CCC Intelligent Solutions Holdings Inc. - CCCS STOCK NEWS

CCC Intelligent Solutions Inc. (CCC), a leading cloud platform for the P&C insurance economy, has appointed Justin McWhirter as Chief Information Officer (CIO). McWhirter, formerly of Amazon Web Services (AWS), replaces retiring CIO Bill Rocholl. In his new role, McWhirter will oversee IT operations, enhance existing applications, and accelerate innovation and AI initiatives.

At AWS, McWhirter led solution architects, scaled global programs, and provided counsel on cloud migrations and modernization. His experience spans financial services, technology consulting, and e-commerce. McWhirter's appointment comes as CCC introduces its Intelligent Experience (IX) Cloud platform, aiming to bring intelligent experiences through new event-driven architecture.

CCC Intelligent Solutions Inc. (CCCS), a leading cloud platform for the P&C insurance economy, has been awarded the 2024 AI Breakthrough Award for "Best Overall Computer Vision Solution". This recognition highlights CCC's innovative use of AI in the auto insurance and repair industry.

CCC's AI-powered solutions utilize over 300 AI models incorporating computer vision, natural language understanding, and deep learning to streamline operations and digitize assessments. The company's technology helps address industry challenges such as labor shortages, inflation, and increasing vehicle complexity.

Recently, CCC introduced the CCC Intelligent Experience (IX) Cloud™ platform, which enhances existing cloud applications and workflows with proactive insights and AI-driven innovations. Since introducing its first AI solution for vehicle damage assessment in 2013, CCC's AI-powered solutions have been adopted by over 100 auto insurance companies and thousands of collision repair operators.

CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS) reported strong Q2 2024 financial results, with 10% year-over-year revenue growth to $232.6 million and a 41% adjusted EBITDA margin. The company's GAAP net income was $21.4 million, compared to a net loss of $97.3 million in Q2 2023. Adjusted EBITDA grew 18% to $95.8 million. CCC's customer base now exceeds 35,000, including over 30,000 repair facilities. The company launched CCC® Build Sheets to streamline the repair process. Based on these results, CCC issued guidance for Q3 and full-year 2024, projecting continued growth.

CCC Intelligent Solutions Inc. (CCCS) has launched CCC® Intelligent Reinspection, an AI-powered solution designed to streamline the review of auto repair estimates for insurers. This new technology aims to expedite repairer workflows and claims resolutions, ultimately getting drivers back on the road faster after accidents.

The solution uses advanced AI to identify areas for review and provide reason codes based on insurer rules. It integrates seamlessly into existing workflows, automatically routing estimates for approval or review, which significantly reduces manual workloads for appraisers and desk reviewers. Key benefits include improved review efficiency, reduced cycle times, and better collaboration between insurers and repairers.

CCC Intelligent Solutions Inc. (CCCS) has launched CCC® Build Sheets, a new solution integrated into CCC ONE® to streamline the repair process for collision repairers. This innovative tool provides detailed vehicle specifications based on the Vehicle Identification Number (VIN), helping repairers write more accurate estimates and understand parts requirements better.

Key benefits include:

• Faster estimate creation
• Improved parts ordering accuracy
• Reduced manual research

CCC Intelligent Solutions (NASDAQ: CCCS) announced it will release its Q2 2024 financial results on July 30, 2024, after the U.S. market closes. The company will also host a conference call at 5:00 p.m. ET the same day to discuss the results and provide a business outlook. The live webcast and replay will be accessible on the Investor Relations page of the company's website.

CCC Intelligent Solutions Holdings announced the pricing of a secondary offering of 30 million shares of its common stock by affiliates of Advent International and Oak Hill Capital Partners. The shares will be sold at market prices through negotiated transactions. The offering, expected to close around July 1, 2024, will not provide any proceeds to CCC Intelligent Solutions as the shares are sold by the selling stockholders. BofA Securities and Goldman Sachs are acting as joint book running managers for this offering. The offering is made under a shelf registration statement effective since October 14, 2022, with details available on the SEC website.

CCC Intelligent Solutions Holdings announced a secondary offering of 30 million shares of common stock by affiliates of Advent International and Oak Hill Capital Partners. The shares will be sold through negotiated transactions or at market prices. The company will not receive any proceeds from this sale. BofA Securities and Goldman Sachs are managing the offering. The offering is under an effective shelf registration statement filed with the SEC. Investors can access the prospectus supplement and base prospectus on the SEC's EDGAR website or by contacting the managing banks.

CCC Intelligent Solutions has released its Q2 2024 Crash Course Report, detailing the impact of severe weather events on the auto insurance and collision repair industries. The report, based on data from 300 million claims and millions of injury protection claims, notes a significant rise in hail-related auto claims—11.8% in 2023, up from 9% in 2020. Repair costs for hail-damaged vehicles have increased by 15% over the past three years, with hail claims costing 21.7% more to repair than average comprehensive claims.

Key findings include increased costs and repair times due to record storms, geographic shifts affecting insurers, and rising repair costs. The average total cost of repair rose 3.3% in Q1 2024 compared to Q1 2023. EV repair costs are 46.9% higher than non-EVs. Medical treatment costs for auto claims are also rising, and uninsured motorist injury claims increased by 44%. The report highlights the growing need for strategic planning and adaptation in the industry.