10 Insurance Firms Test Blockchain for Insurance in China


A bunch of insurance coverage corporations has accomplished a brand new blockchain trial in China.

In a Sina Finance report, the information company revealed that the Shanghai Insurance Exchange had initiated a blockchain trial centered on insurance coverage companies in the nation. For the challenge, 9 insurance coverage corporations partnered with the change, together with Cathay Life Insurance, Meiji Yasuda Life Insurance, AIA Group, China Continent Property & Casualty Insurance and Minsheng Life Insurance.

Founded in 2016, the Shanghai Insurance Exchange is the nation’s first insurance coverage asset buying and selling platform.

The take a look at was reportedly aiming at making use of the safety and traceability options of blockchain, and to unravel the credibility points dealing with insurance coverage corporations.

In statements, Wang He, vp of People’s Insurance Company of China, famous that he believes insurance coverage is a pure match for blockchain given the sector’s reliance on disparate methods that embody many members with the have to share info.

The VP additional addressed that these searching for to leverage blockchain have to work with different applied sciences corresponding to huge information, organic recognition and synthetic intelligence because it strikes towards commercialization.

The report additional referenced the rising curiosity amongst China’s home insurance coverage corporations in blockchain, noting previous assessments by Sunshine Insurance, Ping An Group, Zhong An on-line property insurance coverage and Taikang Life.

Shanghai Insurance Exchange launch picture through YouTube

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