State Farm Trials Blockchain Tool for Streamlining Insurance Claims

U.S. insurance group State Farm is testing blockchain tech as part of a new platform for insurance subrogation.

State Farm announced Monday that it was trialing a blockchain solution to streamline the manual process of subrogation. Subrogation is the legal right for companies to pursue damages from a third-party responsible for causing a loss to the insured party.

The trial is currently aimed at determining whether a blockchain platform is a “viable product for insurance industry adoption,” according to a press statement. State Farm is a notable entry on the list of firms testing blockchain, having ranked 36 on the Fortune 500 list for 2018.

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