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State Farm and USAA Test Blockchain To Streamline Insurance Claims Process

As per the announcement made by State Farm in an official press release on May 30, that the blockchain technology will be employed by both the insurance titans to automate and streamline the subrogation process in insurance claims.

State Farm elaborates that subrogation is when two insurance companies agree over a certain amount of financial compensation, that will be awarded to the claimant’s representative by the at-fault individual’s representative. Usually, this is the final phase of the claim process. Mike Fields, the innovation executive at the State Farm noted the large scale of subrogation claims, explaining why the blockchain would be of aid:

In December, the company’s website states that they have had processed 38,300 claims daily and holds approximately 519,000 accounts in mutual funds.

Image source – Stock Photo Secrets

 

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