.jpg)
People’s Insurance Company of China (PICC) has partnered with blockchain firm VeChain and risk management company DNV GL as part of its efforts to embrace the emerging distributed ledger technology.
PICC believes that blockchain technology can bring about reduced turnaround time and premiums, prevent fraud, and improve KYC compliance and claim experience, it said in a statement. The technology’s application in advanced IoT devices and smart contracts within the insurance industry will potentially help companies achieve a much more profitable business model.
By partnering with Norway-based DNV GL and VeChain, PICC can provide robust solutions that protect user data, distribute ownership, and enhance its existing artificial intelligence. These solutions will do so without having to educate PICC's clientele on blockchain technology while still offering the maximum benefits the technology provides.
PICC, which has US$126 billion in global assets, said that it selected its partners due to their solutions that cater to real problems within businesses and governments. Shanghai-based VeChain's use of their public blockchain, VeChainThor, provides enterprises with the tools, securities, and governance to properly control their assets while collaborating across multiple verticals, industries, and even countries. By merging this technology with the assurance services of DNV GL, PICC can expand its current offerings.
“The role DNV GL plays is to ensure data integrity from the business operation perspective, said George Kang, CEO of DNV GL Business Assurance, Greater China Region, “In conjunction with VeChainThor Platform, we will provide a robust digital trust platform to assist PICC with enhanced data management and efficient data processing.”
