CCC Introduces Next Generation AI-Based Photo Analysis Capabilities
October 23 2023 - 8:00AM
Business Wire
New Solutions Extend CCC’s Advanced AI to
Claims Handlers and Deliver Actionable Intelligence for Early
Decision-Making
CCC Intelligent Solutions (CCC), a leading cloud platform for
the P&C insurance economy, today announced the next generation
of its AI-based photo analysis capabilities, including its first
solution that extends into claims handing and ahead of the
appraisal process to help users identify potential indemnity
amounts earlier. The offerings deliver actionable intelligence
following FNOL, enabling insurers to pull forward key decisions
that work to optimize and accelerate downstream processing across
APD and casualty claims.
“With its new offerings, CCC is significantly increasing the
power of digital photo analysis and delivering meaningful insights
across the life of a claim,” said Andrew Schwartz, analyst at
Celent Research, a leading research and advisory firm focused on
technology for financial institutions globally. “Using its
established AI capabilities, CCC can now help insurers make better
determinations and decisions earlier, which are essential steps on
the path to systematically improve claims cycle times and achieve
more straight-through processing.”
New CCC Offerings
CCC® First Look, the company's first solution
specifically for claims handlers can help insurers capture accident
information sooner on more claims and is designed to ingest photos
from various sources – including consumers and salvage providers.
AI is applied to validate photos for use with other CCC products
and inform optimal routing for each claim, which can support
initiating multiple workflows simultaneously, including determining
total loss potential, and triaging casualty claims.
CCC® Impact Dynamics applies AI to photos of vehicle
damage to predict impact severity, which enables insurers to spot
injury potential early and inform a series of important decisions
including casualty claims segmentation and routing, early
settlement opportunities, and reserve management. Impact Dynamics
can help insurers pay what they owe more quickly and efficiently
while achieving quicker speed to resolution for injured
parties.
"The underlying facts of the accident are the basis for
effective claims management," said John Goodson, chief product and
technology officer for CCC. "With our new photo AI capabilities,
CCC can help carriers know more sooner, ushering in a new, more
intelligent claims process from the start. First Look and Impact
Dynamics are just the beginning of CCC’s next generation offering
designed to transform consumer experiences and optimize business
outcomes for our customers."
CCC First Look and CCC Impact Dynamics build on the company's
established AI capabilities and work with CCC’s existing
solutions.
Learn more about CCC First Look and CCC Impact Dynamics.
About CCC
CCC Intelligent Solutions 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 35,000 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.
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that are
based on beliefs and assumptions and on information currently
available. In some cases, you can identify forward-looking
statements by the following words: “may,” “will,” “could,” “would,”
“should,” “expect,” “intend,” “plan,” “anticipate,” “believe,”
“estimate,” “predict,” “project,” “potential,” “continue,”
“ongoing” or the negative of these terms or other comparable
terminology, although not all forward-looking statements contain
these words. These statements involve risks, uncertainties and
other factors that may cause actual results, levels of activity,
performance or achievements to be materially different from the
information expressed or implied by these forward-looking
statements. Forward-looking statements in this press release
include, but are not limited to, statements regarding future use
and performance of CCC’s solutions. Such differences may be
material. We cannot assure you that the forward-looking statements
in this press release will prove to be accurate. These
forward-looking statements are subject to a number of risks and
uncertainties, including, among others, competition, including
technological advances and new products marketed by competitors;
changes to applicable laws and regulations and other risks and
uncertainties, including those included under the header “Risk
Factors” in most recently filed Form 10-K by CCC with the
Securities and Exchange Commission (“SEC”) on March 2, 2023, which
can be obtained, without charge, at the SEC’s website
(www.sec.gov). The forward-looking statements in this press release
represent our views as of the date of this press release. We
anticipate that subsequent events and developments will cause our
views to change. However, while we may elect to update these
forward-looking statements at some point in the future, we have no
current intention of doing so except to the extent required by
applicable law. You should, therefore, not rely on these
forward-looking statements as representing our views as of any date
subsequent to the date of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20231023309564/en/
CCC Media Contact: Michelle Hellyar 773.791.3675
mhellyar@cccis.com
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