VeChain announced in a press release that one of the largest insurance companies in the world, People’s Insurance Company of China (PICC) with total assets of 126 billion dollars, wants to use VeChain’s blockchain-based services.
In fact, PICC has partnered with VeChain and DNV GL to bring digital innovation to the insurance industry, particularly in handling complaints that produce large volumes of non-standard data.
This leads to low efficiency and higher costs, which are in fact passed on to the policyholder.
PICC believes that blockchain technology can introduce innovations to reduce data collection times, prevent fraud, and improve KYC compliance and user experience.
The solutions considered are carried out in partnership with DNV GL and VeChain, thanks to which PICC wants to provide robust and secure solutions that protect user data. Furthermore, such solutions will not require users to be specifically trained to use them.
The choice of VeChain is due to the existing solutions, developed together with DNV GL, that deal with similar problems within companies and governments.
The public VeChainThor blockchain, which is currently being launched, will be used to provide the tools and governance to adequately control resources, even when collaborating with other companies or countries.
Sunny Lu, co-founder of VeChain, said: “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”.
George Kang, CEO of DNV GL Business Assurance Greater China Region, added: “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”.