The declaration of a partnership between an insurance company based in China and the VeChain blockchain technology (VET) has been increased to bring innovations in the insurance industry after the collaboration has been registered in the register.
Coming from the VeChain Blockchain is a press release indicating that the alliance was initiated between three companies among which DNV GL exists.
Because of the bad situation of collecting, verifying and verifying data that leads to a price increase, PICC has opted for Blockchain with the belief that technology will bring digital transformation, reduction of delivery times, prizes and at the same time prevent fraud by increasing KYC compliance.
Coupled with advanced IoT devices and smart contracts, companies with profitable business models received immediate compensation.  With the latest development of the partnership, PICC will provide healthier protected solutions ng data and distributed ownership.
Recognizing the partnership, Vechain Foundation, on its twitter page it disclosed that "China's Insurance Company of China (PICC), one of the largest insurers globally with total assets of $ 126 billion, is opting to embrace blockchain technology with the help of DNV GL and VeChain ".
Similarly, the co-founder of blockchain technology, Sunny Lu stated in a statement that "Collaborating with PICC expands our business in the insurance industry, we are confident that we will provide a great service and products to PICC, along with DNV GL. "
PICC said it chose VeChain as a supplier of blockchain technology because of the permanent solution this last, in collaboration with DNV GL, could to provide the government and businesses.
CEO of DNV GL, China Region, George Kang added that: "The role DNV GL plays is to ensure data integrity from the point of view of business operations, together with the VeChainThor platform we will provide a strong digital trust platform to help PICC improve data management and efficient data processing. "
Information on the Chinese insurance company (PICC)
Based on China , PICC was founded in 2003 with PICC Group. In particular, PICC deals with commercial property insurance, motor vehicle insurance, homeowner insurance and third party liability insurance, among others.