Net settlement of subrogation claims using a distributed ledger

US12327290B2 · kind B2 · utility

Assignees

• State Farm Mutual Automobile Insurance Company · US
• United Services Automobile Association (USAA) · US

Inventors

• Ryan Maurer · Phoenix, US
• Nolan White · Chandler, US
• Kyle D. Weber · Gilbert, US
• Edward Austin · Scottsdale, US
• William Guthrie · Mesa, US
• Dustin Helland · Morton, US
• Bharat Prasad · San Antonio, US
• Sharon Kay Haverlah · Bulverde, US
• Karen Marie Shackelford-George · San Antonio, US

Key dates

• Filing date: Feb 6, 2024
• Grant date: Jun 10, 2025
• Expiry date: Feb 6, 2044

Classification

• Technology area (CPC H): Electricity
• CPC primary: H04L9/50
• WIPO field: Digital communication
• WIPO sector: Electrical engineering

Abstract

Aspects of distributed ledger technology are leveraged to verify subrogation settlements. In particular, two parties to a subrogation claim provide cryptographic hashes to a subrogation demand smart contract stored at an address on a blockchain. The subrogation demand smart contract determines that the parties have reached an agreement by determining that the cryptographic hashes match. A settlement amount from the subrogation claim may be appended to a set of settlement amounts to determine a net settlement amount to facilitate a single payment between the parties on a periodic basis, such as daily, to alleviate the need for the parties to send or receive a payment for each individual settlement amount.