Starting in June 2015, VeChain seeks to implement blockchain technology in the real world, providing a comprehensive management structure and a strong economic model and the integration with the IoT.
VeChain is one of the pioneers of the blockchain-industry technology publicchchain. The headquarters project is located in Shanghai.
The people’s insurance company of China (PICC) signed a partnership with DNV GL and VeChain to implement the blockchain in the insurance industry.
VeChain officially announces partnership PICC, one of the largest insurer globally one of the largest insurer globally — https://t.co/ZkbsUfwQIH @vechainofficial @Vechain1 @DNVGL pic.twitter.com/FMXZaqzd5E
— CoinDiary (@CoinDiaryNews) September 2, 2018
Insurance companies use legacy systems claims management, which include the vast majority of paper documents, with poorly reliable data. The inefficiency of the collection process, verify and audit data leads to the fact that the market is exposed to unscrupulous parties, that leads to the losses of insurers and higher prices. PICC believes that blockchain technology will reduce the time of claims processing, reduce costs, prevent fraud and increase compliance with KYC. Potentially the introduction of IoT devices and smart contracts in this industry can provide “instant compensation” to policyholders.
The solutions developed by PICC, based on a partnership with DNV GL and VeChain. Thanks to a partnership with DNV GL and VeChain, PICC can obtain reliable solutions that protect user data, assign rights of ownership. These solutions do not require customer training PICC blockchain technology, while providing maximum benefits.
Sonny Lu, co-founder VeChain said:
“The cooperation with PICC is expanding our business in the insurance industry. We are confident that we will provide excellent service and quality products to PICC together with DNV GL.”
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