AI Solutions for P&C Insurance Industry Drive Growth at CCC
The auto insurance claims and collision repair industries are increasingly adopting artificial intelligence (AI)-powered solutions to streamline their operations.
Eleven percent year-over-year growth in the first quarter at CCC Intelligent Solutions, a cloud platform for the property and casualty (P&C) insurance industry, was largely driven by customers’ adoptions of its solutions, Chief Financial Officer Brian Herb said Tuesday (April 30) during the company’s quarterly earnings call.
The industry is still in the “early innings of digital transformation” and customers are partnering with CCC to continue that project, CCC Intelligent Solutions Chairman and CEO Githesh Ramamurthy said during the call.
“Across the markets we serve, customers are increasingly looking to CCC to make it faster and easier to adopt our solutions and drive innovation into their business,” Ramamurthy said. “This trend is being driven by a wide variety of forces — including macroeconomic changes, labor shortages and increasing complexity in day-to-day operations — challenges that can best be addressed through a highly integrated, highly connected, AI-enabled platform.”
During the first quarter, CCC announced the latest version of its platform, the CCC Intelligent Experience (IX) Cloud, saying that it orchestrates data, AI and ecosystems at scale to help manage auto claims and repairs and deliver an optimum outcome for consumers, businesses and the businesses’ employees, according to a Tuesday earnings release.
The company’s existing cloud platform connects more than 35,000 companies — including insurers, collision repairers, auto manufacturers and parts suppliers — and processes over $100 billion of commerce annually, Ramamurthy said during the call.
Overlaying the new CCC IX Cloud on this platform will help companies manage the “hundreds of decisions, tasks and data flows” that go into each unique insurance claim and collision repair, Ramamurthy added.
Other CCC solutions being adopted by the industry include CCC Subrogation, which applies AI and workflow automation to subrogation; Impact Dynamics, which uses computer vision to study photos of an accident-damaged vehicle and predict potential injuries to the occupants; and Mobile Jumpstart, which reduces the time it takes a repair facility to generate an initial estimate from the industry average of 30 minutes to less than two minutes, Ramamurthy said.
“And with our projected 2024 revenue representing a fraction of the $10 billion-plus market opportunity we see in digitizing the P&C insurance economy, we believe we have decades of growth ahead of us,” Ramamurthy said during the call.
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