Due to the bad situation of data collection, verification and audit that results in price increases, PICC opted for Blockchain with the belief that the technology will bring digital transformation, reduction in response time, premiums and at the same time avoid fraud while KYC increases compliance.
Along with the realization of advanced IoT devices and smart contracts, companies with profitable business models have received instant compensation.
With the latest development of the partnership, PICC will provide safer and more secure solutions to protect data and distributed property.
Recognizing the association, the Vechain Foundation, on its Twitter page, revealed that “People’s Insurance Company of China (PICC), one of the largest insurers in the world with $ 126 billion of total assets, opts to adopt the blockchain technology with the help from DNV GL and VeChain. ”
Similarly, the co-founder of blockchain technology, Sunny Lu, said in a statement: “The collaboration with PICC expands our business within the insurance industry and we are confident that we will provide excellent service and products to PICC, along with DNV GL “.
PICC said that it chose VeChain as the supplier of blockchain technology due to the permanent solution that the latter, in collaboration with DNV GL, has been able to provide to the government and companies.
The CEO of DNV GL, China Region, George Kang added that “The role that DNV GL plays is to ensure the integrity of the data from the perspective of the commercial operation.” Together with VeChainThor Platform, we will provide a solid digital trust platform to help to PICC with improved data management and efficient data processing. ”
About People’s Insurance Company of China (PICC)
Headquartered in China, PICC was established in 2003 with the PICC Group. Mainly, PICC deals with commercial property insurance, motor vehicle insurance, homeowners insurance and civil liability insurance, among others.