People’s Insurance Company of China (PICC) has teamed up with blockchain platform VeChain and risk management firm DNV GL in order to create blockchain insurance.

PICC said that insurance firms currently use legacy claim management systems, resulting in inefficient data collection and verification processes as well as price increases for policyowners.

The firm aims to address these problems with blockchain insurance. It said it will result in reduced turnaround time and premiums and mitigate fraud concerns.

With the new alliance, PICC aims to develop solutions that will have the capacity to secure user data, distribute ownership, as well as enhance its efforts in artificial intelligence.

“The realisation 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 insurer said.

DNV GL Business Assurance Greater China Region CEO George Kang said: “In conjunction with VeChainThor Platform, we will provide a robust digital trust platform to assist PICC with enhanced data management and efficient data processing.”

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By GlobalData

PICC, founded in 2003, manages $126bn in assets. The firm offers a range of services including motor vehicle insurance, commercial property insurance, homeowners insurance, cargo insurance, liability insurance, accidental injury insurance, and agriculture insurance.