CCC and Sfara Help Insurers Connect Accident Data to Claims

Rhea-AI Summary

CCC Intelligent Solutions (NYSE: CCCS) and Sfara announce a partnership to enhance claims management in the insurance sector. This collaboration integrates Sfara's smartphone-based mobile crash detection data with CCC's claims management platform, allowing insurers to streamline the claims process from the First Notice of Loss (FNOL). With access to immediate accident data, insurers can make timely decisions, reducing claims costs and improving policyholder satisfaction. CCC supports over 300 U.S. auto insurers, enhancing their claims processing capabilities significantly.

Positive

• Partnership with Sfara enhances claims management efficiency.
• Integration of mobile crash detection data improves claims processing speed.
• Access to immediate accident information aids in timely insurer decision-making.
• CCC networks with over 300 auto insurers enhances market presence.

Negative

• None.

Sfara Joins the CCC Network, Offering Insurers Real-Time Access to Mobile Crash Detection Data Designed to Accelerate Claims Outcomes Beginning at FNOL

CHICAGO--(BUSINESS WIRE)-- CCC Intelligent Solutions (CCC), a leading SaaS platform powering the P&C insurance economy, and Sfara, a leader in smartphone-based collision detection and personal safety technology, announce today the companies will work together to accelerate claims management. Insurance customers of the two companies will be able to seamlessly connect Sfara's mobile crash detection data with CCC's claims management solutions, improving and speeding claims outcomes. CCC works with more than 300 U.S. auto insurers, including 18 of the top 20 carriers, powering better claims experiences for millions of drivers annually.

"We are excited to work with CCC to help our shared insurance customers maximize the value of collision detection data by expanding its use across the claims process," said Erik Goldman, CEO, Sfara. "Sfara's technology provides near-immediate detection of accidents, including those at ultra-low speeds, while minimizing false positives. Working with CCC will help us seamlessly pass this timely, comprehensive view of an auto accident to the insurance industry at scale, enabling insurers to initiate and inform a number of activities and decisions across the claims process."

CCC will ingest Sfara's accident intelligence data via its CCC Cloud and derive elements including point of impact, direction of force and other pertinent telematics data that will accelerate and enhance its services. Participating customers can then leverage that data through CCC's software-driven workflows, powering auto physical damage and casualty claims, and supporting the customer’s ability to estimate damage severity, schedule timely repairs, and beyond, creating more straight-through experiences for drivers and insurers. In addition, accident data could also inform potential likelihood of fraud and crash reconstruction.

"Understanding the facts of an accident immediately following the event can help insurers make more timely decisions that ultimately impact policyholder satisfaction and claims costs," said Marc Fredman, chief strategy officer, CCC. "Sfara is a proven provider of collision detection services. We're excited to welcome them to CCC's network and we look forward to helping our shared customers seamlessly apply accident intelligence throughout their claims processes, advancing their efforts to achieve straight-through processing."

The CCC Cloud connects a network of 30,000 companies across the P&C Insurance economy, including auto insurers, collision repairers, car manufacturers, parts suppliers, lenders, and more.

To learn more about telematics-enabled claims, please visit: https://cccis.com/insurance-carriers/claims-solutions/apd/telematics/.

About Sfara, Inc.

Sfara is enabling a mobile revolution in safety and control. Sfara’s patented AI technology and global platform transforms the smartphone into a secure mobile safety and analytics solution, available as a GDPR-compliant SaaS offering to our partners in the mobility space, including insurance carriers, automakers and mobile network operators.

Capable of running on 5B+ smartphones sold worldwide since 2013, Sfara technology represents a paradigm shift for the telematics industry and our partners—offering unprecedented detection capabilities, without incremental hardware or data transport costs. Sfara provides a highly scalable, cloud-based data analytics and assurance solution designed to assist companies navigating the challenges of shifting transportation models, such as transportation-as-a-service, semi and fully autonomous vehicles, as well as fleet management and ride-sharing services.

Sfara is led by a deeply experienced executive team with over 150 billion miles driven on their leading edge, embedded and aftermarket telematics solutions for consumer and fleet applications, including UBI and MHAV, operated throughout North America, Europe and China. Headquartered in Hoboken, NJ, Sfara also is expanding in Silicon Valley, Finland, Israel, and in Germany via Sfara GmbH. Triggered Training™ and Sphere of Safety™ are trademarks of Sfara.

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 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 most recently filed Form 10-K by CCC with the Securities and Exchange Commission (“SEC”) on March 1, 2022, 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/20221024005193/en/

CCC Media Contact: Michelle Hellyar

mhellyar@cccis.com | 773.791.3675

Source: CCC Intelligent Solutions Inc.

FAQ

What is the CCCS stock symbol?

The stock symbol for CCC Intelligent Solutions is CCCS.

What does the partnership between CCC and Sfara involve?

The partnership involves integrating Sfara's mobile crash detection data with CCC's claims management platform.

How will the CCC and Sfara partnership benefit insurers?

Insurers will benefit from improved claims processing speed and efficiency due to access to timely accident data.

When was the partnership between CCC and Sfara announced?

The partnership was announced on October 24, 2022.

How many auto insurers does CCC work with?

CCC works with over 300 U.S. auto insurers, including 18 of the top 20 carriers.