State Farm Tests Blockchain Solution to Speed Up Auto Insurance Claims

U.S.-based insurance company State Farm is testing a blockchain-based solution to speed up the subrogation process for auto claims, according to an announcement published Dec. 10.

State Farm is a large group of insurance and financial services firms that provides auto insurance in the U.S. The organization was ranked 38th on the 2018 Fortune 500 list of companies. Per the company’s website, it processes 38,300 claims per day and has nearly 519,000 accounts in mutual funds.

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