People's Insurance Co. of China (PICC) is planning to deploy blockchain technology in its insurance operations.
The Chinese property and casualty insurer is partnering Norway-based assurance services provider DNV GL and Shanghai-based blockchain platform VeChain for the project.
PICC believes that blockchain technology can bring digital transformation - reduced turnaround time, lower premiums, fraud prevention, as well as improving KYC compliance and claim experience.
Insurance companies currently use legacy claim management systems that produce large amounts of paper trails on insufficiently validated data for the policy underwriting process. Currently the costs related to the inefficient handling of data collection, verification, and auditing of policies are passed on to the policy holders in the form of higher premium.
By partnering with DNV GL and VeChain, PICC expects to provide solutions that protect user data, distribute ownership, and enhance existing artificial intelligence.
PICC will use VeChain's public blockchain platform, VeChainThor, which provides with the tools, securities, and governance to control their assets while collaborating across multiple verticals, industries, and even countries.
VeChain will initially provide solutions for pre-selected use cases that enable PICC to expand on the base technology. DNV GL's globally-approved role as an independent third-party assurer for all provisions will aid PICC's expansion in blockchain-based solutions.
PICC is one of the largest global insurers with $126 billion total assets.
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