10 Insurance Firms Test Blockchain for Insurance in China

A group of insurance companies has completed a new blockchain trial in China aiming to utilize the security and traceability features of the tech.

AccessTimeIconApr 7, 2017 at 12:15 p.m. UTC
Updated Sep 11, 2021 at 1:13 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

A group of insurance companies has completed a new blockchain trial in China.

In a Sina Finance report, the news agency revealed that the Shanghai Insurance Exchange had initiated a blockchain trial centered on insurance businesses in the country. For the project, nine insurance companies partnered with the exchange, including 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 country's first insurance asset trading platform.

The test was reportedly aiming at making use of the security and traceability features of blockchain, and to solve the credibility issues facing insurance firms.

In statements, Wang He, vice president of People's Insurance Company of China, noted that he believes insurance is a natural fit for blockchain given the sector's reliance on disparate systems that include many participants with the need to share information.

The VP further addressed 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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.