Vice President, Financial Institutions and Insurance Regulatory Authority of China: The differences between insurance products using blockchain is a major issue for the life insurance industry.

According to the Financial Associated Press, on October 15, Huang Hong, vice chairman of the China Banking and Insurance Regulatory Commission, told Guiyang that big data, cloud computing, blockchain and more can be used to complement various personal insurance products. Upholding ethics is a major issue in the life insurance industry. For the improvement of the life insurance industry, new developments in insurance technology need to be developed. He said there is a need to introduce a new technology insurance industry, know the process of product restructuring, improve customer service, sales, experience, consolidate finance and solutions , to increase the independence of the insurer and to reduce the commercial costs and the responsibilities of the company.