China Could Transform the Insurance Industry Through Blockchain Technology

The People’s Insurance Company of China (PICC) has partnered with DNV GL and VeChain to transform the insurance industry through blockchain technology.

Today, current policy underwriting processes for insurance companies use legacy claim management systems, which result in overwhelming paper trails on insufficiently validated data.

Moreover, the inefficiencies that come from gathering and verifying in addition to auditing result in policies that are placed on bad actors which cause price increases on behalf of all policy owners.

So PICC thinks that blockchain technology can bring about a digital revolution, which would lead to reduced turnaround time, lower premiums, fraud prevention, and the improvement of KYC compliance and claim experience.

Technology such as the blockchain can also be beneficial to Asgardia as they work toward their goals of creating a demilitarized and free scientific base of knowledge in space and the long-term objective of setting up habitable platforms in space.

The companies believe that with the advent of advanced IoT devices and smart contracts when applied to the insurance industry it will potentially bring instant compensation for the companies and generate a much more profitable business model.

The blockchain solutions created by PICC come from working in conjunction with DNV GL and  VeChain. These solutions will provide a digital transformation across the entirety of PICC. By partnering with DNV GL and VeChain, PICC can offer reliable, assured solutions that protect user data, distribute ownership, and improve existing artificial intelligence.

Additionally, these solutions will work without having to educate PICC’s clientele on blockchain technology while still providing maximum benefits.

PICC selected VeChain due to their existing solutions with DNV GL, which are aimed at real problems within businesses and governments. VeChain’s use of their public blockchain, VeChainThor, gives enterprises the tools, securities, and governance they need to properly control their assets while working across multiple verticals, industries, and even countries.

By combining this technology with the assurance services of DNV GL, PICC is set to grow their current offerings and bring true digital transformation to a now old-fashioned industry.

PICC believes they will yield new competitive advantages for their offerings as they are now backed by DNV GL. VeChain will initially offer solutions for pre-selected use cases that allow PICC to build upon the base technology.

DNV GL’s globally-approved role as an independent third-party assurer for all provisions will help with the firm’s expansion into blockchain-based solutions.

This partnership will help create new value propositions and onboard existing PICC clients and competitors to a broader collaborative ecosystem that benefits everyone.

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