People’s Insurance Company of China (PICC), one of the largest insurers globally with $126 billion total assets is opting to embrace blockchain technology with the help of DNV GL and VeChain
Insurance companies use legacy claim management systems that produce overwhelming paper trails on insufficiently validated data that make up the current policy underwriting process. The inefficiencies within data collection, verification, and auditing cause policies to be placed on bad actors leading to price increases on the behalf of all policy owners. PICC believes that blockchain technology can bring digital transformation, resulting in reduced turnaround time, premiums, prevent fraud and improve KYC compliance and claim experience. 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.
The blockchain solutions designed by PICC come from a partnership with
PICC chose VeChain because of their existing solutions with
PICC believes they will derive new competitive advantages for their offerings now assured by
About The People's Insurance Company of China (PICC)
PICC Property and Casualty Company Limited ("
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About VeChain
Starting in
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SOURCE VeChain
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