China’s Largest Insurance Firm Set To Adopt Blockchain Via VeChain Partnership

Blockchain, News | September 3, 2018 By:

The People’s Insurance Company of China (PICC) is partnering with risk management giant DNV GL and blockchain startup VeChain to bring digital transformation to the insurance industry.

PICC, a state-owned company, is China’s largest issuer of property and casualty insurance. It is licensed to provide all major lines of insurance such as motor vehicle insurance, commercial property insurance, homeowners insurance, cargo insurance, liability insurance, accidental injury insurance, short-term health insurance, marine hull insurance, agriculture insurance, credit & surety insurance etc.

PICC will be working with Norway-based DNV GL and Singapore-based VeChain to develop blockchain solutions that protect user data, distribute ownership, and enhance existing artificial intelligence (AI). PICC believes that blockchain can bring digital transformation, resulting in reduced turnaround time, premiums, prevent fraud and improve know your customer (KYC) compliance and claim experience.

VeChain, which launched in November 2016, is an enterprise software designed to create, manage, maintain, and update shared data about products in the supply chain. Its public blockchain, VeChainThor, provides enterprises with tools, securities, and governance to properly control their assets while collaborating across multiple verticals, industries, and even countries.

In January of this year, VeChain teamed with DNV GL to merged VeChainThor with DNV’s assurance services. PICC said these combination is set to expand their current offerings, bringing true digital transformation to a now stagnant industry. VeChain will initially provide solutions for pre-selected use cases that enable PICC to expand upon the base technology. DNV’s globally-approved role as an independent third-party assurer for all provisions will aid in the firm’s expansion in blockchain-based solutions.

“Collaborating with PICC expands our business within the insurance industry. We are confident we will provide great service and products to PICC, together with DNV GL,” said Sunny Lu, Co-founder at VeChain.

“The role DNV GL plays is to ensure data integrity from the business operation perspective,” said George Kang, CEO at DNV GL Business Assurance Greater China Region. “In conjunction with VeChainThor platform, we will provide a robust digital trust platform to assist PICC with enhanced data management and efficient data processing.”