Blockchain: A Hammer Looking For A Nail?

 Monday, June 17, 2019

 Insurance Thought Leadership

Netting of subrogation payments, the exchanging of payments between carriers at regular intervals instead of on a claim-by-claim basis, is a concept that has been around since the mid-1990s.

It is once again back in the news with the announcement that State Farm is developing its own blockchain solution to net subrogation payments between itself and another unnamed carrier.

Some say this is an innovative solution for the use of blockchain for the insurance vertical, but is it really nothing more than a hammer (blockchain) looking for an old nail (payment netting)?

All will agree there is room for vast improvement in reducing friction of the subrogation workflow, including the exchanging of funds.
TechnologySubrogation
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