize the employee benefits process for its customers.”