CCC Announces Jump in AI Claims Processing
March 4, 2021—CCC today announced a more than 50 percent year-over-year increase in the U.S. of its machine- and deep-learning technology to process customer claims.
According to a press release, the company also said the same ML/DL artificial intelligence technology had now been used to process more than 5 million unique claims. Some 75 insurers are using CCC's AI solutions to process claims.
For collision repairers, the company says in the release that "AI is helping to ensure repair facilities big and small receive a greater percentage of repairable vehicles, eliminating noise and increasing productivity."
Per Barrett Callaghan, executive vice president, markets and customer success for CCC, the AI technology is always evolving, and keeping pace with advancing vehicle technology.
"In a typical non-COVID year, CCC processes approximately 16 million claims, which include data on all types of vehicles, including late and current model year vehicles," he told FenderBender. "Our AI uses claims and repair data to continuously learn, keeping pace with vehicle technology."
He also says CCC's AI can work with all levels of damage to a vehicle, and that the pandemic did speed up adoption of the technology, which can limit the need for face-to-face interactions.
"Customer adoption of digital and AI tools were well underway before COVID-19, but the pandemic accelerated the adoption and use of our AI solutions," says Callaghan. "The number of claims processed using machine- and deep-learning grew 50 percent in 2020 vs. 2019 and we saw a more than 100 percent increase in the number of claims processed using two or more of our AI applications."
There's been other news about AI estimating this week, and Callaghan says it's an exciting time for the technology, while asserting that CCC is in a league of its own.
"When it comes to AI, our approach is inherently unique, leveraging more than $1 trillion in historical claims data to deliver precise, comprehensive predictions across the claims lifecycle," he says.
CCC recently made other news when it was announced that via merger the company would be going public. It also came out late last year that State Farm would be requiring it's Select Service DRP shops would be required to use CCC by April 1.