State Farm Turns To Blockchain For Subrogation

State Farm is working on a blockchain application to assist in subrogation, leveraging open-source software and in partnership with at least one other insurer. The company’s goal is to establish whether blockchain technology can make subrogation more efficient, in particular by preventing repetitive transfers of funds back and forth between insurers. Innovation executive Mike Fields says that on a high level, State Farm sees blockchain as serving two key business goals for insurers: increasing efficiency in business processes and improving the customer experience. “The subrogation use case we’re working through has elements of both,” Fields says.