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Friday, 29 January 2021 23:36

State Farm Looks to Expand Blockchain Use for Speedier Auto Claims

Written by Ryan Denham, WGLT News
State Farm and USAA have been testing blockchain for years. State Farm and USAA have been testing blockchain for years. STAFF/WGLT

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State Farm says it plans to expand the use of a digital bookkeeping technology to speed up and streamline the auto claims process, after a successful trial run with USAA.

State Farm announced Jan. 26 its blockchain partnership with USAA has exited testing and is now in full production.

 

After a crash, sometimes an insurer owes another insurer money---part of an industry process called subrogation. Now, instead of swapping 75,000 paper checks every year, State Farm and USAA will exchange digital payments using blockchain.

 

To read more, see WGLT News 

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