NFT Collection The Superlative Secret Society Price, Stats, and Review
XRP Breakout: Analyst Targets $6 In Short Term, $60 Long Term If This Level Is Cleared
New meme coin XYZ attracts over $8m, builds strong presale momentum
XRP Price Watch: XRP Stuck in Limbo—Explosion or Breakdown Next?
Ethereum to $5k? This small coin could surge 100x before ETH moves
Bybit Freezes $42.89M in a Single Day with Multi-Party Aid
Whales are abandoning TRX and ADA for this hot meme coin with 12,500% growth potential
4 reasons why soaring Mantra price may crash soon
Crisis Management in $1.4 Billion Hack Sets New Industry Standard, Bybit Officials Say
Binance Founder Seeks Community Opinion As BNB Donation Wallet Reaches $1 Million
New meme coin breaks into the market: SHIB’s success inspires another $0.01 breakout
Top Traders go all in on CATZILLA, could it be the next meme coin to rocket like FARTCOIN?
Shiba Inu Whale Activity Plunges 79% In Three Months — What’s Happening?
Bitcoin short-term holders panic-sell – How will this affect BTC’s future?
Bybit CEO Says Crypto Exchange Is Solvent, All User Assets Backed 1:1 Following ‘Largest Heist of All Time’
Solana Price Analysis: Can SOL Overcome Meme Coin Frenzy As Utility Sensation RTX Takes The Spotlight?
DOGE Price Prediction: Dogecoin Could Slide After Death Cross Confirmed, Holders Flock To XRP Rival Tipped To 10x In March
This New Crypto Could Replace Shiba Inu and Litecoin In The Top 20 Coins By Market Cap In 2025
Milei courts US trade deal at CPAC on heels of crypto scandal
Pepe Coin Price Analysis: Investors Accumulating PEPE and RTX At These Levels To See 10-20x Gains
Why Shiba Inu Holders Are Switching Allegiances To This Emerging PayFi Token Tipped For 100x Success In 2025
Kanye’s crypto set for launch, but can it avoid the memecoin meltdown?
Trump Tarrifs Trigger Market Wide Crash but These Altcoins Remain in The Green
Crypto's Next 100x Opportunity? How PayFi Is Becoming 2025's Fastest Growing Narrative As RTX Outpaces SOL and ADA
4 Cryptos Under $1 with 100x Growth Potential
State Farm and USAA Test Blockchain Platform for Insurance Claims Process
State Farm and USAA have partnered to test a blockchain-based solution for the insurance payment process, subrogation.
United States insurance giant State Farm and military-affiliated bank United Services Automobile Association (USAA) are testing a blockchain-based subrogation solution with real claims data. State farm announced the development in an official press release on May 30.
The two insurance titans are using blockchain technology to automate and streamline the subrogation process in insurance claims.
The platform purportedly allows them to automatically compile total payments, net the balance, and conduct a regularly scheduled payment between insurers. State farm states that the blockchain solution is being tested with real claims data.
State Farm explains that subrogation occurs when two insurance companies agree on some amount of financial compensation that will be awarded to the claimant's representative by the at-fault individual’s representative. This is usually the final phase of the claim process, it notes.
State Farm Innovation Executive Mike Fields commented on the large scale of subrogation claims, and alluded to why streamlining the process would be desirable:
“In 2018 alone, the total amount of dollars demanded and issued through the subrogation process was over $9.6 Billion for all insurance carriers. You can imagine the time and resources required to complete these transactions.”
According to the company’s website in December, the insurance agency processes 38,300 claims daily and holds approximately 519,000 accounts in mutual funds.
As previously reported by Cointelegraph, State Farm announced that it was working on the subrogation project at the end of 2018. Per today’s announcement, State Farm and USAA have been jointly working on the project since early 2018.
