US insurance company tests blockchain technology
The American insurance company State Farm carries out tests with blockchain technology for the development of a new platform
The purpose of the State Farm firm is to test whether the blockchain technology is useful in streamlining and automating manual processes to empower third parties when making claims for accidents or damages.
The company explained that during a claim associated with a traffic accident, insurance companies will determine the amounts to claim. The party at fault will pay for the damages and losses to the affected party.
The spokesman for State Farm said that a blockchain solution in this service area reduces the margin of error when processing claims thanks to the validation processes carried out by the block platform. It also reduces the issuance of checks to make payments between one insurer and another.
Among the advantages offered by block technology to the sector, State Farm innovation manager Dustin Helland explained that the team mainly considers the unchanging nature of block networks. Once entered the data these can not be altered from their point of origin.
The official tests with the product will be carried out during the first semester of 2019 together with the existing subrogation processes.
L.Sáenz
Source: Diario Bitcoin
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