CCC Intelligent Solutions Study Identifies Key Drivers of Customer Satisfaction and Retention in the Auto Claims and Repair Process
CCC Intelligent Solutions Inc. (CCCS) released findings from its Moments of Truth study, examining key drivers of customer satisfaction and retention in auto claims and repair processes. The study, based on data from 2,400 policyholders, revealed that:
1. Consumer satisfaction with insurers and repairers is closely linked, with their collaboration playing a pivotal role in each other's satisfaction scores.
2. Transparency and clear communication about the claims process and repair needs are more important than speed in determining customer satisfaction.
3. Satisfaction with the claims process may not impact insurer loyalty, with factors like loan gap coverage, injury involvement, and first-time claim filing being more predictive of switching behavior.
4. Repairer actions, such as high-quality repairs and offering loaner vehicles, can significantly impact satisfaction with insurers.
CCC Intelligent Solutions Inc. (CCCS) ha pubblicato i risultati del suo studio sui Momenti di Verità, esaminando i principali fattori che influenzano la soddisfazione e la fidelizzazione dei clienti nei processi di gestione dei sinistri e riparazione. Lo studio, basato su dati provenienti da 2.400 assicurati, ha rivelato che:
1. La soddisfazione dei consumatori nei confronti delle compagnie assicurative e dei riparatori è strettamente legata, con la loro collaborazione che gioca un ruolo fondamentale nei punteggi di soddisfazione reciproca.
2. Trasparenza e comunicazione chiara riguardo al processo di gestione dei sinistri e alle necessità di riparazione sono più importanti della velocità per determinare la soddisfazione del cliente.
3. La soddisfazione con il processo di gestione dei sinistri potrebbe non influenzare la fedeltà verso l'assicuratore, con fattori come la copertura per il gap di prestito, la coinvolgimento in infortuni e la presentazione del sinistro per la prima volta che sono più predittivi del comportamento di cambiamento.
4. Le azioni dei riparatori, come riparazioni di alta qualità e l'offerta di veicoli sostitutivi, possono avere un impatto significativo sulla soddisfazione nei confronti degli assicuratori.
CCC Intelligent Solutions Inc. (CCCS) publicó los hallazgos de su estudio de Momentos de Verdad, examinando los factores clave de la satisfacción y retención de clientes en los procesos de reclamaciones y reparaciones automotrices. El estudio, basado en datos de 2.400 titulares de pólizas, reveló que:
1. La satisfacción del consumidor con aseguradoras y reparadores está estrechamente vinculada, siendo su colaboración un papel fundamental en las puntuaciones de satisfacción de ambos.
2. La transparencia y la comunicación clara sobre el proceso de reclamaciones y las necesidades de reparación son más importantes que la rapidez para determinar la satisfacción del cliente.
3. La satisfacción con el proceso de reclamación puede no afectar la lealtad hacia el asegurador, con factores como la cobertura de brecha de préstamo, la implicación en lesiones y la presentación de reclamaciones por primera vez que son más predictivos del comportamiento de cambio.
4. Las acciones de los reparadores, como reparaciones de alta calidad y la oferta de vehículos de préstamo, pueden impactar significativamente la satisfacción con los aseguradores.
CCC Intelligent Solutions Inc. (CCCS)는 진실의 순간 연구 결과를 발표하며 자동차 클레임 및 수리 절차에서 고객 만족도 및 유지의 주요 요소를 조사했습니다. 이 연구는 2,400명의 보험 가입자로부터 수집된 데이터를 기반으로 하며, 다음과 같은 사실을 밝혔습니다:
1. 소비자의 보험사와 수리업체에 대한 만족도는 밀접하게 연결되어 있으며, 이들의 협력이 서로의 만족도 점수에 중요한 역할을 합니다.
2. 투명성과 명확한 소통은 고객 만족도를 결정하는 데 있어 속도보다 더 중요합니다.
3. 클레임 프로세스에 대한 만족도가 보험사에 대한 충성도에 영향을 미치지 않을 수 있으며, 대출 갭 커버리지, 부상 관련성 및 최초 클레임 제출과 같은 요소가 전환 행동을 예측하는 데 더 중요합니다.
4. 고품질 수리 및 대여 차량 제공과 같은 수리업체의 행동은 보험사에 대한 만족도에 상당한 영향을 미칠 수 있습니다.
