One of the world’s largest insurers has partnered with emerging blockchain platform VeChain.
The Vechain Foundation says the deal with the People’s Insurance Company of China (PICC) could revolutionise the entire insurance industry.
“Insurance companies use legacy claim management systems that produce overwhelming paper trails,” VeChain said in a medium post.
“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 both VeChain and global quality assurance and risk management company DNV GL.
Sunny Lu, Co-founder at VeChain says the deal is a major step forward for all of the businesses involved.
“Collaborating with PICC expands our business within the insurance industry,” Mr Ly said.
“We are confident we will provide great service and products to PICC, together with DNV GL.”
The following information was provided by VeChain:
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.