PSC Insurance Group is developing a system that uses blockchain-driven smart contracts and allocates non-fungible token certificates to policyholders.

The group’s Hong Kong operation has partnered with tech company iSHANG on the project, which enables insurers to create transparent and secure records of all transactions, streamline claims processing and automate via smart contracts.

PSC Hong Kong MD Hei Wong says blockchain technology will “undoubtedly play an increasingly important role in improving transparency and trust between insurers and their customers. We are confident in developing a secure and efficient platform for managing insurance certificates, ultimately enhancing the experience for our policyholders.”

PSC has operations in Australia and New Zealand, Britain, Hong Kong and Vietnam.