AI Adoption By Auto Insurers Grows Exponentially In 2020
- Wall Street ends week positively; S&P 500, Dow hit record highs
- Bitcoin (BTC) Drops 3% as Turkey Bans Cryptocurrency Payments Citing Lack of Regulatory Supervision
- Morgan Stanley (MS) Archegos-Related Loss Appears to be $911M
- Dollar at 4-week low on retreating Treasury yields
CCC, an AI Leader in Insurance Technology, Reports a More Than 50 Percent Year-Over-Year Increase in the Application of Deep Learning for Claims Processing
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
CHICAGO, March 4, 2021 /PRNewswire/ -- CCC Information Services (CCC), an AI leader in insurance technology, reports a more than 50 percent year-over-year increase in claims processed using deep learning. The company also reports that more than 5 million unique claims have been processed using a CCC deep learning AI solution, and the number of claims using two or more of its AI applications has more than doubled year over year. Today, more than 75 auto insurers are actively applying CCC's advanced AI to power claims decisions and improve policyholder experiences.
"The growth we're seeing in AI adoption is tied to our proven ability to deliver actionable insights with advancing precision," said John Goodson, senior vice president, technology, CCC. "The CCC Cloud platform is built for speed and scale and today processes 2.7 billion transactions per day. We are powering AI innovations at scale and are proud to help each client use AI to provide a tailored experience for their customers."
The sharp growth of AI-powered claims is driven by:
- Increased Adoption: As usage of CCC's mobile technology has reached a tipping point, insurers have quickly turned to AI to further speed and inform the claims process. The number of insurers using CCC's proven AI solutions grew more than 30 percent year-over-year.
- Expanded Application: Innovation has driven AI into multiple phases of the claims process, and today includes estimating, audit, total loss handling, AI-based data validation, and more as the industry progresses towards its vision of straight-through processing.
- Personalized Decisions: With more than 300 active AI models supporting client-specific rules, insurers and their customers are benefitting from more personalized claims decisions.
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 interactions and operations across the network.
"Artificial intelligence is contributing to safer, more accurate, and accelerated decisions across the APD claims lifecycle and across the P&C insurance ecosystem," said Barrett Callaghan, executive vice president, markets and customer success, CCC. "Policyholders are benefiting from expedited processing. Lienholders can now be notified of a total loss days earlier. And AI is helping to ensure repair facilities big and small receive a greater percentage of repairable vehicles, eliminating noise and increasing productivity. The benefits of increased AI adoption span the network."
Learn more about CCC's advanced AI solutions.
About CCCCCC 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.
View original content to download multimedia:http://www.prnewswire.com/news-releases/ai-adoption-by-auto-insurers-grows-exponentially-in-2020-301240227.html
SOURCE CCC Information Services Inc.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Adapting to change: sustaining care in a new world
- Statement By The Annenberg Foundation On The Passing Of Vartan Gregorian
- Los Angeles Jury Returns $4.8 Million Verdict in Cosmetic Talc Mesothelioma Case