Peoples Insurance Company of China (PICC), one of the largest insurer globally with $126 billion total assets, is opting to embrace blockchain technology with the help of DNV GL and VeChain
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.
The blockchain solutions designed by PICC come from a partnership with DNV GL and VeChain. These solutions will bring digital transformation across the entirety of PICC. By partnering with DNV GL and VeChain, PICC can provide robust assured solutions that protect user data, distribute ownership, and enhance 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.
Sunny Lu, Co-founder at VeChain said that, “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 set to expand their current offerings, bringing true digital transformation to a now stagnant industry.
George Kang, CEO at DNV GL Business Assurance Greater China Region added that, “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.”
PICC believes they will derive new competitive advantages for their offerings now assured by DNV GL. VeChain will initially provide solutions for pre-selected use cases that enable PICC to expand upon the base technology. DNV GL’s globally-approved role as an independent third-party assurer for all provisions will aid in the firm’s expansion in blockchain-based solutions. The combined collaborative efforts of this partnership will create new value propositions and onboard existing PICC clients and competitors to a broader collaborative ecosystem that benefits everyone.
About The People’s Insurance Company of China (PICC)
PICC Property and Casualty Company Limited (“PICC P&C”), a property and casualty insurance company in Mainland China, was established in July 2003 with PICC Group as its sole promoter. The Company’s principal businesses are motor vehicle insurance, commercial property insurance, homeowners insurance, cargo insurance, liability insurance, accidental injury insurance, short-term health insurance, marine hull insurance, agriculture insurance, credit & surety insurance etc., and the related reinsurance business as well as investments permitted under the relevant laws and regulations of the PRC.
About DNV GL
DNV GL is a global quality assurance and risk management company. Driven by the purpose of safeguarding life, property and the environment, they enable their customers to advance the safety and sustainability of their business. Operating in more than 100 countries, DNV GL professionals are dedicated to helping customers in the maritime, oil & gas, power and renewables and other industries to make the world safer, smarter and greener.
Starting in June 2015, VeChain aims to connect blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model, and IoT integration. VeChain is the pioneer of real-world applications using public blockchain technology. Headquartered in Shanghai, the business now has five satellite offices across the globe.
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