Elephant Insurance Extends Relationship with CCC to Streamline, Improve Policyholder Experiences

Rhea-AI Summary

CCC Intelligent Solutions (NYSE: CCCS) announced an expanded partnership with Elephant Insurance to enhance digital claims processing. Utilizing CCC's AI-driven technology, Elephant aims to streamline total loss claims, improving efficiency and customer satisfaction. The collaboration addresses rising total loss situations fueled by increasing vehicle costs and supply chain issues. CCC's solutions will enable real-time engagement with policyholders, facilitating quicker resolutions and improved customer experience. This digital transformation is expected to significantly decrease processing times for claims.

Positive

• Expanded partnership with Elephant Insurance to enhance digital claims processing.
• Utilizing AI-driven technology for improved efficiency and customer satisfaction.
• Ability to engage policyholders earlier in the claims process, facilitating faster resolutions.

Negative

• None.

Carrier to leverage CCC’s proven AI and mobile solutions to create a digital-first total loss claims experience

CHICAGO--(BUSINESS WIRE)-- CCC Intelligent Solutions (CCC), the SaaS platform powering the P&C insurance economy, today announced Elephant Insurance will extend its use of CCC technology to include its AI-powered, digital claims solutions. Specifically, Elephant will leverage CCC’s technology to help digitize and further transform total loss resolution, advancing the insurer’s ability to deliver straight-through processing across the claims experience.

“Today’s drivers expect a seamless digital process when it comes to everything, including insurance and claims processing,” said Rhys Pearce, Head of Claims at Elephant Insurance. “Policyholders value efficiency and transparency, and that’s exactly what we’ll deliver with help from CCC. With CCC's suite of tools, we will be able to engage with our customers earlier in the process and strive to further reduce the time it takes to settle their total loss claim.”

Total losses have been increasing in recent years driven by a confluence of factors including surging new and used vehicle prices, growing complexity of the cars themselves, and supply chain disruptions driving up the cost of replacement parts.

With CCC’s suite of smart digital solutions, insurers can proactively engage policyholders following a probable total loss and guide them in capturing important information. Leveraging photos of vehicle damage, AI, and the CCC Cloud insurers can more quickly make decisions and digitize connections and information sharing with participating auto lenders to achieve faster resolution.

“Elephant Insurance has been a long-time customer and we’re excited to support their digital transformation objectives,” said Scott Janik, Senior Vice President, Insurance Services Group at CCC. “We know how challenging the claims process can be for both policyholders and insurers, especially in the event of a total loss. Implementing our solutions will enable Elephant to not only improve the overall experience for their customers but also significantly decrease cycle time.”

Learn more about CCC's digital total loss solutions.

About Elephant Insurance

Elephant Insurance is a customer-centric auto insurance carrier headquartered in Richmond, VA. Elephant provides auto insurance policies to consumers in Georgia, Illinois, Indiana, Maryland, Ohio, Tennessee, Texas, and Virginia. Elephant is a wholly owned subsidiary of Admiral Group, plc., a FTSE 100 company and one of the U.K.’s leading insurers with a presence in eight countries and millions of customers worldwide. Elephant is certified as a Great Place to Work®. To learn more, visit elephant.com.

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 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/20220707005122/en/

Michelle Hellyar

mhellyar@cccis.com | 773.791.3675

Source: CCC Intelligent Solutions Inc.

FAQ

What is the recent announcement involving CCC Intelligent Solutions (CCCS) and Elephant Insurance?

CCC Intelligent Solutions announced an expanded partnership with Elephant Insurance to enhance digital claims processing using AI-driven technology.

How will CCC's technology benefit Elephant Insurance?

CCC's technology will help Elephant Insurance streamline total loss claims, improving efficiency and customer satisfaction.

What factors have contributed to increasing total losses affecting CCC Intelligent Solutions?

Increasing vehicle prices and supply chain disruptions have contributed to rising total losses in the insurance industry.