CCC Crash Course 2022 Trends Report Reveals Accelerated Innovation in P&C Insurance Economy Amid Disruption

Rhea-AI Summary

CCC Intelligent Solutions has released the CCC Crash Course 2022 report, highlighting significant trends in the P&C insurance economy after years of disruption. The report, now in its 27th year, analyzes the effects of labor shortages, supply chain challenges, and technological advancements in vehicle repairs and insurance. It reflects data from over 260 million claims and 50 billion miles of driving, emphasizing the shift towards digital solutions and user experiences in the industry. Key topics include supply-demand imbalances and the impact of inflation on the automotive sector.

Positive

• CCC Crash Course 2022 report showcases over 260 million claims and 50 billion miles of driving data.
• Insight into critical trends affecting the P&C insurance economy post-pandemic.
• Focus on digital innovation and user experience enhancements as key growth areas.

Negative

• Labor shortages and supply chain issues are contributing to rising costs in the P&C insurance sector.
• Increased complexity in vehicle repairs is driving up operational costs.

Labor shortages, supply chain challenges, climate change, and COVID uncertainty reshaping insurance economy trends as showcased in 27th annual edition of industry’s preeminent report

CHICAGO--(BUSINESS WIRE)-- CCC Intelligent Solutions Inc. (CCC), a leading SaaS platform for the P&C insurance economy, announces today it has released CCC Crash Course 2022, a data-driven report covering the business, consumer, and technology trends shaping the automotive, claims, repair and collision industries. The report offers insights on today’s economic, social and technology trends impacting and reshaping the P&C insurance economy, including shifts in driving behavior, advances in vehicle technology and the record pace of growth in digitization across the insurance economy.

CCC Crash Course 2022 marks the 27th year for the industry-leading report, which this year explores the future of digital journeys in the wake of disruption: supply versus demand, labor shortages, inflation, increasing vehicle technology and more complex repairs. The extensive report draws insights based on decades of experience from solutions offered by CCC and its affiliates, Including 260-million claims-related transactions, 50-billion miles of driving data, and millions of auto bodily injury and personal injury protection (PIP) /medical payments (MedPay) casualty claims.

“After tracking key trends for so many years, we can confidently say the P&C insurance and automotive industry landscape has been forever changed,” said Susanna Gotsch, senior director and industry analyst, CCC. “The disruption experienced over the last two years has accelerated the pace of innovation driven by everything from supply chain and labor to climate change. There is more urgency than ever for the industry to adapt and evolve with an increased focus on the advancement of digital technologies, user experiences, and connected networks foundational to change and growth.”

Gotsch continued, “Today’s customer expects a business to provide an always-on user experience. This coupled with managing growing complexities presents both challenges and opportunities for the P&C economy.”

Key topics covered in Crash Course 2022 include:

• Supply versus demand imbalances and the impact on U.S. inflation.
• Labor shortages and the role its playing in driving up wages and altering experiences across nearly all industries.
• The operational future of automakers, insurers, repairers, and other providers.
• The role of vehicle technology (ADAS, EVs) and complexity in increasing repair costs.
• Technologies such as AI, mobile, cloud, and the Internet of Things, and their role in user experiences.
• Changes in driving behaviors and the impact to frequency and severity of auto accidents and auto casualty claims.

In addition to macro trends and topics, CCC Crash Course 2022 also includes industry-level detail on claims frequency and severity, parts costs and utilization, total loss trends and more.

Download the full report here: https://cccis.com/crash-course-2022/.

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 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 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/20220315005014/en/

Michelle Hellyar

mhellyar@cccis.com | 773.791.3675

Source: CCC Intelligent Solutions Inc.

FAQ

What is the CCC Crash Course 2022 report about?

The CCC Crash Course 2022 report provides insights on the trends affecting the P&C insurance economy, including labor shortages, supply chain challenges, and technological advancements.

How has the P&C insurance economy changed according to CCC?

The P&C insurance economy has been reshaped by disruptions such as labor shortages, inflation, and increased vehicle technology, according to CCC's report.

What data does the CCC Crash Course 2022 report utilize?

The report utilizes data from over 260 million claims-related transactions and 50 billion miles of driving to analyze industry trends.

What are the key trends highlighted in the CCC Crash Course 2022?

Key trends include supply-demand imbalances, labor shortages, increased repair complexity, and the impact of advanced vehicle technologies on the P&C insurance economy.

What implications do labor shortages have on the P&C insurance market?

Labor shortages are driving up wages and affecting service quality across the P&C insurance market, as highlighted in the CCC report.