PICC Financial Services inks MOU with Singularity Studio to promote development of AI and blockchain-based services

PICC Financial Services, the fintech arm of People’s Insurance Company of China (PICC), has signed a memorandum of understanding (MOU) with Singularity Studio to encourage the development of artificial intelligence (AI) and blockchain-based services for the insurance industry, Finextra reported.

According to the terms of the MOU, the companies will open a new accelerator in Beijing, which will be located at the Plug & Play tech center. The accelerator programme will seek to attract fintech startups to work on research initiatives, stage training programmes and hold events and seminars.

The companies will initially focus on applications such as AI-enabled marketing, linguistic and voice recognition, smart evaluation and settlement of claims. They will also explore the use of blockchain technology in supply chain management and identification of fraud.

“Technical innovation is deeply affecting the transformation and development of the insurance industry,” Gu Wei, CEO of PICC Financial Services, said. “Currently we deploy AI and blockchain solutions across a range of product lines and services. This strategic partnership accelerates our AI development plans and provides a platform for global expansion.”

PICC, a state-owned company in China, has been making efforts to bring blockchain benefits to the insurance market. Last September, it entered into a partnership with DNV GL and VeChain to bring digital transformation to the insurance industry.

PICC said at the time that it believes blockchain technology can bring digital transformation, resulting in reduced turnaround time, premiums, prevent fraud and improve KYC compliance and claim experience.

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