CCC Intelligent Solutions (CCC), the SaaS platform powering the P&C insurance economy, provided an update to its 2020 insurer AI adoption report, which shows significant growth in AI adoption in auto claims across key metrics. The company reports a 50 percent year-over-year increase in the application of advanced AI for claims processing. The company also reports that more than 9 million unique claims have been processed using a CCC deep learning AI solution, growing more than 80 percent in 2021, and the number of claims using four or more of its AI applications grew 6X year-over-year.
CCC also announced that insurer adoption of its industry-first AI-powered touchless estimating solution, CCC® Estimate – STP, has doubled to 8 national insurers since launching the solution in October 2021. Today, more than 95 U.S. auto insurers are actively using CCC’s AI-powered capabilities.
Top iTechnology AIOps News: ReadyWorks Secures $8Million in Series A Funding Led by Credit Suisse Asset Management’s NEXT Investors
“The data paints a clear picture of an industry embracing innovation and insurers activating AI at scale,” said Shivani Govil, chief product officer, CCC. “As our industry becomes increasingly complex and consumer demand for personalized experiences grows, AI has become essential. Discrete applications of AI are giving way to broader use cases and more intelligent automation. The sharp increases in the use of multiple AI applications and the rapid adoption towards fully touchless estimating are evidence of the industry’s digital transformation, which CCC is proud to lead, supporting our customer’s ability to redefine the insurance experience.”
The sharp growth in AI-powered claims is driven by an increase in the number of insurers using AI solutions and the expansion of applications for AI across their business, including estimating, audit, total loss handling, casualty, and fraud detection. The number of insurers using at least one of CCC’s AI-powered solutions grew nearly 30 percent year-over-year.
A leader in AI-informed solutions, CCC’s application of AI expands beyond claims decision making. CCC’s solutions leverage AI to improve customer interactions, streamline operations, and digitize assessments. Whether applying language recognition to better engage consumers, computer vision to assess medical bills, or deep learning to accelerate decisions across the claims lifecycle, CCC continues to apply AI to improve policyholder interactions and operations across the network.
Top iTechnology IoT News: Winner Micro Licenses CEVA Bluetooth and Wi-Fi IP Platforms for IoT Connectivity SoC
[To share your insights with us, please write to sghosh@martechseries.com]
