Non-life giant, People's Insurance Company of China (PICC), has entered into a partnership with DNV GL and VeChain to bring digital transformation to the insurance industry.
Oslo headquartered DNV GL is a global quality assurance and risk management company, whereas VeChain, headquartered in Shanghai, is a pioneer of real world applications using public blockchain technology.
PICC chose VeChain as a partner because of their existing solutions with DNV GL catering to real problems within businesses and governments.
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 in data collection, verification, and auditing cause policies to be placed on bad actors leading to price increases.
PICC believes that blockchain technology can bring about digital transformation, resulting in reduced turnaround time, premiums, prevent fraud and improve KYC compliance and claim experience. Advanced IoT devices and smart contracts within the industry will potentially result in "instant compensation" for companies, producing a much more profitable business model.
The blockchain solutions designed by PICC in partnership with DNV GL and VeChain will deepen digital transformation across PICC.