Powered by AI, CCC® Smart Red Flag with Cross
Carrier Analysis Uncovers Claims Discrepancies and Duplicate
Filings Across Participating Insurers
Smart Red Flag Detection Capabilities Deliver
Important Advancement Toward Straight-Through Processing
CCC Intelligent Solutions (CCC), a leading SaaS platform
powering the P&C insurance economy, today announced GEICO is
the first auto insurer to leverage its CCC® Smart Red Flag
Detection solution with Cross Carrier Analysis. Powered by AI, CCC
Smart Red Flag Cross Carrier uncovers claims discrepancies and
duplicate filings for the same damage. The technology works to
review claims for a single carrier or across participating carriers
using an automatic claims comparison feature available to insurers
on the CCC network. CCC works with more than 300 U.S. insurers,
including 18 of the top 20. GEICO is the second-largest auto
insurer in the U.S.
Today, the annual total impact of fraud to the insurance
industry (non-health insurance) is estimated to be more than $40
billion, costing the average U.S. family between $400 and $700 per
year in the form of increased premiums.
"Auto insurance fraud is a long-standing industry problem and
among the biggest factors impacting premiums," said Troy Penry,
vice president of Claims at GEICO. "Working with CCC to integrate
CCC Smart Red Flag with Cross Carrier Analysis into our claims
workflow, which already runs on CCC's digital and AI technology,
will create better visibility into suspicious activity, improve
assessment accuracy, and reduce fraudulent payouts. The technology
paves the way for better policyholder experiences and
straight-through claims processing. With strong participation from
insurers, we can work to eliminate fraud in auto claims
altogether."
CCC Smart Red Flag uncovers multiple filings for the same
damage, duplicate VINs, odometer disparities, or garaging errors
early in the claim lifecycle. Using AI, damage photos are assessed,
pinpointing inconsistencies and anomalies and providing clarity to
appraisers and investigative teams. A Smart Red Flag score
dynamically adjusts based on parameters set by insurers. Stored
images and new claims photos can be viewed side-by-side and VINs
and operations codes can be compared to identify common parts
across claims. For insurers who opt-in, their claims are
automatically compared against claims received by participating
carriers on the CCC network, digitizing the process and helping to
safeguard against suspicious activity.
"Carriers across the industry recognize the benefit of a robust
database of cross carrier claim details to improve industry-wide
fraud detection," said Scott Janik, senior vice president,
Insurance Services Group, CCC. "By integrating AI-based detection
capabilities into the digital claims experience our customers have
a consistent, powerful way to help protect their consumers from the
cost and inefficiencies that come from duplicate claims. Smart
digital fraud detection is another important step for the industry
to realize its vision for straight-through claims processing."
Click here to learn more about CCC® Smart Red Flag with Cross
Carrier Analysis.
About GEICO
GEICO (Government Employees Insurance Company), the
second-largest auto insurer in the U.S., was founded in 1936 and
insures more than 28 million vehicles in all 50 states and the
District of Columbia. A member of the Berkshire Hathaway family of
companies, GEICO employs more than 43,000 associates countrywide.
GEICO constantly strives to make lives better by protecting people
against unexpected events while saving them money and providing an
outstanding customer experience. Along with personal auto
insurance, commercial auto and personal umbrella coverages are also
available. Homeowners, renters, condo, flood, identity theft, term
life, and more coverages are written through non-affiliated
insurance companies and are secured through the GEICO Insurance
Agency, LLC. Visit geico.com for a quote or to learn more.
About CCC
CCC Intelligent Solutions Inc. (CCC), a subsidiary of CCC
Intelligent Solutions Holdings Inc. (NYSE: 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.
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 digital and AI 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 1, 2022, 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/20220928005139/en/
CCC Media Contact: Michelle Hellyar 773.791.3675
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