As per a press released by a major insurance company’s in China ‘People’s insurance Company of China’ “PICC”, the company mentioned that it will be soon implementing blockchain technology to its business operations via its new partnership with VeChain and DNV GL.
According to the release, PICC has signed a partnership deed with a blockchain platform named ‘VeChain’, and a worldwide quality assurance and risk management company ‘DNV GL’ to create their business more efficient. In addition to this, this new partnership intends to enhance the existing fraud bar’s, KYC compliance, and the claims expertise.
In the announcement, PICC further said that the blockchain technology tends to bring digital transformation to the insurance business, which would be able to reportedly produce an “instant compensation” for firms by giving an additional profitable business model.
Specifically, the VeChainThor Platform would be assisting the PICC with enlarged data management and more practical processing, whereas DNV GL can guarantee the insurance system’s knowledge integrity as a third-party assurer.
While other insurance firms are also working to adopt the blockchain technology as their business model globally. Later in Aug. this year, AAIS insurances also introduced their first secured public blockchain based platform for managing the stats information provided by insurance carriers, participating contributors as well as regulators.
Also late in April, Global insurance brokerage and risk management company ‘Marsh’ also proclaimed their primary commercial business blockchain service for proof of insurance so as to modify their system “from sophisticated and manual to efficient and clear.”
VeChain, that is headquartered in Shanghai, is reportedly the primary blockchain firm to launch cooperation with Chinese government. VeChain’s token VET was launched back in year 2015, and is presently trading at a price of around $0.020 USD today, at the time of reporting.