VeChain Foundation Partners with Largest Chinese Insurance Companies | Crypto Gazette – Daily Crypto News, Articles & Tips $VEN

The VeChain Foundation has announced another major partnership with one of the biggest insurance companies in the world, as it continues its quest to secure partnerships for real-world use which will utilize its public blockchain.

VeChain partners with PICC

VeChain’s latest partnership is with the People’s Insurance Company of China (PICC), one of the leading insurance companies of the world and the largest in China.

The Peoples Insurance Company of China has announced its intentions to adopt blockchain technology, with the help of VeChain.

PICC will work with a VeChain investor, DNV GL, a global quality assurance and risk management company to leverage VeChain for data security, distributed computing and to improve the insurer’s artificial intelligence efforts.

George Kang, the CE0 of DNV GL in commenting on the partnerships said:

“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.”

About PICC

PICC is responsible for an estimated $126 billion assets and is now looking to revitalize the insurance sector by integrating blockchain technology into their infrastructure.

The People’s Insurance Company of China insurances the following services: motor vehicle, commercial property, homeowners, cargo, liability, accidental injury, short-term health, agriculture, credit, marine overhaul, and surety.

Role of Blockchain in the PICC

The revolutionary blockchain technology has been touted by many as a savior for many institutions and industries who use outdated systems rattled with inefficiencies.

The People’s Insurance Company of China joins the long list of institutions across the world to venture into the blockchain industry in a bid to upgrade its existent infrastructure and create a better system.

PICC believes that by leveraging the solutions offered by VeChain and DNV GL, they will derive new competitive advantages and also help the company to expand upon the base technology.

The insurance industry is filled with bureaucracy and bottlenecks, as the companies in most cases find it difficult to manage data collection, verification, and auditing.

The legacy claim management system that most insurance companies use is infamous for producing overwhelming paper trails on insufficiently validated data, these most times leave the door open for fraudulent claims form policyholders.

PICC will scale this problem by leveraging VeChainThor – VeChain’s blockchain – in order to digitally transform the insurance industry.

By doing so, PICC will be looking to provide better security solutions that will protect user data, distribute ownership, and enhance existing artificial intelligence.

PICC will be merging the benefits of VeChain’s blockchain with DVN GL’s the assurance services as it aims to expand its insurance services to the world.

The People’s Insurance Company of China wrote about their new partnerships:

“The realization of advanced IoT devices and smart contracts within this industry will potentially bring ‘instant compensation’ for the companies producing a much more profitable business model.”

PICC believes that by leveraging the solutions offered by VeChain and DNV GL, they will derive new competitive advantages and also help the company to expand upon the base technology.