People's Insurance Company of China (PICC) has announced that it will apply blockchain technology in its operations. The Chinese insurance giant has signed a partnership agreement with the blockchain [4] platform VeChain and DNV GL, a quality assurance and risk management company.
This agreement aims to improve the prevention of insurance fraud [5] and the quality of customer service thanks, in particular, to the instant compensation system.
According to PICC, blockchain technology will also enable it to develop the company's digital transformation with a view to increasing the profitability of its business.
DNV GL will guarantee the integrity of the insurance system's data as an independent third-party insurer. VeChain will assist PICC with the management and processing of data.