People’s Insurance Company of China (PICC), one of the world’s largest insurance companies is partnering with blockchain platform VeChain and DNV GL, a global quality assurance and risk management company. PICC concentrates on motor vehicle insurance, commercial property insurance, homeowners insurance, cargo insurance, liability insurance, accidental injury insurance, short-term health insurance, marine hull insurance, agriculture insurance, credit and surety insurance.
By partnering with DNV GL and VeChain, PICC can provide robust assured solutions that protect user data, distribute ownership, and enhance existing artificial intelligence. These solutions will do so without having to educate PICC's clientele on blockchain technology while still offering the maximum benefits the technology provides.
Sunny Lu, Co-founder at VeChain said that,
“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.”
PICC picked VeChain because of their existing solutions with DNV GL catering to real problems within businesses and governments. VeChain's use of their public blockchain, VeChainThor, provides enterprises with the tools, securities, and governance to properly control their assets while collaborating across multiple verticals, industries, and even countries. By merging this technology with the assurance services of DNV GL, PICC is set to expand their current offerings, bringing true digital transformation to a now stagnant industry.
The CEO of DNV GL, China Region, George Kang added,
“The role DNV GL plays is to ensure data integrity from the business operation perspective. In conjunction with VeChainThor Platform, we will provide a robust digital trust platform to assist PICC with enhanced data management and efficient data processing.”
The market seemed to have welcomed this new development. VeChain [VET] had gained 9.2 percent against the U.S. dollar the hours following the announcement.