The partnership between the People's Insurance Company of China (PICC) and Vechain blockchain technology has revolutionized the insurance sector even after the signing.
According to Vechain media reports, the initial partnership began among companies in the three DNV GL, Vechain and PICC.
PICC adopted blockchain technology because of the increased costs associated with data collection, verification and audit. PICC believes blockchain technology will benefit from digital switching, time-consuming reduction, reduced premiums, and fraud prevention due to KYC compliance.
As the combination of advanced IoT devices and smart contracts is realized, companies with profitable business models have been immediately compensated.
With the latest developments through partnerships, PICC can now provide a more secure solution for data protection and distributed ownership.
"PICC is one of the world's largest insurers with a total of $126 billion and accommodates blockchain technology with the help of DNV GL and Vechain," the foundation said in a Twitter page.
Similarly, Vechain co-founder Sunny Lu said in a statement:
"Working with PCC extends the Vechain business in the insurance industry. We will offer excellent services and products to PICC with DNV GL."
DNV GL CEO George Kang added:
"The role of DNV GL is to ensure data integrity from a business operations perspective. Our partnership with the Vechain platform will provide us with a robust digital trust platform to support PICC through improved data management and efficient data processing."
*About PICC
China-based PICC was established in 2003 with PICC Group. PICC deals primarily with commercial real estate insurance, automobile insurance, home ownership insurance and liability insurance.