Link copied People's Insurance Company of China (PICC) has partnered with DNV GL, a global quality assurance and risk management company, and leading public blockchain service provider VeChain as it seeks to tap into the potential of blockchain technology.
PICC, in collaboration with DNV GL and VeChain, is developing solutions that protect user data, distribute ownership, and enhance existing artificial intelligence. It believes that blockchain technology can help reduce turnaround time, premiums, prevent fraud and improve KYC compliance and claim experience.
Importantly, these solutions would not require educating PICC's clientele on blockchain technology, but will still provide the maximum benefits the technology has to offer.
"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,” Sunny Lu, Co-founder at VeChain said.
According to the official announcement, PICC chose VeChain because of its existing solutions with DNV GL. Earlier in January, DNV GL and VeChain partnered to use blockchain to improve the transparency of product and supplier information, significantly increasing the efficiency of supply chains. In May, DNV GL bought a stake in VeChain.
VeChain's VeChainThor blockchain provides enterprises with the tools, securities, and governance to properly control their assets while collaborating across multiple verticals, industries, and even countries.
PICC believes that it will derive new competitive advantages for its offerings now assured by DNV GL. VeChain will initially provide solutions for pre-selected use cases that enable PICC to expand upon the base technology, while the assurance services of DNV GL will aid in the firm’s expansion in blockchain-based solutions. The partnership will help create new value propositions and onboard existing PICC clients and competitors to a broader collaborative ecosystem that benefits everyone.
"The role DNV GL plays is to ensure data integrity from the business operation perspective. In conjunction with VeChainThor Platform, we will provide a robust digital trust platform to assist PICC with enhanced data management and efficient data processing,” George Kang, CEO at DNV GL Business Assurance Greater China Region.
