U.S. insurance group State Farm announced that it is working on a blockchain solution to "speed up the subrogation process for auto claims." Subrogation is the legal right held by insurance carriers to pursue a third party that caused an insurance loss to the insured. “Today, subrogation is a relatively manual, time-consuming process often requiring physical checks to be mailed on a claim-by-claim basis between insurers,” says Mike Fields, innovation executive, State Farm. “You can imagine the time and resources required to complete these transactions.” According to State Farm, the insurance group is exploring ways blockchain solutions can be used to "reduce the time needed to complete the subrogation process by securely and automatically compiling all subrogation payment amounts." (Source: State Farms)
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