Chinese giant PICC partners with blockchain VeChain and DNV

People's Insurance Company of China (PICC) has partnered with Shanghai-based blockchain platform VeChain and risk management firm DNV GL to create new blockchain insurance solutions aimed at bringing digital transformation to the insurance industry.

PICC said the partnership will enable it to provide robust assured solutions that protect user data, distribute ownership, and enhance existing artificial intelligence (AI).

PICC is one of the largest property and casualty insurers globally with $126 billion total assets. The company believes that blockchain technology can bring digital transformation, resulting in reduced turnaround time, premiums, prevent fraud and improve compliance and claims 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 company said.

"The combined collaborative efforts of this partnership will create new value propositions and onboard existing PICC clients and competitors to a broader collaborative ecosystem that benefits everyone," the company said in a statement.

Sunny Lu, co-founder at VeChain added: "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."

George Kang, CEO at DNV GL Business Assurance Greater China Region said: "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."

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