TechBizWebTechBizWeb

    Subscribe to Updates

    Get the latest news about Technology and Business from all around the web..

    What's Hot

    Amazon says it has ‘hundreds’ of Rivian electric vans making deliveries in the US

    November 7, 2022

    Ryanair swings to first-half profit and raises passenger forecast

    November 7, 2022

    Devialet brings its sci-fi design aesthetics to a $790 portable speaker

    November 7, 2022
    Facebook Twitter Instagram
    • About Us
    • Privacy Policy
    • Guest Post
    • Terms
    • Contact
    Facebook Twitter Instagram
    TechBizWebTechBizWeb
    Subscribe
    • Home
    • Technology

      Amazon says it has ‘hundreds’ of Rivian electric vans making deliveries in the US

      November 7, 2022

      Devialet brings its sci-fi design aesthetics to a $790 portable speaker

      November 7, 2022

      Elon Musk’s response to fake verified Elon Twitter accounts: a new permanent ban policy for impersonation

      November 7, 2022

      The iPhone 14 Pro and Pro Max will come with ‘longer wait times’ due to factory lockdown

      November 6, 2022

      Meta’s reportedly planning to lay off ‘thousands’ of workers this week

      November 6, 2022
    • Business
    • Cyber Security
      National Security News

      List of 620 Russian spies, featuring one alleged agent at the centre of one of the biggest personal scandals in Wall Street history.

      September 24, 2022

      Cybersecurity ranked most serious enterprise risk in 2022

      August 31, 2022

      Registration open for CISA virtual summit on K-12 school safety

      August 31, 2022

      What do the Trickbot leaks reveal about Russian cybercrime?

      August 31, 2022

      What cybersecurity measures do CISOs outsource?

      August 30, 2022
    • Blockchain
    • Vulnerabilities
    • Social Engineering
    • Malware
    • Cyber Security Alerts
    TechBizWebTechBizWeb
    Home»Blockchain»State Farm | Testing Blockchain Technology for Auto Insurance Claims
    Blockchain

    State Farm | Testing Blockchain Technology for Auto Insurance Claims

    December 11, 2018Updated:January 16, 2019No Comments2 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp
    Share
    Facebook Twitter LinkedIn Pinterest Email


    US automotive and life insurance group State Farm is now testing blockchain technology to potentially speed up auto claims. The company announced the new pilot for its blockchain-based subrogation platform on its website yesterday.

    State Farm Testing Blockchain Technology

    According to the company’s website, the company processes just over 38,000 claims per day and has 519,000 accounts in mutual funds.

    “Today, subrogation is a relatively manual, time-consuming process often requiring physical checks to be mailed on a claim-by-claim basis between insurers,” said Mike Fields, innovation executive of State Farm. “You can imagine the time and resources required to complete these transactions.”

    If you’ve ever been in a car accident, you know how long the grueling process of filing claims and bringing those claims to completion can take. State Farm is trying to keep up with new technology to speed up that process and in turn, save themselves time and money.

    In the cycle of the claims process, State Farm is applying blockchain to the very last part of the cycle that tends to take the longest. Subrogation is where the insurance company recovers claim costs it paid to its customer for damages from the at-fault party.

    >> Major Brands are Now Using Blockchain Tech for Customer Loyalty

    “The blockchain solution we are working on has many potential benefits,” says Fields. “It helps us automate a manual process securely and creates a permanent transaction record of each payment which can easily be verified for accuracy. It also has the potential to decrease the amount of time for consumers to receive their deductible reimbursement.”

    Insurance Companies on the Move

    State Farm isn’t the only insurance company to attempt to make a transition to the blockchain. Last month, Japan-based Sompo partnered with BitPesa and the partnership focused of the “digitalization of global remittance services.” Back in September, the People’s Insurance Company of China (PICC) partnered with VeChain to improve fraud and Know Your Customer (KYC) practices.

    Featured Image: Depositphotos/© Rawpixel


    The US Department of Homeland SecurityPrevious

    The US Department of Homeland Security Offers $800K for Blockchain-Based Anti-Forgery Software Development

    Blockchain PhoneNext

    Blockchain Phone: Will Samsung Enter the Ring? Trademarks Say Yes!

    If You Liked This Article Click To Share



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Google Cloud Says Running Validator on Solana Blockchain

    November 7, 2022 Blockchain

    Binance Liquidates Entire FTT Holdings

    November 7, 2022 Blockchain

    Elrond Transforms Into MultiversX, Launches 3 New Metaverse Products

    November 7, 2022 Blockchain

    WeSleep Unveils its ‘Sleepie’ NFTs

    November 7, 2022 Blockchain

    OpenSea Creates Tool for NFT Creators to Enforce Royalties On-Chain

    November 7, 2022 Blockchain

    Circle to Introduce Euro Coin and Cross-Chain Transfer Protocol to Solana in Early 2023

