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September 3, 2018

PICC taps VeChain and DNV GL to develop blockchain insurance solutions

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.

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How will blockchain impact the insurance industry?

Blockchain remains a nascent technology in the insurance industry, despite previous years’ hype having died down. The technology promises to improve transparency and potentially rebuild trust post-COVID-19, as well as improve efficiency and cut down on admin time. GlobalData has therefore forecast blockchain technology to take off over the next decade and grow across all industries, translating into increased usage across the insurance industry. As a result, blockchain specialists are set to influence the incumbent insurers with product developments and ideas – find out more in our latest whitepaper on blockchain in insurance. Use our report to gain insights into:
  • How blockchain technology can impact insurance
  • Social media discussions surrounding blockchain
  • How much is being invested in blockchain in Insurance
  • Key case studies within the industry
Read our report now to understand how blockchain technology is expected to influence the insurance sector, and how companies can adapt alongside it.
by GlobalData
Enter your details here to receive your free Report.

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.”

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.

Free Report
img

How will blockchain impact the insurance industry?

Blockchain remains a nascent technology in the insurance industry, despite previous years’ hype having died down. The technology promises to improve transparency and potentially rebuild trust post-COVID-19, as well as improve efficiency and cut down on admin time. GlobalData has therefore forecast blockchain technology to take off over the next decade and grow across all industries, translating into increased usage across the insurance industry. As a result, blockchain specialists are set to influence the incumbent insurers with product developments and ideas – find out more in our latest whitepaper on blockchain in insurance. Use our report to gain insights into:
  • How blockchain technology can impact insurance
  • Social media discussions surrounding blockchain
  • How much is being invested in blockchain in Insurance
  • Key case studies within the industry
Read our report now to understand how blockchain technology is expected to influence the insurance sector, and how companies can adapt alongside it.
by GlobalData
Enter your details here to receive your free Report.

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