Bitcoin Global News (BGN)
September 04, 2018 -- ADVFN Crypto NewsWire -- The People's
Insurance Company of China (PICC) is a one of the largest insurers
globally, holding $126 billion total assets. The company is
publicly held, and is the largest casualty insurance provider in
China. They have formed a partnership with VeChain and the global
quality assurance and risk management company DNV GL to develop a
widespread digital transformation.
"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." - George Kang, CEO at DNV GL
Business Assurance Greater China Region
Wasteful Traditional
Systems
Insurance companies are using claim
management systems that produce massive paper trails. The nature of
the industry requires this data, but the systems for validation
with the current policy underwriting process are now outdated
compared to the technology available, and much of the physical
documentation can be replaced.
These inefficiencies create the
need for even further data collection and verification because of
auditing policies. This workload ultimately drives up the cost of
insurance to the policyholders. PICC will make the conversion to
blockchain based data on the VeChain public network to protect user
data, distribute ownership, and enhance existing artificial
intelligence. This more streamlined data infrastructure will reduce
turnaround time and premiums, prevent fraud, improve KYC compliance
and benefit the overall claim experience.
DNV GL will facilitate expansion to
PICC service offerings, while the partnership with VeChain ensures
that new services are integrated into the new system, rather than
bringing more complexity into their old model. The ideal result
will be to use blockchain and smart contracts to revolutionize the
insurance industry with "instant compensation." Ultimately,
advanced IoT devices, smart contracts and digital currency will
create a much more profitable business model.
Blockchain Insurance
Systems
VeChainThor provides enterprises
with the tools, securities, and governance to properly control
their assets while collaborating across multiple verticals,
industries, and across national borders. They are working to
connect blockchain technology to the real world by providing a
comprehensive governance structure, a robust economic model, and
IoT integration. There are many other major insurance providers
using blockchain technology, but PICC is the only organization
using a blockchain network that has an associated cryptocurrency
(VET).
B3i
Consortium
The group was created by Aegon,
Allianz, Munich Re, Swiss Re and Zurich, and was joined by 23 other
companies within one year, including AIG and AIA. They have since
transitioned into an independent company incorporated in
Switzerland in order to “streamline the development, testing and
commercialization of blockchain solutions.” B3i built their
prototype on Hyperledger Fabric of IBM, has since switched R3 Corda
last month.
The RiskBlock
Alliance
A Pennsylvania-based risk and
insurance group The Institutes launched this group earlier in 2018,
and was quickly joined by 18 companies. RiskBlock chose R3's Corda
platform, but also experimented with a private Ethereum
network.
Insurwave
Guardtime and EY developed
Insurwave, a shipping industry focused platform, using Microsoft
Azure’s cloud services in combination with the R3 Corda blockchain.
Maersk, the worlds largest shipping company, began using the
platform in May.
AAIS openIDL
Blockchain
The American Association of
Insurance Services is using blockchain to store patient
information. They claim it is the “first secure, open blockchain
platform that enables the efficient and permissioned-based
collection of statistical data on behalf of insurance carriers,
regulators and other participating contributors.” OenIDL includes a
smart contract feature for automatic transaction execution or
“instant compensation.”
By: BGN Editorial Staff
News:
VeChain
(VEN)
Blockchain
Cryptocurrency
