According to the news on 01st September People Insurance Company of China (PICC) will apply blockchain technology to its operations via a new partnership,
PICC has partnered with blockchain platform VeChain, and a global quality assurance and risk management company DNV GL to make their business more time and cost efficient. Additionally, the new partnership intends to improve fraud prevention, Know your Customer (KYC) compliance, as well as the claims experience.
PICC says in its announcement that, blockchain technology will bring digital transformation to the insurance industry, which will reportedly create an “instant compensation” for companies by offering a more profitable business model.
In press, the news came up by the global insurance and risk management that it is the first commercial blockchain service for proof of insurance in order to switch their system “from complicated and manual to streamlined and transparent.”
The headquarters of VeChain in Shanghai, the first blockchain firm to launch cooperation with the Chinese government. VeChain’s token VET was launched in 2015, and is currently the 17th top cryptocurrency by market capitalization, trading at $0.0189 with a market cap of around $1 billion.