State Farm Mutual Automobile Insurance Company (20240212078). NET SETTLEMENT OF SUBROGATION CLAIMS USING A DISTRIBUTED LEDGER simplified abstract

NET SETTLEMENT OF SUBROGATION CLAIMS USING A DISTRIBUTED LEDGER

Organization Name

State Farm Mutual Automobile Insurance Company

Inventor(s)

Ryan Maurer of Phoenix AZ (US)

Nolan White of Chandler AZ (US)

Kyle D. Weber of Gilbert AZ (US)

Edward Austin of Scottsdale AZ (US)

William Guthrie of Mesa AZ (US)

Dustin Helland of Morton IL (US)

Bharat Prasad of San Antonio TX (US)

Sharon Kay Haverlah of Bulverde TX (US)

Karen Marie Shackelford-george of San Antonio TX (US)

NET SETTLEMENT OF SUBROGATION CLAIMS USING A DISTRIBUTED LEDGER - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240212078 titled 'NET SETTLEMENT OF SUBROGATION CLAIMS USING A DISTRIBUTED LEDGER

Simplified Explanation: The patent application leverages aspects of distributed ledger technology to verify subrogation settlements.

Key Features and Innovation:

• Utilization of distributed ledger technology for verifying subrogation settlements
• Increased transparency and security in the settlement process
• Efficient and tamper-proof record-keeping system
• Streamlined verification process for subrogation claims
• Potential to reduce disputes and fraud in settlement transactions

Potential Applications: The technology can be applied in insurance companies, legal firms, and other industries that deal with subrogation settlements.

Problems Solved:

• Lack of transparency in subrogation settlement verification
• Vulnerability to fraud and disputes in the settlement process
• Inefficiencies in record-keeping and verification of subrogation claims

Benefits:

• Enhanced security and trust in settlement transactions
• Improved efficiency and accuracy in verifying subrogation claims
• Reduction in disputes and fraud in the settlement process
• Cost savings through streamlined verification procedures

Commercial Applications: The technology can be used by insurance companies to automate and secure the subrogation settlement process, leading to cost savings and improved customer trust.

Questions about Distributed Ledger Technology: 1. How does distributed ledger technology enhance the verification process for subrogation settlements? 2. What are the key advantages of using distributed ledger technology in the context of subrogation settlements?

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Original Abstract Submitted

aspects of distributed ledger technology are leveraged to verify subrogation settlements.