One of China’s largest insurance companies, the state-owned People’s Insurance Company of China (PICC), announced a partnership with Oslo-based DNV GL and blockchain-oriented VeChain. According to the agreement, PICC aims to accelerate the digital transformation in the insurance market.
The Chinese insurer is confident that distributed ledger technology (DLT) can streamline several key processes, reduce fraud, and ensure KYC compliance. Today, most insurers apply legacy claim management solutions that require a lot of paperwork. This often leads to inefficiencies related to data collection and verification. A digital syste...
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