CCC Intelligent Solutions Inc. (CCCS) a publié les résultats de son étude des Moments de Vérité, examinant les principaux facteurs de satisfaction et de fidélisation des clients dans les processus de réclamation et de réparation automobile. L'étude, basée sur des données provenant de 2 400 assurés, a révélé que :
1. La satisfaction des consommateurs envers les assureurs et les réparateurs est étroitement liée, leur collaboration jouant un rôle central dans les scores de satisfaction de chacun.
2. La transparence et la communication claire concernant le processus de réclamation et les besoins en réparation sont plus importantes que la rapidité pour déterminer la satisfaction des clients.
3. La satisfaction à l'égard du processus de réclamation peut ne pas influencer la fidélité envers l'assureur, des facteurs tels que la couverture du prêt, l'implication dans des blessures et le dépôt de réclamations pour la première fois étant plus prédictifs du comportement de changement.
4. Les actions des réparateurs, telles que les réparations de haute qualité et l'offre de véhicules de prêt, peuvent avoir un impact significatif sur la satisfaction envers les assureurs.
CCC Intelligent Solutions Inc. (CCCS) veröffentlichte die Ergebnisse seiner Momente der Wahrheit Studie, die die Hauptfaktoren für Kundenzufriedenheit und -bindung in den Bereichen Schadensmeldungen und Reparaturprozesse untersucht. Die Studie basiert auf Daten von 2.400 Versicherungsnehmern und hat ergeben, dass:
1. Die Zufriedenheit der Verbraucher mit Versicherern und Reparaturwerkstätten eng miteinander verbunden ist, wobei ihre Zusammenarbeit eine entscheidende Rolle für die Zufriedenheitswerte der jeweils anderen spielt.
2. Transparenz und klare Kommunikation über den Schadensprozess und Reparaturbedürfnisse wichtiger sind als Schnelligkeit, um die Kundenzufriedenheit zu bestimmen.
3. Die Zufriedenheit mit dem Schadensprozess könnte keinen Einfluss auf die Loyalität gegenüber dem Versicherer haben, wobei Faktoren wie Lückenabdeckung, Verletzungsbeteiligung und Erstantragstellung prädiktiver für das Wechselverhalten sind.
4. Die Handlungen von Reparaturwerkstätten, wie hochwertige Reparaturen und das Anbieten von Leihfahrzeugen, können die Zufriedenheit mit Versicherern erheblich beeinflussen.
- Study provides valuable insights for improving customer satisfaction in the auto claims and repair process
- Identifies key factors influencing customer retention for insurers
- Highlights the importance of collaboration between insurers and repairers for mutual benefit
- Customer satisfaction with claims process may not translate to insurer loyalty
- External factors outside of repairers' control can significantly impact satisfaction scores
Insights
This study by CCC Intelligent Solutions offers valuable insights into customer satisfaction drivers in the auto insurance and repair industry. Key findings reveal:
- Interconnected satisfaction between insurers and repairers, with each influencing the other's customer perception
- Transparency and clear communication outweigh speed in customer satisfaction
- Surprising disconnect between customer satisfaction and loyalty for insurers
The research highlights the importance of a unified customer experience and the need for insurers and repairers to collaborate closely. For CCC, this study demonstrates their commitment to industry insights and could potentially drive demand for their cloud-based solutions that facilitate better communication and transparency in the claims process.
While the study doesn't directly impact CCC's financials, it positions the company as a thought leader and could indirectly boost their market position. Investors should view this as a positive indicator of CCC's industry engagement and potential for long-term growth in the
This research by CCC Intelligent Solutions provides important insights for the P&C insurance industry. The findings challenge traditional assumptions about customer retention:
- High satisfaction doesn't guarantee loyalty
- First-time claimants are more likely to switch carriers despite higher satisfaction
- Factors like loan gap coverage and injury claims significantly impact switching behavior
These revelations could prompt insurers to reevaluate their customer retention strategies. The emphasis on transparency over speed in claims processing suggests a need for insurers to invest in clear communication channels and comprehensive policyholder education.
For CCC, this study reinforces the value of their cloud platform in facilitating better insurer-repairer collaboration and communication. It may drive increased adoption of CCC's solutions among insurers looking to improve customer satisfaction and retention rates. Investors should see this as a potential catalyst for CCC's growth in the competitive insurtech space.
Moments of Truth Research Shows Strong Link Between Insurer and Repairer Customer Satisfaction and Reveals Carriers’ Customer Retention Is Not Tied to Satisfaction
The study, based on data from 2,400 policyholders who participated in the research, examines nearly 50 moments in the auto claims and repair process. Findings, which were derived using data science methodologies to uncover correlations and patterns in responses rather than reporting direct responses, show that repairers help insurers score satisfaction points by offering high-quality repairs and minimizing the time to schedule and complete repairs, and conversely, insurers bolster repair satisfaction scores with clear communication about the claims process and a satisfying first contact with the consumer. These insights suggest that many consumers view their interactions with insurers and repairers as a single cohesive experience and do not differentiate between their experiences with insurers and repairers.
