People’s Insurance Company of China (PICC) Cooperates With VeChain ​​And DNV GL

The People’s Insurance Company of China (PICC) cooperates with the Shanghai blockchain platform VeChain (a global information transformation platform based on blockchain technology, launched in 2015 in Singapore) and DNV GL’s risk management company to create new insurance solutions for blockchain aimed at digital transformation of the insurance industry.

The People’s Insurance Company of China (PICC), founded in 2003, manages assets of $ 126 billion. The firm offers a wide range of services, including insurance of vehicles, real estate, cargo, insurance against accidents, agricultural insurance, etc.

DNV GL is a global company for quality assurance and risk management. The company is guided by the goal of protecting life, property and the environment, and enables clients to promote the security and sustainability of their business. The company provides classification, technical support, software and independent expert advice in the oil and gas, energy and other industries.

The People’s Insurance Company of China (PICC) said that the partnership will allow it to provide reliable guaranteed solutions that will protect user data.

Insurance companies are currently using obsolete claims management systems, which leads to inefficient data collection and verification processes, as well as higher prices for insurers. The firm aspires to solve these problems and also plans to fight fraud.

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