US automotive and life insurance group State Farm is now testing blockchain technology to potentially speed up auto claims. The company announced the new pilot for its blockchain-based subrogation platform on its website yesterday.
State Farm Testing Blockchain Technology
According to the company’s website, the company processes just over 38,000 claims per day and has 519,000 accounts in mutual funds.
“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 of State Farm. “You can imagine the time …
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