China's largest insurer applies Blockchain technology in partnership

The People's Insurance Company of China (PICC), largest insurance company in China, intends to apply Blockchain technology in its operations through a new partnership with China's VeChain and DNV GL.

PICC has partnered with the Blockchain VeChain platform and a global risk management and quality assurance company, DNV GL, to make its business more time-efficient and cost-effective. In addition, these new partnerships aim to improve fraud prevention, customer loyalty processes (KYC), and the claims experience.

In the official statement released this week, the PICC says that Blockchain technology will bring the digital transformation to the insurance industry, which will create "instant compensation" for companies, offering a more profitable business model.

Specifically, the "VeChainThor" platform will assist the PICC with the most effective data management and processing, while DNV GL will ensure the integrity of the insurance system data as an independent insurer.

Several insurance companies around the world are starting to embrace Blockchain technology. In August, the American Association of Insurance Services (AAIS) introduced the "first open and secure Blockchain platform" to manage the collection of statistical data by insurers, regulators and other participating contributors.

In April, global insurance brokerage and risk management company Marsh announced the first commercial Blockchain service for insurance proofs in order to change its system from "complicated and manual to simplified and transparent."