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Chinese insurance companies complete blockchain tests

Monday 10 April 2017 | 09:33 AM CET

The Shanghai Insurance Exchange had initiated a blockchain trial centred on insurance businesses in China.

The project included, besides the exchange, other nine insurance companies such as Cathay Life Insurance, Meiji Yasuda Life Insurance, AIA Group, China Continent Property & Casualty Insurance and Minsheng Life Insurance. The test focused on making use of the security and traceability features of blockchain, and aimed to solve the credibility issues facing insurance companies.

In statements, Wang He, vice president of People’s Insurance Company of China agreed that those seeking to leverage blockchain need to work with other technologies such as big data, biological recognition and artificial intelligence as it moves toward commercialization.

The report further referenced the growing interest among China’s domestic insurance companies in blockchain, noting past tests by Sunshine Insurance, Ping An Group, Zhong An online property insurance and Taikang Life, according to CoinDesk.

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