People's Insurance Company of China (PICC), has entered into a partnership with risk management firm DNV GL and Shanghai-based blockchain platform VeChain to create new blockchain insurance solutions aimed at bringing digital transformation to the insurance industry.
PICC said the partnership will enable it to provide robust assured solutions that protect user data, distribute ownership and enhance existing artificial intelligence (AI).
PICC is one of the largest P&C insurers globally with $126bn total assets.
PICC partnered with VeChain because of their existing solutions with DNV GL catering to real problems within businesses and governments.
The company believes that blockchain technology can bring digital transformation, resulting in reduced turnaround time, premiums, prevent fraud and improve compliance and claims experience.
Sunny Lu, co-founder at 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."
George Kang, CEO at DNV GL Business Assurance Greater China Region commented: "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."