Source: CCC Intelligent Solutions
Tech leader also reports processing more than 14M unique claims with advanced AI through 2022.
CHICAGO – CCC Intelligent Solutions Inc. (CCC), a leading SaaS platform powering the P&C insurance economy, today announces an update to its insurer AI adoption report, which for the third straight year shows significant growth in the adoption of AI in auto claims. The company reports the application of advanced computer vision AI for claims processing increased 60 percent year-over-year. The company also reports that more than 14 million unique claims have now been processed using a CCC AI solution, growing 3X since before the pandemic in 2019. In addition to more claims using AI, the data show a deepening penetration of multiple different AI solutions being applied per claim. In fact, CCC reports the number of claims using four or more of its advanced AI applications also grew 2X year-over-year.
The tech leader also reported the adoption of its industry-first AI-powered touchless estimating solution, CCC® Estimate – STP, has grown to 15 insurers, including 7 of the top 10 carriers based on direct written premium, representing 50% of U.S. auto claims volume. Today, more than 100 insurers are actively using CCC’s AI-powered applications.
“The industry has achieved more with advanced AI than many thought was possible a few short years ago,” said Jason Verlen, vice president, product marketing, CCC. “AI is now applied at key stages across the claims process and is capable of auto-generating a complete repair estimate with line level detail in seconds without human intervention.”
The growth in AI-powered claims is driven by a number of factors, including an increase in the number of insurers using AI solutions, the expansion of applications of AI across their business, and an increase in AI-eligible claims, driven by an increase in the use of photos to initiate a claim. In 2022, more than 27% of claims processed through CCC’s system were initiated by digital photos.
Added Verlen, “This progress is compelling, but it’s not mission accomplished. Market dynamics are necessitating more. While some macro trends, including supply chain issues are likely to subside with time, other factors, including labor shortages and increasing vehicle complexity, will require more AI and deeper connections across the ecosystem to meet the demands of today’s consumer and enable insurers and repairers to realize better business outcomes.”
A leader in AI-powered solutions for the auto insurance industry, CCC’s broad solution offering applies a variety of AI models, including computer vision, language recognition, and deep learning to improve customer interactions, streamline operations, and digitize assessments, across estimating, casualty, and fraud detection. CCC is leveraging AI to bring intelligent experiences to every aspect of claims and mobility.
Learn more about CCC’s AI solutions.
CCC Intelligent Solutions Inc. (CCC), a subsidiary of CCC Intelligent Solutions Holdings Inc. (NASDAQ: 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.