One of China’s leading insurance companies the Peoples Insurance Company of China (PICC) and VeChain have formed a partnership to incorporate and use blockchain technology.

Partnerships will help efficiency

For example, PICC partnered with VeChain to use their blockchain platform along with DNV GL a top ranking global risk management company.

DVN GL will help them make their business more streamlined leading to better time and cost efficiency. Furthermore, this new partnership will bring along some additional improvements and benefits. For instance, in the areas of fraud prevention and Know your Customer agreements this blockchain platform will help greatly.

PICC also made it clear that using VeChain’s blockchain platform will lead to a digital transformation in the insurance industry. This should more than compensate for insurance companies looking into a more profitable and well organized business model.

DNV GL to guarantee systems reliability

In addition, VeChain’s platform will help and support PICC with extended management data.

This will lead to more efficient data processing.  DNV GL will assure that the insurance’s system’s reliability will be backed up by them. This self governing and independent third party assurer will guarantee that.

Other International insurance companies are now jumping on the bandwagon by adopting blockchain technology. Barely one month ago, The American Association of Insurers Services introduced a secure and open blockchain platform. This will help in the management and collection of statistical data. This data can be used by any insurance carrier or regulator.

VeChain whose headquarters is based in Shanghai, is the first blockchain company to partnership with the Chinese government. VeChain was first launched in 2015 and today it currently holds the 17th place in the top twenty cryptocurrency market. VeChain’s partnership with this Chinese insurance giant  will defiantly add more value to their company. All parties are surely to gain from this partnership.

 

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