Recently, VeChain Foundation announced on their official Twitter handle that People’s Insurance Company of China [PICC] has partnered with DNV GL [Det Norske Veritas and Germanischer Lloyd] a global quality assurance and risk management company, and the blockchain platform, VeChain. The partnership offers to bring about a digital transformation in the insurance industry.
According to a report published by PR Newswire, PICC stated that the existing system in the insurance industry produces an overwhelming amount of paper trail. The system also falls short in terms of proper data validation, it cited.
The problems faced currently in the insurance industry has led PICC to turn its head towards blockchain technology for a solution, it stated.
Furthermore, PICC stated that they believe blockchain technology will bring digital transformation in the insurance industry.
Moreover, the company believes that blockchain technology will help reduce turnaround time, improvise KYC [Know Your Customer] compliance, and prevent frauds.
PICC explains that realizing the potential use of advanced IoT devices and smart contracts in the industry, will help bring “instant compensation” for enterprises that produce profitable business models.
By partnering with DNV GL and VeChain, PICC believes that it can provide fruitful solutions that help protect user data, provide distributed ownership, and enhance AI [Artificial Intelligence] features.
Excited about the partnership, Sunny Lu, Co-founder of VeChain said:
“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.
PICC further stated with certainty that the solutions being offered will offer the maximum benefit without the need for PICC’s clients knowing or learning about the underlying architecture.
According to PICC, their decision to chose Vechain was due to their partnership with DNV GL that offers solutions to real world problems. VeChain’s public blockchain VeChainThor offers enterprises different tools, security features, PICC explained.
In addition, VeChain also offers regulation to rightfully control the assets and also offers collaboration across various verticals, industries, and countries, said PICC. It is ready to expand what they currently offer, bringing a change in the standstill industry.
George Kang [CEO of DNV GL Business Assurance Greater China Region] also issued a statement which read:
“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.”
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