Blockchain looks set to disrupt the insurance industry in China after the People's Insurance Company of China (PICC) formed a new partnership with VeChain and DNV GL.
In a major announcement, PICC said that its blockchain solutions will power digital transformation across the company, helping to protect user data, distribute ownership and enhance existing artificial intelligence.
It also believes the technology will result in reduced turnaround time, premiums, prevent fraud and improve KYC compliance and claim experience.
VeChain, which is the pioneer of real-world applications using public blockchain technology, is headquartered in Shanghai and has five satellite offices across the globe. DNV GL is a global quality assurance and risk management company operating in over 100 countries worldwide.
Initially, VeChain will provide solutions for pre-selected use cases that enable PICC to expand upon the base technology. DNV GL'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," said Sunny Lu, co-founder at VeChain. "We are confident we will provide great service and products to PICC, together with DNV GL."
George Kang, CEO at DNV GL Business Assurance Greater China Region, added: "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."