CCC CEO Githesh Ramamurthy a week ago said the company likely to see adoption of its artificial intelligence tools “become even more widespread” following the launch of CCC Estimate-STP.
Ramamurthy told a first-quarter earnings call that CCC has offered artificial intelligence for a long time “and therefore are seeing rapid adoption across our customer base.”
CCC had already last year seen a “100 % increase” in claims using at least two of its deep learning solutions, according to Ramamurthy. Claims processed through AI grew 50 percent, he said.
“Individuals are super-excited about this,” said Ramamurthy.
CCC announced CCC Estimate-STP in April and unveiled it in May. CCC said hello would be obtainable in the second 1 / 2 of the entire year.
Ramamurthy said the product delivered “probably the most requested, yet challenging goals from the car insurance economy,” a completely end-to-end digitization of qualified claims. He explained CCC felt maybe it's a “game-changer” for that industry, “shortening the estimating process from days to mere minutes.”
“Direct from damage photos, CCC Estimate – STP is made to combine advanced AI, insurer driven rules, and vast network connections to automatically initiate and populate predictive, detailed, and actionable estimates in moments,” CCC wrote around the product’s webpage. “This advanced option would be designed to fully digitize the estimating process for qualified repairable claims, speeding processing some time and elevating the customer experience.
“Highly configurable, CCC Estimate – STP is designed to offer insurers the ability to tailor the knowledge for their specific business rules and thresholds. Estimate writing decisions, for example repair and replace operations, labor hour predictions, R&I decisions, blend, and parts sourcing rules will all be guided by insurer-defined preferences. Claim eligibility and validation criteria round out the opportunities for personalization, putting the insurance coverage carrier firmly in control.”
CCC has since 2021 already offered an AI photo estimating product referred to as carrying a few of the same capabilities, referred to as Smart Estimate. We asked CCC concerning the difference between the two AI tools.
“They both leverage AI and CCC’s deep estimating logic, based on processing more than 200 million claims with respect to customers,” CCC said. It described CCC Smart Estimate as involving greater human engagement, but it said CCC Estimate-STP wouldn’t completely eliminate a human in the process:
“With the rollout of CCC Estimate – STP, we expect the industry will be able to realize automated estimating in mere minutes,” CCC Chief Product Officer Shivani Govil said in a statement April 12. “End-to-end digitization requires a sophisticated set of technologies along with a highly orchestrated network of trading partners that people believe CCC is uniquely positioned to provide. With broad adoption of our mobile and AI solutions, we're excited to create the following generation innovation to promote and help transform how our clients operate and reimagine the client experience.”
Asked when the two tools were open to body shops yet, CCC replied: “We're also dealing with repair customers on their own priority use cases for AI-powered solutions. We will have announcements to share.”
Other software
Ramamurthy discussed several of CCC’s new and existing digital products throughout the earnings call May 20.
He told analysts CCC saw a “really rapid” proceed to digitization throughout the COVID-19 pandemic. People tested mobile tools and decided, “‘This is actually delivering some fabulous results,'” he explained.
CCC also said it’s fostering straight-through processing with a recently announced enterprise payments platform facilitated by Nvoicepay. CCC, which already established a customer-to-shop electronic payment system in 2021, said the brand new CCC Payments system “is made to allow insurers to allow any kind of B2B digital payment across P&C lines.” It’s likely to get to the second half of the year.
“Recipients on the payment solution will only have to enter their payment information once using the processor to have it seamlessly, securely deployed across the CCC network, making it easy to activate payments at scale,” CCC wrote in a May 4 news release. “CCC Payments is designed to support straight-through processing and configurable workflows, allowing insurers to find the level of automation for payment approvals. Additionally, both insurers and payees will get payment notifications and standing directly within their existing CCC environment.
Ramamurthy said customers were “super-excited” about another payment option. As for CCC, Ramamurthy said the company already enabled a lot more than $100 billion in commerce, and so payments within workflows would be a “natural step for us” along with a significant chance for long-term fianncial growth.
“CCC is systematically bringing digitization to every corner of the automotive and insurance industry,” CCC markets and customer success Executive Vice President Barrett Callaghan said inside a statement. “With the expansion of CCC Payments, we try to eliminate two huge industry pain points: paper checks and phone calls. Our intends to integrate CCC Payments into our workflow solutions will be significant especially meaningful for our collision repair and lender customers who we expect will be able to use their single connection to CCC to handle receipt of the insurer payments digitally. CCC is excited to increase its digital capabilities to incorporate payments, continuing to make good around the industry's vision for straight-through processing.”
Asked by an analyst if CCC Payments would be booked on a per-transaction basis or would be another subscription service, Ramamurthy said the merchandise was at the “very early stages” and CCC wasn’t comfortable discussing its business design.
Ramamurthy also gave the analysts a feeling of the company’s interactions with OEMs. He said the “vast majority” of automakers were engaged with CCC for parts sales, and also the company was dealing with “a number” of automakers on receiving telematics data for fast claims processing.
Ramamurthy also observed that “there has been significant development in digital parts procurement” in general, though much of the greater than $13 billion in components sold to shops was still “mostly over the phone and other traditional means.”
