The insurance giant from China, the People`s Insurance Company of China (PICC) will apply the blockchain technology.
The company has made a partnership with a platform called VeChain, and DNV GL, which is a global quality assurance and risk management company. The target of the new partnership is not only to make the business more efficiently, but to improve fraud prevention and make all processes more cost-efficient and ensure the compliance with the local ad global norms and regulations.
In the official statement, PICC insists, that the blockchain will lead to a transformation of the insurance industry. A new, more profitable and more convenient business model is coming, thanks to the blockchain.
Specifically, the blockchain platform helps the insurance giant to expand the data management and provide the insurance data integrity, as well as independent third-party assurer.