CCC Introduces Next Generation AI-Based Photo Analysis Capabilities

Rhea-AI Summary

CCC Intelligent Solutions announces new AI-based photo analysis capabilities for claims handling and appraisal process

Positive

• CCC Intelligent Solutions has launched new AI-based photo analysis capabilities for claims handling and the appraisal process. The offerings provide actionable intelligence following the First Notice of Loss (FNOL), allowing insurers to make better determinations and decisions earlier in the claims cycle. This can optimize and accelerate downstream processing for auto physical damage (APD) and casualty claims.
• The new CCC offerings include CCC First Look, a solution for claims handlers that helps capture accident information sooner and validate photos for use with other CCC products. It also includes CCC Impact Dynamics, which applies AI to photos of vehicle damage to predict impact severity and inform important decisions such as casualty claims segmentation and early settlement opportunities.

Negative

• None.

New Solutions Extend CCC’s Advanced AI to Claims Handlers and Deliver Actionable Intelligence for Early Decision-Making

CHICAGO--(BUSINESS WIRE)-- CCC Intelligent Solutions (CCC), a leading cloud platform for the P&C insurance economy, today announced the next generation of its AI-based photo analysis capabilities, including its first solution that extends into claims handing and ahead of the appraisal process to help users identify potential indemnity amounts earlier. The offerings deliver actionable intelligence following FNOL, enabling insurers to pull forward key decisions that work to optimize and accelerate downstream processing across APD and casualty claims.

“With its new offerings, CCC is significantly increasing the power of digital photo analysis and delivering meaningful insights across the life of a claim,” said Andrew Schwartz, analyst at Celent Research, a leading research and advisory firm focused on technology for financial institutions globally. “Using its established AI capabilities, CCC can now help insurers make better determinations and decisions earlier, which are essential steps on the path to systematically improve claims cycle times and achieve more straight-through processing.”

New CCC Offerings

CCC® First Look, the company's first solution specifically for claims handlers can help insurers capture accident information sooner on more claims and is designed to ingest photos from various sources – including consumers and salvage providers. AI is applied to validate photos for use with other CCC products and inform optimal routing for each claim, which can support initiating multiple workflows simultaneously, including determining total loss potential, and triaging casualty claims.

CCC® Impact Dynamics applies AI to photos of vehicle damage to predict impact severity, which enables insurers to spot injury potential early and inform a series of important decisions including casualty claims segmentation and routing, early settlement opportunities, and reserve management. Impact Dynamics can help insurers pay what they owe more quickly and efficiently while achieving quicker speed to resolution for injured parties.

"The underlying facts of the accident are the basis for effective claims management," said John Goodson, chief product and technology officer for CCC. "With our new photo AI capabilities, CCC can help carriers know more sooner, ushering in a new, more intelligent claims process from the start. First Look and Impact Dynamics are just the beginning of CCC’s next generation offering designed to transform consumer experiences and optimize business outcomes for our customers."

CCC First Look and CCC Impact Dynamics build on the company's established AI capabilities and work with CCC’s existing solutions.

Learn more about CCC First Look and CCC Impact Dynamics.

About CCC

CCC Intelligent Solutions Inc., (NASDAQ: 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 35,000 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 most recently filed Form 10-K by CCC with the Securities and Exchange Commission (“SEC”) on March 2, 2023, 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/20231023309564/en/

CCC Media Contact:

Michelle Hellyar

773.791.3675

mhellyar@cccis.com

Source: CCC Intelligent Solutions Inc.

FAQ

What are the new AI-based photo analysis capabilities launched by CCC Intelligent Solutions?

CCC Intelligent Solutions has launched new AI-based photo analysis capabilities for claims handling and the appraisal process.

How can the new CCC offerings benefit insurers?

The new CCC offerings provide actionable intelligence following the First Notice of Loss (FNOL), allowing insurers to make better determinations and decisions earlier in the claims cycle. This can optimize and accelerate downstream processing for auto physical damage (APD) and casualty claims.

What is CCC First Look?

CCC First Look is a solution for claims handlers that helps capture accident information sooner and validate photos for use with other CCC products.

What is CCC Impact Dynamics?

CCC Impact Dynamics applies AI to photos of vehicle damage to predict impact severity and inform important decisions such as casualty claims segmentation and early settlement opportunities.