Auto Insurers Embrace AI at Scale in 2021

Rhea-AI Summary

CCC Intelligent Solutions announced a 50% year-over-year increase in the use of advanced AI for claims processing. The adoption of its AI-powered touchless estimating solution has doubled to 8 national insurers within three months of launch. Over 9 million unique claims have been processed using CCC's deep learning AI, marking an 80% growth in 2021, with a 6X increase in claims using multiple AI applications. The company highlights a 30% increase in the number of insurers utilizing AI solutions, fueling digital transformation in the insurance industry.

Positive

• 50% year-over-year increase in AI application for claims processing.
• 8 national insurers adopted touchless estimating solution in three months.
• Over 9 million unique claims processed, with an 80% growth in 2021.
• Number of claims using multiple AI applications grew 6X year-over-year.
• 30% increase in insurers using at least one CCC AI solution.

Negative

• None.

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

CHICAGO--(BUSINESS WIRE)-- 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220107005059/en/

CCC Media Contact: Michelle Hellyar

mhellyar@cccis.com | 773.791.3675

Source: CCC Intelligent Solutions Inc.

FAQ

What is the recent announcement from CCC Intelligent Solutions regarding AI in claims processing?

CCC Intelligent Solutions reported a 50% year-over-year increase in the application of advanced AI for claims processing.

How many national insurers are using CCC's touchless estimating solution?

As of now, 8 national insurers have adopted CCC's AI-powered touchless estimating solution.

What is the growth rate of unique claims processed by CCC's AI solutions?

Over 9 million unique claims have been processed using CCC's deep learning AI, with an 80% growth in 2021.

How much has the adoption of AI solutions increased among insurers?

The number of insurers using at least one of CCC's AI-powered solutions grew nearly 30% year-over-year.

What is the impact of CCC's AI solutions on the insurance industry?

The growth in AI-powered claims processing indicates a digital transformation in the insurance industry, enhancing operational efficiency.