People’s Insurance Company of China (PICC) to embrace blockchain technology with the help of VeChain [VET]

VeChain is excited to reveal its strategic partnership that will definitely help to hike the network policies in China. The VeChain organization has announced via twitter post that the People’s Insurance Company of China (PICC) has successfully partnered with the Det Norske Veritas and Germanischer Lloyd, DNV GL which is mainly a risk controlling firm and a blockchain protocol.

VeChain Official Tweet

This partnership will help the nation to witness a digital transformation, especially in the insurance firm. As per the report it has been reported by the PICC that the existing system used by the insurance industry is suffering through an endless paper trail. Moreover, the system is also falling short with regard to the actual data validation.

These actual problems faced by the insurance firm has resulted in PICC to take a move towards the blockchain technology so that these issues can be figured out as early as possible.

The platform is hoping that this partnership will help to revolutionize the multiple issues including the data collection, auditing that frequently results in a hike of the price for the policy-holders, verification and so far with the support of blockchain technology.

The firm has abundant of global products over $126 billion is planning to integrate the blockchain in its platform with the aim to give a system a new version of the operation. This VeChain’s global blockchain VeChain Thor enables a variety of tools, devices, high security and other required features.

The Co-founder of VeChain, Sunny Lu stated his opinion in regard to the collaboration:
“Collaborating with PICC expands our business within the insurance industry. We are confident we will provide great service and products to PICC, together with DNV GL.”

The CEO of DNV GL Business Assurance Greater China Region also stated which read as:
“The role of DNV GL plays is to ensure data integrity from the business operation perspective. In conjunction with the VeChain Thor Platform, we will provide a robust digital platform to assist PICC with enhanced data management and efficient data processing.”

In addition, this integration of the duo will help to improve the KYC (Know Your Customer), help to enhance the time and most importantly will curb the frauds.

PICC expressed its opinion by stating that the use of high techniques of IoT devices and the smart contracts in the firm will help to bring “instant compensation” for the industries that aim to produce advanced and profitable business projects.

Let’s see whether the motive behind the integration turns out to be fruitful or not