CCC Intelligent Solutions Launches Industry First: Touchless Auto Estimates With Line Level Detail

Rhea-AI Summary

CCC Intelligent Solutions Inc. has launched CCC Estimate – STP, an AI-powered tool now live with four major auto insurers, including USAA. This technology enables touchless estimations for vehicle claims in seconds, enhancing efficiency and customer experience. The solution generates detailed estimates automatically, reducing processing time significantly. Currently, over 30,000 customers utilize CCC’s advanced AI to enhance operations and policyholder satisfaction, marking a vital step in the digital transformation of the insurance industry.

Positive

• Launch of CCC Estimate – STP improves claims processing efficiency with touchless estimations.
• Integration with major insurers like USAA indicates strong market acceptance.
• Over 30,000 customers utilize CCC's AI technology, reflecting widespread adoption.

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• None.

USAA Among First of Four Auto Insurers Now Live with CCC Estimate – STP, Driving the Industry’s Vision for Straight-Through Claims Processing

CHICAGO--(BUSINESS WIRE)-- CCC Intelligent Solutions Inc. (“CCC”), a leading SaaS platform for the P&C insurance economy, announces it has made touchless estimating a reality. The AI-powered CCC® Estimate-STP uses advanced AI and insurer-driven rules to automatically initiate and populate detailed and actionable estimates in seconds. In market with four national insurers, including USAA, CCC Estimate – STP offers touchless line level estimates from photos and is part of CCC's broader offering that is digitizing the auto claims experience.

“CCC Estimate – STP utilizes AI at levels not previously seen in the industry and delivers the first ever touchless estimating experience," said Barrett Callaghan, Executive Vice President, Markets and Customer Success for CCC. “CCC is excited to deliver innovations that simultaneously reset expectations for insurers and policyholders, removing friction, increasing transparency and delighting policyholders by accelerating the claims experience. What many thought was impossible or years away is now live in market with CCC-powered estimates being completed in seconds versus days.”

CCC Estimate – STP uses a powerful combination of technologies, data, and partner connections to digitally generate comprehensive estimates for qualified repairable claims. The outcome is actionable estimates with line-level detail, including parts, labor operations and hours, and taxes. CCC Estimate – STP is configurable by insurer, including claim eligibility thresholds and desired policyholder communication experiences.

In market now, insurance customers live on CCC Estimate – STP have marked an important step on their digital transformation journey.

“Our members are at the center of everything we do, which today means delivering digital-first experiences whenever we can,” said Sean Burgess, USAA Chief Claims Officer. “We are excited to be first to include the touchless estimating capabilities available through CCC Estimate – STP in our claims process, automating steps that free our team to focus on the personal, compassionate aspects of the experience.”

“Touchless claims have long been the industry’s vision. CCC is delivering the future today,” said Dr. Seth Rachlin, Executive Vice President and Global Insurance Industry Leader at Capgemini. “Advancements like these create the underpinnings of a frictionless enterprise capable of better business outcomes and long-term policyholder value. This is an important milestone in the industry’s transformation.”

Today, CCC’s network of 30,000 customers use its solutions to digitize operations, improve performance, and deliver seamless experiences to their policyholders across millions of claims annually. Insurer adoption of CCC’s advanced AI using deep-learning, an important element of CCC Estimate – STP, increased 50 percent year over year in 2020, and through 2020, more than 5 million unique claims had been processed using a CCC deep-learning AI solution. Today, more than 90 insurers are actively applying CCC’s advanced AI to their claims process to improve policyholder experiences. CCC Estimate – STP builds on CCC’s track record of success and integrates seamlessly into the claim workflow of existing CCC clients.

Learn more about CCC Estimate – STP.

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/20211028005115/en/

CCC Media Contact: Michelle Hellyar

mhellyar@cccis.com | 773.791.3675

Source: CCC Intelligent Solutions Inc.

FAQ

What is CCC Estimate – STP?

CCC Estimate – STP is an AI-powered tool that facilitates touchless vehicle claims estimations in seconds, enhancing efficiency in the claims process.

Which companies are using CCC Estimate – STP?

Currently, CCC Estimate – STP is live with four major auto insurers, including USAA.

How does CCC's AI technology benefit insurers?

CCC's AI technology enhances operational efficiency, enables faster claims processing, and improves customer satisfaction for insurers.

What impact does CCC Estimate – STP have on claims processing time?

The technology reduces claims processing time from days to seconds, significantly enhancing efficiency.

Why is CCC Estimate – STP important for the insurance industry?

It represents a significant step in the industry's digital transformation, facilitating touchless claims and improving customer experiences.