It was announced that the People’s Insurance Company of China (PICC), a property and casualty insurance company in Mainland China, established in July 2003 has entered into a partnership with DNV GL, a global quality assurance and risk management company and VeChain, the public blockchain technology company headquartered in Shanghai to bring digital transformation to the insurance industry.
By partnering with DNV GL and VeChain, PICC aims to better protect user data, distribute ownership, and enhance existing artificial intelligence. These solutions will do so without having to educate PICC’s clientele on blockchain while still offering maximum benefits the technology provides.
Insurance companies use legacy claim management systems that produce overwhelming paper trails on insufficiently validated data that make up the current policy underwriting process. The inefficiencies within data collection, verification, and auditing cause policies to be placed on bad actors leading to price increases on the behalf of all policy owners.
PICC believes that blockchain technology can bring digital transformation, resulting in reduced turnaround time, premiums, prevent fraud and improve KYC compliance and claim experience. The realization of advanced IoT devices and smart contracts within this industry will potentially bring “instant compensation” for the companies producing a much more profitable business model.
“Collaborating with PICC expands our business within the insurance industry. We are confident we will provide great service and products to PICC, together with DNV GL.”
PICC chose VeChain because of their existing solutions with DNV GL catering to real problems within businesses and governments. 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 is aiming to expand their current offerings, bringing digital transformation to the industry.
“The role DNV GL plays is to ensure data integrity from the business operation perspective. In conjunction with VeChainThor Platform, we will provide a robust digital trust platform to assist PICC with enhanced data management and efficient data processing.”