So we saw the trend of digitization. So people started testing, adapting mobile, various tools, and they saw
that, wow, this is really delivering some fabulous results, and were continuing to see an even strong that momentum continue even as things are coming back to normal.
Does that answer your question?
Peter Burkly: That is very
helpful. Thanks very much, yes.
Operator: Thank you. Your next question comes from Bhavan Suri with William Blair. Your line is now open.
Bhavan Suri: Hey guys, thanks for taking my question, and really good set of numbers, especially the acceleration of the guide. That sounds great.
I guess I want to touch sort of the high level here. As you look at the fact that youve got a large majority of carriers and youve got a large
majority of auto body shops on the network its a really interesting network, in fact, right. So if youre a body shop thats new and you want to get paid and want to streamline, you have to be on sort of the CCC network. If
youre an insurance carrier, and you want to get a line of business, you personalize, whatever, and you want to make sure you get paid, and you want to get network into a bunch of body shops, it makes to be on the network.
How is the OEM playing into that? And are you going to see I mean, I think the answer is yes. But I love to understand how you guys think about the
potential network effects as the OEM gets integrated in the network, and so then every OEM, and every kind of parts player has to be kind of in there, not just the body shops, just the insurance carriers, but the guys who actually supply the
materials. How should we think about that?
Githesh Ramamurthy: Hey Bhavan. How are you? This is Githesh.
So the answer to your question is over the last four, five years, weve actually opened a market and a team that focus very specifically on
OEMs. And in that process, we initially started out by helping OEMs integrate their part solutions because OEMs are the majority of parts sold into repair facilities, through their dealers.
So we started integrating dealers, OEMs from a parts perspective. So today, we have virtually the vast majority of the OEMs on our platform from a parts
standpoint.
The second area of the growth youre seeing in our work with OEMs has been around the, what I call the telematics data starting to flow
through. So were working with a number of OEMs where car-based telematics data is flowing through our platform so that at the end of the claim event, we can immediately start processing the claim.
So telematics is the second area were working with OEMs. And that, as you know, theres a strong inter-relationship between OEMs and insurers
in that category.
A third area I would say is diagnostics. As more and more vehicles need to be scanned after an accident, you get onboard computers, we
are working with a number of OEMs so that the diagnostics scan solution so work so that it makes it easier and more accurate to get a vehicle restored after an accident. So thats another area.
Id say the fourth area is really around many of our OEM customers also have captive financing institutions, where they [hold title] and lean, so
theres a couple of other areas as well.
Bhavan Suri: Got you. No, thats actually super helpful as we think about sort of the expansion there.
So touching on expansion, we think about sort of [network] expansion rate picking up. Id love to understand where we are in the AI adoption piece,
and a little color on the early payments conversations youve had, because obviously those could then accelerate the business further, especially in the payments side, depending on takeaways and stuff, which I know youre not disclosing
it. But Id love to understand sort of where the AI penetration, and how are the early conversations around payments playing out. Any color would be really helpful.
Githesh Ramamurthy: Sure. As you know, we have over a trillion dollars of historical data, right, that weve collected through estimates. So this has
been an incredible resource for our AI engines as we build and refine our models.
So as of now, we have processed 5 million unique claims using CCC
AI of some kind or the other. Youve seen a 50% increase year over year in the use of AI in our claims, and 100% increase in two or more of our deep learning solutions.