As per a press released by a majorinsurance company’sin China ‘People’sinsurance Companyof China’ “PICC”, the company mentioned that it will be soon implementing blockchain technology to its business operations viaits new partnership with VeChain and DNV GL.
According to the release, PICC has signed a partnership deed with a blockchain platform named ‘VeChain’, anda worldwidequality assurance and risk management company ‘DNV GL’to createtheir businessmore efficient.In addition to this, this new partnership intendsto enhancethe existing fraudbar’s, KYC compliance,and the claims expertise.
In the announcement, PICC further said that the blockchain technologytends tobring digital transformation to the insurancebusiness,which would be able to reportedly produce an“instant compensation” for firms bygivinganadditionalprofitable business model.
Specifically, the VeChainThor Platformwould beassisting the PICC withenlargeddatamanagement andmore practicalprocessing,whereasDNV GLcanguarantee the insurance system’sknowledgeintegrity 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’ alsoproclaimedtheir primarycommercial business blockchain service for proof of insuranceso asto modifytheir system “fromsophisticatedand manual toefficientandclear.”
VeChain,thatis headquartered in Shanghai, is reportedlythe primaryblockchain firm to launch cooperation with Chinese government. VeChain’s token VET was launched back in year 2015, and ispresently trading at a price of around $0.020 USD today, at the time of reporting.