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China's biggest insurance company is opening up via VeChain for the blockchain

China's biggest insurance company is opening up via VeChain for the blockchain

“PICC” ​​stands for “People's Insurance Company of China” and means “Chinese National Insurance Company”. The name belongs to one of the largest insurance companies in the world, holding assets worth $ 126 billion. Now PICC has announced that they want to use VeChain to introduce Blockchain technology in the enterprise. Also involved in the partnership is DNV GL, a global quality assurance and risk management company.

VeChain aims to connect Blockchain technology to the real world. In addition VeChain offers “a comprehensive governance structure, a robust economic model and an integration for the Internet of Things”. VeChain's public blockchain is called “VeChain Thor” and provides companies with tools, security measures and governance options.

The company VeChain exists since 2015. At the end of 2016 VeChain achieved something special. Vechain was the first company in the blockchain field to establish a business relationship with the Chinese government. So the company became the Blockchain Technology Partner of the regional government in Guiyang.

In addition, VeChain enjoys many other impressive partnerships. The most important of these concerns the accounting firm PricewaterhouseCoopers.

PICC offers its customers insurance for motor vehicles, business property, houses, freight and much more. However, the previous system involves huge amounts of paperwork, often based on inadequately validated data. This inefficiency makes it relatively easy for fraudsters to exploit vulnerabilities. The fraud cases in turn lead to higher premiums, which are charged to all insured persons. From the introduction of the Blockchain technology PICC promises in this respect a clear improvement. In addition, one wants to shorten the processing times and lower the insurance premiums. In addition, the company wants to improve the customer verification and make the reimbursement process more comfortable for customers. At the same time, by working with DNV GL and VeChain Blockchain, PICC aims to develop solutions that protect user data, distribute ownership, and enhance existing artificial intelligence.

Sunny Lu, co-founder of VeChain, said:

“The collaboration with PICC expands our business in the insurance industry. We are confident that together with DNV GL we will be able to offer PICC outstanding services and products. “

PICC said they chose VeChain because the existing DNV GL solutions are tailored to real business and government issues.

DNV GL CEO George Kang added:

“The role of DNV GL is to ensure data integrity from the perspective of operational business. Together with the VeChain Thor platform, we will build a robust, trusted platform that supports PICC with improved data management and data processing efficiency. “

VeChain will initially offer solutions for preselected use cases. These should allow PICC to build on the base technology.

China's biggest insurance company is opening up via VeChain for the blockchain

Sources: Medium, PR Newswire, Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/groest-insurance-chinas-oeffnet-sich-ueber-vechain-fuer-die-blockchain/

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