The first day of August came with an unexpected announcement. VeChain Foundation has revealed the People’s Insurance Company of China [PICC] has teamed up with DNV GL and VeChain.
On 1 August, the VeChain Foundation shared with its Twitter followers that “one of the largest insurer globally“, People’s Insurance Company of China (PICC), is now working with the international quality assurance firm DNV GL [Det Norske Veritas and Germanischer Lloyd] and the blockchain platform, VeChain.
People's 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. https://t.co/2CyZsybRvm
— VeChain Foundation (@vechainofficial) September 1, 2018
The current insurance system is outdated
PR Newswire reported that the PICC’s system is generating a major loss of paper. In addition, it does not meet the data validation standards. The insurance industry’s issues are the ones that led PICC looking for blockchain technology as the institution believes it will carry out a digital transformation within the insurance sector.
Furthermore, PICC considers that blockchain tech will reduce data processing time and adapt the company’s system to the KYC-Know Your Customer standard.
According to PICC’s statement, the integration of IoT devices and Smart Contracts in the insurance domain will add “instant compensation” to businesses involved in the creation of financial models.
Following the collaboration with DNV GL and VeChain, People’s Insurance Company of China targets to integrate new tech solutions to protect users’ data and improve AI characteristics.
Speaking about the collaboration, Sunny Lu, Co-founder of VeChain claimed:
“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.”
VeChain- the most appropriate partner
PICC was motivated to partner with VeChain due to the blockchain platform’s collaboration with DNV GL, whose purpose is to provide tech solutions to global issues.
George Kang, CEO of DNV GL Business Assurance Greater China Region, also published a statement which reads:
“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.”