15 June 2018
On June 14th, THEKEY project unveiled another big partnership. THEKEY will provide IDV services for ‘Life Insurance’ titan ‘TAIKANG’. This deal is another yet another milestone achievement for the THEKEY, which is continuously expanding market penetration. Now that its Blockchain MVP ‘testnet’ is ready, we can expect to see steady improvement and initial, real-world, implementation of its BDMI technology.
The Taikang Group, founded in 1996 has become a giant in the sector of ‘Insurance and Financial Services’. Over its 22 years of existence, Taikang has served over 225 million citizens and 340 thousand companies in the sector of insurance, asset management, healthcare, and other. The company currently holds more than 187 billion USD of assets under management. Needless to say that the strategic significance of this cooperation with THEKEY cannot be underestimated.
The agreement with the Taikang Group is currently focused on the existing first-generation ‘Identification Verification Services’ (IDV), offered by THEKEY. This first-generation technology is based on the same verification structure as BDMI but does not yet have ‘Blockchain’ integration in its process. The fact that THEKEY was able to sign this deal, indicates that Taikang validates the enormous advantage THEKEY has over its competitors. THEKEY is uniquely positioned in China, as it abe able to commercialize government authenticated ‘Personal Identity’ (PII) data of 210 million+ Chinese citizens.
When people and companies want to ask for reimbursement at their respective insurance companies, they are confronted with ‘paper trails’ and ‘bureaucracy’ at the worst possible time. While time-consuming situations can lead to enormous frustration on the part of the insurer’s clients, they are also costly for the insurer as there is a high labor cost involved with the manual audit of an insurance claim.
THEKEY’s online cross-checking capability with government-authenticated data is a disruptive feature for the insurance market. THEKEY is able to automate the ‘audit process’, as it can verify records with the appropriate departments at the ‘Chinese Ministry of Human Resources and Social Security’ (MOHRSS).
Taikang and THEKEY will work together to create a fully automated claim process, which will allow for immediate claim settlement, help protect against fraudulent practices and enhance data security of the claimant. Through its technology, THEKEY can guarantee that the accessed data never leaves the custody of the Chinese government and is only seen by authorized parties.
While many blockchain projects still have to prove that they have an existing ‘addressable market’, THEKEY is proving time and time again, that it has real-world demand for its IDV services.
While CEO, Catherine LI has indicated that the project still has a long way to go before the second-generation BDMI technology will be massively adopted, it seems clear that there is a ‘market-pull’ for the technology.
Taikang Group is only the latest in a series of significant partnerships for IDV Blockchain project in the ‘insurance’ sector. THEKEY already has partnerships in place with companies such as China Re, China Ping An, Reinsurance Group of America (RGA) and China Pacific Insurance (CPIC).
While this deal for a first-generation IDV service is great, the significance of the agreement obviously gains importance when we understand that the first -generation services will eventually migrate into THEKEY’s second-generation BDMI Technology.
As of May 28th, 2018, THEKEY has implemented the first BDMI services in Kaifeng, China. For the first time, the ‘theory’ has turned into practice! The initial results have been satisfactory and it’s only a matter of time before this ‘Blockchain-based, Dynamic, Multi-Dimension Identification technology will be deployed across multiple cities in China. With mainnet launch planned for the end of 2018, THEKEY is well on track to further ‘de-risk’ its technology and effectively provide ‘unalterable’ and ‘undeniable’ IDV services
Don't have time to follow the daily news? We'll send you an email once a week with a wrap up of all the important stories from the previous seven days. Never miss a story again!