VeChain Partners With One of the Largest Insurance Companies With $126 Billion Total Assets

VeChain is partnering with People’s Insurance Company of China (PICC) along with DNV GL to introduce Blockchain solutions to the insurance industry.

PICC is one of the largest insurers globally (Largest in China with over one-third of the market share and 117th in the Fortune 500) and is a state–owned company with $126 Billion in total assets, so this partnership is certainly of great importance and could be one of the biggest milestones for the VeChain community.

DNV GL had bought a stake in VeChain earlier this year to adopt Blockchain to boost traceability and transparency of their products, so with this partnership along with DNV GL and VeChain, PICC aims to “robust assured solutions that protect user data, distribute ownership, and enhance existing artificial intelligence.”

It makes sense that VeChain was aiming at the insurance industry as it is one of the largest industries in the world which could use the Blockchain technology to benefit by a large extent as there are inefficiencies with data collection, verification, auditing, etc.

VeChain also completed it’s Mainnet swap earlier in August, it has been pretty impressive this year with the launch of whitepaper and announcements of various partnerships with companies like LogSafer for logistic solutions, NTT for 5G program and many more.

Sunny Lu, Co-Founder of VeChain said:

“Collaborating with PICC expands our business within the insurance industry. We are confident we will provide great service and products to PICC, together with DNV GL.”

Lu in a recent live session had assured that everything is going according to plan, more than 90% of VEN tokens have been turned to Mainnet VET tokens. He had hinted about a partnership soon during the Livestream (now we know why).

The press release mentions:

PICC chose VeChain because of their existing solutions with DNV GL catering to real problems within businesses and governments.

With this partnership, PICC plans to bring about a digital transformation in the industry and create new value propositions for their clients.

It is definitely a great step forward for the VeChain network and the adoption of Blockchain technology in the mainstream industries like insurance.

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