Arab Reinsurance Company: a new dimension
Home   |   Sitemap   |   Contact us
Follow us on
Is Climate Litigation Covered by Insurance? - Social Inflation or Science: What Is Fueling Climate Litigation? - Fortegra Europe Opens Branch in Czech Republic - Vantage launches Construction and Political risk business - UK Insurers Cautiously Willing to Underwrite Fire Safety Risks - Insurtech Foxquilt Raises $8M to Expand Small Business Offering in U.S. and Canada - Speciality Re/Insurer Convex Launches European Subsidiary With A- Rating From S&P - Debt surge in emerging markets may hurt insurance outlook: Swiss Re - Zurich Insurance Weighs Selling Some Australian Non-Core Assets - Reinsurers Face Major Claims Uncertainties, but Reap Benefits of Pricing Tailwinds - Corvus, SiriusPoint announce investment & underwriting capacity partnership - Munich Re backs energy storage systems provider ESS - Climate Change Could Force 200 Million People to Leave Their Homes by 2050 - Work of the scientific community and re/insurers needed to assess climate change: Lloyd’s - Gallagher Re Touts Advanced Integrated Reinsurance Analytics Platform - London Financial Employees Return to Offices Despite Rising Virus Cases - P/C Reinsurers Maintain Underwriting Discipline, Despite Rising Capacity: Guy Carpenter - Britain Looks to Revisit Data Privacy Regulations - WTW, Applied Systems target real-time pricing enhancements - Reinsurance environment “most attractive in a decade”: SCOR’s Launay - Willis Towers Watson’s New CEO Says It Has $5 Billion for Possible Acquisitions - Lloyd’s Reports H1 2021 Profit of £1.4B ($1.9B), with 92.2% Combined Ratio - Global Reinsurers Shoulder ‘Considerable Burden’ of COVID-19 Claims - “Inflation is the enemy of the re/insurance industry,” says Swiss Re CFO Léger - Global Reinsurance Rates, Demand to Continue Rising in 2022: Moody’s - Prudential’s Michael Koller joins MS Amlin as Chief Risk Officer - Rates need to and will harden further: Swiss Re CEO Mumenthaler - Russia’s Renaissance Insurance Plans $1 Billion IPO in Moscow: Reuters
Search Search
World News & Events
Enlarge Font Minimize Font

State Farm, USAA join forces to test blockchain solution

Monday, 06 03 2019, Category: Technology, Country: United States
State Farm and the United Services Automobile Association (USAA) are collaborating on a blockchain-based solution designed to automate parts of the auto insurance claims handling process.

Cryptopolitan reported that the joint test platform will allow both insurance firms to conduct scheduled payments, aggregate total payments and calculate net balance. The platform also simplifies the subrogation process, by accumulating the balance of payments between the insurers; and it enables regular separate payments.

To transition from the traditional subrogation system, both companies shared a Quorum-developed ledger.

Subrogation is typically the final stage of the claims process, after two insurance firms have agreed to monetary compensation. Once the compensation has been settled, a claim’s cost is paid to the client for the damages from the offending party’s insurance company.

According to State Farm innovation executive Mike Fields, the total amount delivered by all insurance carriers via the subrogation process was over $9.6 billion in 2018 alone. Such a large volume requires extensive time and resources to complete the transactions, he noted.


Source: Insurance Business
All copyrights reserved, Arab Reinsurance 2016 ©