CCC Acquires Insurtech Safekeep

Rhea-AI Summary

CCC Intelligent Solutions has acquired Safekeep, an AI leader in subrogation claims management. This acquisition aims to enhance CCC's digital, AI-powered claims processing capabilities, addressing the need for automation in the traditionally manual subrogation process. The integration will leverage machine learning and predictive models to improve efficiency and reduce administrative costs, benefiting over 300 insurers already utilizing CCC Cloud services. This move is aligned with CCC's vision for complete end-to-end claims processing.

Positive

• Acquisition enhances CCC's AI capabilities in subrogation management.
• Extends CCC's service offering to over 300 active insurance carriers.
• Addresses a critical need for automation in claims processing.

Negative

• Potential integration challenges between Safekeep and CCC's existing platforms.
• Risks related to competition and technological advancements.

Acquisition of AI leader helps to advance CCC’s vision for straight-through processing across the claims lifecycle

Safekeep is a leading enterprise platform digitizing subrogation across P&C insurance lines of business

CHICAGO--(BUSINESS WIRE)-- CCC Intelligent Solutions (CCC), a leading SaaS platform for the P&C insurance economy, announces it has acquired Safekeep, an AI leader in subrogation claims management technology. Safekeep is an enterprise platform that leverages AI to speed and improve subrogation management across auto, property, workers' comp, and other insurance lines of business. The acquisition of Safekeep is a natural next step in CCC's vision to deliver end-to-end straight-through claims processing.

The acquisition of Safekeep extends CCC's AI-powered claims software to include subrogation management, a critical function in achieving claims resolution, and now part of CCC’s completely digital, AI-enabled, end-to-end claims solutions. Safekeep solutions are available to any insurer, including the more than 300 leading carriers already active on the CCC Cloud. Subrogation protects consumers and insurers from paying for losses where the insured is deemed not at fault or only partially at fault.

“Subrogation is a largely manual, time-intensive process impacting every insurer across every line of business,” said Marc Fredman, chief strategy officer, CCC. “Our insurance customers have been asking for an intelligent way to automate the subrogation process, which accounts for billions of dollars in administrative costs annually. Jeff and the Safekeep team have built a comprehensive platform, making it a highly celebrated insurtech. The team and technology are a wonderful complement to the work we’re doing at CCC to bring straight-through processing across every facet of the claims experience.”

Safekeep applies a combination of machine-learning, natural language processing, rules, and predictive models to score and prioritize claims for more efficient subrogation management. The Safekeep technology also digitally packages documents and automates workflows, removing manual touch points to accelerate and improve subrogation outcomes.

“Our team of insurance experts, data scientists, engineers, and designers has reimagined what’s possible in insurance subrogation management,” said Jeff To, founder and CEO of Safekeep. “The vision of Safekeep aligns directly with CCC to support the digital transformation of the P&C insurance economy to improve the experiences of our clients and the experiences they deliver to their customers.”

To learn more about Safekeep, please visit: https://cccis.com/insurance-carriers/enterprise-solutions/subrogation/.

About Safekeep:

Safekeep, Inc. is a Top 10 Insurtech Insights Future50 company, a Global Gold Winner in the Zurich Innovation Championship, a Global Silver Winner of the Efma-Accenture Innovation in Insurance Award and was Voted #1 by Plug and Play Tech's insurer sponsors. The award-winning AI and enterprise platform leader, Safekeep is digitizing subrogation across P&C insurance lines.

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; the ability to successfully integrate Safekeep's business, processes, technology and products with CCC's; 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/20220207005789/en/

CCC Media Contact: Michelle Hellyar

mhellyar@cccis.com | 773.791.3675

Source: CCC Intelligent Solutions Inc.

FAQ

What is the significance of the CCC and Safekeep acquisition?

This acquisition strengthens CCC's position in the P&C insurance space by enhancing its AI-driven capabilities for subrogation claims management.

How does Safekeep's technology improve CCC's claims process?

Safekeep leverages AI to automate and optimize subrogation management, reducing manual efforts and improving efficiency.

What impact will the acquisition have on CCC's customers?

Customers can expect enhanced claims processing speed and efficiency, particularly in the subrogation area.

When was the acquisition of Safekeep announced?

The acquisition was announced on February 7, 2022.

What technology does Safekeep use for subrogation management?

Safekeep utilizes machine learning, natural language processing, and predictive models to improve subrogation outcomes.