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CCC Intelligent Solutions Holdings Inc. (Symbol: CCCS) is a leading provider of cutting-edge technology solutions for the automotive and property & casualty insurance industries. For over 30 years, CCC has pioneered innovative software, delivering exceptional customer service and insightful analysis to shape the industry. Their advanced SaaS platform, utilizing cloud, mobile, AI, telematics, and hyperscale technologies, connects trading partners, facilitates commerce, and supports mission-critical, AI-enabled digital workflows. CCC is instrumental in helping people get back into their cars quickly after accidents through seamless integrations between insurers, auto manufacturers, repairers, part suppliers, and millions of drivers worldwide.
Recent achievements include significant advancements in telematics, ridesharing, autonomous vehicles, and usage-based insurance, demonstrating their commitment to driving the future of vehicle and insurance technology. With a strong presence in the United States and China, CCC generates the majority of its revenue from software subscriptions and professional services, primarily within the U.S.
The company’s ecosystem not only enhances operational efficiencies but also delivers superior customer experiences, making CCC a pivotal player in the insurance economy. Whether you are an insurer, auto manufacturer, or repairer, CCC offers the solutions you need to innovate and succeed. If you are looking to be part of a dynamic and forward-thinking team, CCC Intelligent Solutions Holdings Inc. is the place to be.
CCC Intelligent Solutions Holdings reported financial results for Q3 2021, highlighting an 18% revenue growth to $176.6 million and a 31% increase in adjusted EBITDA to $70.1 million. The company saw a gross margin of 67%, down slightly from the previous year, while adjusted gross profit rose to $138.4 million with a margin of 78%. Notably, CCC refinanced its debt, lowering interest rates from 4.0% to 3.0%. For Q4 2021, revenue guidance is set between $182 million and $184 million, with expected year-over-year growth of 10% to 11%.
CCC Intelligent Solutions (NYSE: CCCS) has announced an extension of its partnership with Amica Mutual Insurance, enhancing the insurer's digital claims process. Amica will utilize CCC’s AI and mobile solutions to improve policyholder experiences from first notice of loss to resolution. The technology allows for efficient digital photo submissions and virtual inspections, aiming to speed up claims processing and enhance customer satisfaction. This collaboration aligns with Amica's commitment to innovation and exceptional service.
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.
CCC Intelligent Solutions has launched Recovery Assistant, a new mobile app designed for casualty claims resolution, developed in partnership with USAA. This app streamlines communication for third-party claims, allowing insurers to capture information efficiently. Early feedback from USAA indicates improved resolution times from weeks or months to just days. The app enhances CCC's digital capabilities in the P&C insurance sector, supporting its digital-first strategy. CCC aims to provide an integrated, user-friendly experience, further solidifying its leadership in the insurance tech market.
CCC Intelligent Solutions Holdings Inc. (NYSE: CCCS) announced the release of its third-quarter fiscal 2021 financial results, ending September 30, 2021, after U.S. market close on November 10, 2021. The company will host a conference call on the same day at 5:00 p.m. ET to discuss its financial performance and business outlook. CCC is a leading SaaS platform in the P&C insurance sector, connecting over 30,000 businesses with its cloud technology to enhance workflows and customer experiences.
CCC Intelligent Solutions has been awarded the 2021 Stratus Award by Business Intelligence for its innovative SaaS platform aimed at revolutionizing the auto claims experience. The company's platform significantly reduces claims cycle times, connecting over 30,000 businesses across the property and casualty insurance ecosystem. With the average auto claim taking nearly 50 days to resolve, CCC’s AI-driven technology aims to accelerate this process, enhancing customer experiences and operational efficiency. The recognition underscores CCC’s leadership and commitment to advancing technology in the insurance industry.
CCC Intelligent Solutions has successfully refinanced its secured credit facility, establishing an $800 million senior secured term loan and a $250 million senior secured revolving credit facility. This strategic move aims to bolster the company's balance sheet, with a reported 50% reduction in net leverage and $20 million in decreased projected annual cash interest payments. The term loan has a maturity date of September 21, 2028, while the revolving facility matures on September 21, 2026. The refinancing aims to support growth initiatives and enhance value for customers and shareholders.
CCC Intelligent Solutions Inc. (NYSE: CCCS), a leader in SaaS for the Property & Casualty insurance sector, announced participation in two investor conferences. The Piper Sandler Global Technology Conference runs from September 9-21, 2021, with presentations available on the conference site. The Citi Global Technology Virtual Conference presentation takes place on September 14, 2021, at 4:20 p.m. Eastern Time. Both presentations will be streamed live and available for replay on CCC's investor relations website.
CCC Intelligent Solutions reported strong financial results for Q2 2021, with total revenue of $166.8 million, up from $150.7 million in Q2 2020, reflecting a 16% growth adjusted for divestiture. GAAP net income rose to $3.8 million, a turnaround from a $2.0 million loss last year. Gross margin improved to 73%, with adjusted EBITDA growing 28% year-over-year. The company successfully completed its merger with Dragoneer Growth Opportunities Corp, enhancing its market positioning. Financial guidance forecasts up to $682 million in annual revenue.
On August 11, 2021, Toyota introduced a new feature, Collision Assistance, available through the Toyota and Lexus Owners Apps. This service aids drivers after a collision by providing guided instructions on navigating the post-collision repair process. Developed in partnership with CCC Intelligent Solutions, Collision Assistance integrates accident documentation, claims management, and repair facility searches. This feature aims to enhance customer safety and convenience, offering peace of mind during stressful moments following an accident.
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