“At CCC, we’re on a mission to shape a world where life just works, which means helping our customers turn crucial moments into intelligent experiences,” said Maryling Yu, vice president of marketing at CCC. “An intelligent experience certainly includes a positive customer experience, and our Moments of Truth research sheds light on the moments that determine customer satisfaction and retention. Our findings suggest that while speed has long been prioritized, transparency and clear communication about the claims process and repair needs play an even more significant role in consumer satisfaction. The study found that even when a consumer has indicated high satisfaction with their insurer, it may not tell the insurer much about whether they will ultimately switch. We hope these insights will help the industry in navigating today’s challenges and delivering better outcomes.”
Key findings from the Moments of Truth study include:
Satisfaction with Insurers and Repairers Is Interconnected:
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Each Controls Moments of Truth for the Other: 4 of the moments of truth for insurer satisfaction were repairers’ responsibilities, while 2 of the moments of truth for repairer satisfaction were in the realm of insurer responsibilities.
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Unified Experience: When repair satisfaction is rated as “very satisfied,” the percentage of consumers who were “very satisfied” with their insurer increased by
17% .
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Satisfaction Link: Interactions with repair facilities directly impact how customers perceive their insurer, with
42.5% of consumers surveyed reporting that their interaction with the repair facility changed their perception of the insurer.
- Transparency Is More Important Than Speed: The top moments of truth for satisfaction with insurers and repairers both had to do with transparency and clear communications around the claims process and vehicle repair needs. Speed also showed up in several moments of truth but had smaller impacts than transparency.
When It Comes to Insurers:
- Satisfaction Does Not Equal Loyalty: Three key factors were most helpful in assessing the likelihood of switching insurers:
- Ability to Cover a Loan Gap in a Total Loss: Policyholders who owed more on their loan than what their vehicle was worth in a total loss scenario were more likely to switch insurers.
- Injury: Consumers involved in accidents that resulted in an injury were more likely to switch carriers.
- First-Time Filers: First-time claim filers, despite reporting higher satisfaction with carriers, were more likely to switch carriers.
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Impact of Communication: Clear communication about the claims process is the top moment of truth for consumers’ satisfaction with insurers.
- Repairer Actions Can Help Bolster Satisfaction with Insurers: High-quality repairs, offering “loaner” vehicles, and minimizing length of time to schedule and complete vehicle repairs were moments of truth for consumers’ satisfaction with insurers.
When It Comes to Repairers:
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Transparency Over Speed: A transparent, detailed explanation of repair needs was the top moment of truth influencing repair satisfaction, outweighing the speed of repairs.
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External Factors: Satisfaction is influenced by factors outside repairers’ control, such as whether the insurer provides clear communications about the claims process as well as a satisfying initial contact after the accident.
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Frequency of contact being “just right” is key:
88% of respondents wanted at least weekly updates, with nearly half expecting communication every 2-3 days.
The Moments of Truth study is part of CCC's ongoing commitment to advancing industry knowledge and delivering innovative solutions that help its customers turn data into confident action and to create intelligent experiences that just work.
CCC engaged Magid Research, a prominent market research firm known for its expertise in consumer behavior, to gather the data used in the study which included insight from 2,400 policyholders who had filed as first-party claimants and completed a repair process within the past two years. The study was conducted between August and December of 2023.
Download the full report at cccis.com/reports/moments-of-truth.
About CCC
CCC Intelligent Solutions Inc. (CCC), a subsidiary of CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS), is a leading cloud platform for the multi-trillion-dollar P&C insurance economy, creating intelligent experiences for insurers, repairers, automakers, part suppliers, and more. The CCC Intelligent Experience (IX) Cloud™ platform, powered by proven AI and an innovative event-based architecture, connects more than 35,000 businesses to power customized applications and platforms for optimal outcomes and personalized experiences that just work. Through purposeful innovation and the strength of its connections, CCC technologies empower the people and industry relied upon to keep 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. 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 CCC’s filings with the Securities and Exchange Commission (“SEC”), including the Form 10-K filed February 28, 2024, 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.
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CCC Media Contact: Laura Weber
lweber@cccis.com | 773.960.7144
Source: CCC Intelligent Solutions Inc.
FAQ
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