State Farm is Testing Blockchain to Expedite Auto Insurance Claims
Insurance is one of the golden geese of the blockchain, an industry with so much paperwork, sensitive data, and manual processes that it almost seems obvious that it will eventually adopt blockchain technology to streamline its claims processes, data storage, and even — eventually — its payments. State Farm is among the first notable insurance carriers to announce that it is investigating such a move as regards the claims payment process. In insurance, subrogation is when one insurance company settles a debt with another. According to a recent statement by State Farm, among their multiple blockchain initiatives is one that they believe has the potential to improve their subrogation process. They have a working solution that they are currently testing against existing processes, which they describe as inefficient, requiring more than a few man-hours, manual issuance of checks, and other 20th-century methodologies. “State Farm is working on a blockchain solution that could speed up ...