Two of the largest US insurance companies want to automate the process of compensation claim. The insurer, USAA, and State Farm have access to the Blockchain. The project promises a faster and more efficient processing.By Anton Livshits
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USAA, and State Farm are among the largest insurance companies in the United States. The two Fortune 500 companies have now returned to work on a common Blockchain project. The Blockchain technology should speed up the processing of compensation claims for car damage. The project for a 2018 in development.
The two companies announced their cooperation for the first time during this year's insurance conference Dig. This is from a press release from USAA. Accordingly, the Blockchain-the project is already in an advanced stage. The insurance companies now carry out Tests with data from actual cases of damage.Blockchain to the process of Subrogation
Concretely, to automate it the process of Subrogation. This is typically the last step in the processing of claims for compensation. Let us imagine, Lisa has rammed the car of Hans. Then the insurance company of Hans would pay this first of all, the compensation sum. His insurance would the claim for damages after that to Lisa or to your insurance. That is the Subrogation. In the United States, for example, $ 9.6 billion between accounts of different insurance companies circulated so alone in the year 2018.
Currently, the Subrogation runs still largely manually. Often the Abwicklunge happens still on the postal way.The use of the Blockchain technology promises here, consequently, a faster and more efficient solution. For this purpose, Ramon Lopez, Vice-President of the innovation Department at UAA:
The Blockchain solution, we are working on, many of the potential benefits. It helps us to automate a manual process safe and created for every payment, a permanent transaction record [...]. It also has the potential to shorten the time period in which the consumer will receive the refund of your deductible.
With the help of the Blockchain should be offset against the subrogation claims of the two insurance policies with each other. The numerous individual payments should be through a single compensation payment replaced. Currently the project is limited, however, to USAA, and State Farm. In the future it might come, but in the entire industry.
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