    November 7, 2022 Blockchain
    Editors Picks

    Ryanair swings to first-half profit and raises passenger forecast

    November 7, 2022

    Devialet brings its sci-fi design aesthetics to a $790 portable speaker

    November 7, 2022

    Google Cloud Says Running Validator on Solana Blockchain

    November 7, 2022

    European stocks rise as investors boosted by China speculation

    November 7, 2022
    Trending Now

    Evergrande creditors sell ‘Versailles mansion’ plot in Hong Kong

    By techbizweb

    OpenSea Creates Tool for NFT Creators to Enforce Royalties On-Chain

    By techbizweb

    FTSE chairs warn of declining relations with institutional investors

    By techbizweb

    https://www.nationalsportsacademy.com

    slot gacor hari ini

    http://www.inadesfo.org/

    http://www.eueomgbissau.org/

    http://www.congo-mai-mai.net/

    http://www.angelesdelafrontera.org/

    http://fifaworldcup2018schedule.com/

    http://tony4gtrmcr.co.uk/

    http://www.standrewsagreement.org/

    http://www.bob-russell.co.uk/

    http://davidmulholland.co.uk/

    http://railwayhotelenniskillen.com/

    http://www.fantasysportstrades.com/

    http://www.rainleaf-flooring.com

    http://mothersagainstguns.org/

    http://ma-coc.org/

    slot online

    http://www.paradoxmag.com/situs-judi-slot-online-gampang-menang-2021/

    http://www.paradoxmag.com/situs-judi-slot-online-terbaru-2021/

    http://slot-terbaru.net/

    Slot Gacor

    Slot Online

    Situs Slot Gacor

    http://www.appdexterity.com/

    https://cars4kids-deutschland.de/

    https://www.stretchingculture.com/

    https://www.b-123-hp.com/slot-gacor/

    https://denzstaffing.nl/

    https://ezbbqcooking.com/slot-gacor/

    https://www.mbahelp24.com/slot-gacor

    https://minhtanstore.com/slot-jackpot-terbesar/

    https://njbpusupplierdiversity.com/slot-gacor-gampang-menang/

    https://www.floridaspecialtycropfoundation.org/slot-gampang-menang/

    https://childrenscornerpreschool.org/slot-gacor-gampang-menang/

    https://cryptoquoter.com/slot-online-terbaik/

    https://alorkantho24.com/slot-gacor/

    https://ellas.xyz/slot-gacor/

    https://it.dougamatome.xyz/slot-online/

    https://www.daltercume.com/slot-gacor/

    https://josi-ana.dougamatome.xyz/slot88/

    https://josi-ana.dougamatome.xyz/slot-gacor/

    https://fastobserver.com/slot-jackpot-terbesar/

    https://www.planetexperts.com/slot-gacor/

    https://bfsolution.group/slot-bet-kecil/

    https://rustleva.co/slot/

    https://bfsolution.group/slot-bet-kecil/

    https://www.hotelcalimareal.com/togel-online/

    https://anime-game.dougamatome.xyz/slot-gacor-gampang-menang/

    https://anime-game.dougamatome.xyz/togel-online/

    https://bourbonbarrelfoods.com/slot/

    http://suneo39.wp.xdomain.jp/slot/

    https://techbizweb.com/slot-gacor/

    https://www.generalcatalyst.com/18-daftar-slot-gacor-terbaik-gampang-menang-jackpot-hari-ini/

    https://www.hotelcalimareal.com/slot-online/

    https://www.blockgates.io/slot-gacor/

    https://l12.com.br/slot-gacor/

    slot paling gacor

    https://www.donalds-hobby.com/slot-online/

    https://thecryptodirt.com/slot-gacor-hari-ini/

    http://iseta.edu.ar/aulavirtual/app/upload/users/1/1205/my_files/sbobet.html

    http://escuelavirtual.mincit.gov.co/app/upload/users/1/194/my_files/slot.html

    https://www.dev.medecinesfax.org/courses/JUDICASINO/document/slot.html

    http://www.e-archivos.org/cursos/courses/JUDICASINO/document/slot-gacor.html

    http://iesma.com.br/ead/main/upload/users/4/447/my_files/slot.html

    https://www.fundacoop.org/chamilo/app/upload/users/1/1185/my_files/slot.html

    https://fata-aatf.org/eskola/main/upload/users/3/31/my_files/slot.html

    https://uancv.edu.pe/ofinvestigacion/app/upload/users/3/328/my_files/slot-terlengkap.html

    https://micost.edu.my/EL/app/upload/users/2/209/my_files/slot-gacor.html

    https://www.academiacoderdojo.ro/elearningdev/app/upload/users/2/2442/my_files/slot-online.html

    http://campus-cidci.ulg.ac.be/courses/JUDICASINO/document/slot-termurah.html

    https://www.escueladerobotica.misiones.gob.ar/aula-ste/courses/LIVECASINO/document/slot-tergacor.html

    http://ccdipeepccqqfar.usac.edu.gt/chamilo/app/upload/users/3/358/my_files/slot-online.html

    https://cunori.edu.gt/campus/app/upload/users/7/7334/my_files/slot-online.html

    http://u-rus.com.ar/aula/app/upload/users/1/1322/my_files/slot.html

    http://icrodarisoveria.edu.it/chamilo/app/upload/users/1/1855/my_files/slot.html

    https://iestpliliagutierrez.edu.pe/clarolgm/courses/CASINO/document/slot.html

    http://pva.cobach.edu.mx/app/upload/users/7/7379/my_files/slot.html

    http://www.imb-pc-online.edu.gt/PL/app/upload/users/3/373/my_files/slot.html

    http://avcs.upeu.edu.pe/main/upload/users/3333/my_files/slot.html

    https://chamilo.fca.uas.edu.mx/app/upload/users/1/11186/my_files/slot-online/

    TechBizWeb
    Facebook Twitter Instagram Pinterest Vimeo YouTube
    • Home
    • Guest Post
    • About Us
    • Privacy Policy
    • Our Authors
    • Terms and Conditions
    • Contact
    © 2023 Tech Biz Web. Developed by Sawah Dev.

    Type above and press Enter to search. Press Esc to cancel.