Insurance News

State Farm tests blockchain insurance solution

auto accident
Today State Farm, the largest U.S. property/casualty insurer, announced it’s testing a blockchain solution. The project is for auto claim subrogation which is the process by which insurers settle claims between each other. It’s been working with another significant insurer to test the project. While both insurers are members of The Institutes RiskBlock Alliance, this is not a RiskBlock initiative. Update May 30th, 2019: USAA announced as the blockchain partner insurer. “Today, subrogation is a relatively manual, time-consuming process often requiring physical checks to be mailed on a claim-by-claim basis between insurers,” said Mike Fields, innovation executive, State Farm. “You can imagine the time and resources required to complete these transactions.”

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