Auto Insurers Embrace AI at Scale in 2021
January 07 2022 - 7:00AM
Business Wire
Insurtech Leader CCC Intelligent Solutions
Reports a 50 Percent Year-Over-Year Increase in the Application of
Advanced AI for Claims Processing
Adoption of CCC’s AI-powered touchless
estimating solution has doubled to 8 national insurers in the three
months since launching the innovation
CCC Intelligent Solutions (CCC), the SaaS platform powering the
P&C insurance economy, today provided an update to its 2020
insurer AI adoption report, which shows significant growth in AI
adoption in auto claims across key metrics. The company reports a
50 percent year-over-year increase in the application of advanced
AI for claims processing. The company also reports that more than 9
million unique claims have been processed using a CCC deep learning
AI solution, growing more than 80 percent in 2021, and the number
of claims using four or more of its AI applications grew 6X
year-over-year.
CCC also announced that insurer adoption of its industry-first
AI-powered touchless estimating solution, CCC® Estimate – STP, has
doubled to 8 national insurers since launching the solution in
October 2021. Today, more than 95 U.S. auto insurers are actively
using CCC’s AI-powered capabilities.
“The data paints a clear picture of an industry embracing
innovation and insurers activating AI at scale,” said Shivani
Govil, chief product officer, CCC. “As our industry becomes
increasingly complex and consumer demand for personalized
experiences grows, AI has become essential. Discrete applications
of AI are giving way to broader use cases and more intelligent
automation. The sharp increases in the use of multiple AI
applications and the rapid adoption towards fully touchless
estimating are evidence of the industry’s digital transformation,
which CCC is proud to lead, supporting our customer’s ability to
redefine the insurance experience.”
The sharp growth in AI-powered claims is driven by an increase
in the number of insurers using AI solutions and the expansion of
applications for AI across their business, including estimating,
audit, total loss handling, casualty, and fraud detection. The
number of insurers using at least one of CCC's AI-powered solutions
grew nearly 30 percent year-over-year.
A leader in AI-informed solutions, CCC’s application of AI
expands beyond claims decision making. CCC’s solutions leverage AI
to improve customer interactions, streamline operations, and
digitize assessments. Whether applying language recognition to
better engage consumers, computer vision to assess medical bills,
or deep learning to accelerate decisions across the claims
lifecycle, CCC continues to apply AI to improve policyholder
interactions and operations across the network.
Learn more about CCC’s AI solutions.
About CCC
CCC Intelligent Solutions Inc. (CCC), a subsidiary of CCC
Intelligent Solutions Holdings Inc. (NYSE: CCCS), is a leading SaaS
platform for the multi-trillion-dollar P&C insurance economy
powering operations for insurers, repairers, automakers, part
suppliers, lenders, and more. CCC cloud technology connects more
than 30,000 businesses digitizing mission-critical workflows,
commerce, and customer experiences. A trusted leader in AI, IoT,
customer experience, network and workflow management, CCC delivers
innovations that keep people’s lives moving forward when it matters
most. Learn more about CCC at www.cccis.com.
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that are
based on beliefs and assumptions and on information currently
available. In some cases, you can identify forward-looking
statements by the following words: “may,” “will,” “could,” “would,”
“should,” “expect,” “intend,” “plan,” “anticipate,” “believe,”
“estimate,” “predict,” “project,” “potential,” “continue,”
“ongoing” or the negative of these terms or other comparable
terminology, although not all forward-looking statements contain
these words. These statements involve risks, uncertainties and
other factors that may cause actual results, levels of activity,
performance or achievements to be materially different from the
information expressed or implied by these forward-looking
statements. Forward-looking statements in this press release
include, but are not limited to, statements regarding future use
and performance of CCC’s digital and AI solutions. Such differences
may be material. We cannot assure you that the forward-looking
statements in this press release will prove to be accurate. These
forward-looking statements are subject to a number of risks and
uncertainties, including, among others, competition, including
technological advances and new products marketed by competitors;
changes to applicable laws and regulations and other risks and
uncertainties, including those included under the header “Risk
Factors” in the definitive proxy statement/prospectus filed by
Dragoneer Growth Opportunities Corp. with the Securities and
Exchange Commission (“SEC”) on July 6, 2021, which can be obtained,
without charge, at the SEC’s website (www.sec.gov). The
forward-looking statements in this press release represent our
views as of the date of this press release. We anticipate that
subsequent events and developments will cause our views to change.
However, while we may elect to update these forward-looking
statements at some point in the future, we have no current
intention of doing so except to the extent required by applicable
law. You should, therefore, not rely on these forward-looking
statements as representing our views as of any date subsequent to
the date of this press release.
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CCC Media Contact: Michelle Hellyar mhellyar@cccis.com |
773.791.3675
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