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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 Inc. (CCCS) reported strong financial results for Q3 2022, with revenue of $198.7 million, a 13% increase from $176.6 million in Q3 2021. Adjusted EBITDA reached $78.1 million, growing 11% year-over-year. The company improved its full-year revenue and adjusted EBITDA guidance, anticipating $779-$781 million in revenue and $302-$304 million in adjusted EBITDA for FY 2022. CCC's gross profit margin increased to 73%, and GAAP net income was $9.8 million, compared to a loss of $189.8 million in Q3 2021. CCC continues to expand its customer base and innovate its digital solutions.
CCC Intelligent Solutions has enhanced its CCC Diagnostics product to address complexities in the collision repair industry. The updates aim to streamline diagnostics billing and improve transparency, including customizable diagnostic profiles and a diagnostics workflow dashboard. New features allow repairers to configure notifications and specify diagnostic procedures while ensuring correct billing. With these enhancements, shops can more efficiently manage diagnostic operations and improve repair processes, ultimately benefiting their customers.
CCC Intelligent Solutions (NYSE: CCCS) and Sfara announce a partnership to enhance claims management in the insurance sector. This collaboration integrates Sfara's smartphone-based mobile crash detection data with CCC's claims management platform, allowing insurers to streamline the claims process from the First Notice of Loss (FNOL). With access to immediate accident data, insurers can make timely decisions, reducing claims costs and improving policyholder satisfaction. CCC supports over 300 U.S. auto insurers, enhancing their claims processing capabilities significantly.
CCC Intelligent Solutions has expanded its relationship with Assurance America to enhance casualty claims processing. The integration allows Assurance to handle auto physical damage and both first- and third-party casualty claims within a single digital workflow. This solution streamlines the medical bill review process, leveraging accident data to ensure accuracy and appropriateness in treatment costs. The collaboration aims to improve operational efficiencies and customer experiences in the insurance industry.
CCC Intelligent Solutions Inc. has appointed Michael Silva as Chief Commercial and Customer Success Officer. Silva, previously at Salesforce, brings extensive experience in technology and financial services. His role will focus on driving innovative outcomes for clients in the P&C insurance industry. CCC emphasizes the importance of digitization and AI in addressing macro challenges faced by customers. The company connects over 30,000 businesses, enhancing workflows and customer experiences in the insurance sector. CCC is traded under the ticker CCCS.
CCC Intelligent Solutions Holdings Inc. (NYSE: CCCS) will release its third quarter fiscal results for 2022 on November 4, 2022, before U.S. markets open. A conference call will follow at 8:00 a.m. ET to discuss financial results and business outlook, accessible via a live webcast on the company’s Investor Relations page. CCC serves the P&C insurance economy, connecting over 30,000 businesses with its SaaS platform.
CCC Intelligent Solutions has launched its CCC® Smart Red Flag Detection solution, utilized by GEICO to combat auto insurance fraud. This AI-powered technology identifies claims discrepancies and duplicate filings, enhancing assessment accuracy and the overall claims process.
Fraud in the insurance industry costs over $40 billion annually, impacting premiums for U.S. families. The integration aims to improve visibility into suspicious activity, thus reducing fraudulent payouts and streamlining processing for insurers.
CCC Intelligent Solutions Inc. is launching a new live content series called NXTUP on September 28 at 1 p.m. CT. This series will feature discussions with industry leaders about the evolving trends in the P&C insurance economy. The inaugural episode will include hosts Shivani Govil and Manju Bansal, alongside expert guest Bernard Marr. The aim is to foster dialogue on digitization and AI advancements within the industry, offering a platform for innovative ideas and collaboration.
CCC Intelligent Solutions has been recognized as one of the top 100 financial technology providers by IDC, debuting at #47. This ranking evaluates providers based on revenue generated from financial institutions. The company’s cloud platform connects over 30,000 businesses, enhancing the claims process in the P&C insurance sector. Additionally, CCC received a Real Results Award for its AI-driven CCC Safekeep platform, which improves subrogation outcomes. This recognition underscores CCC's contribution to innovation and operational excellence in the financial services landscape.
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