Insuranceciooutlook

CCC Announces Plan to Deliver On Industry Vision for Straight-Through Processing

Insurance CIO Outlook | Tuesday, May 04, 2021

CCC Estimate – STP can produce a detailed estimate by combining a powerful set of technologies, data, and partner connections. Line-level information, including components, labor operations and hours, and taxes for each repair, is intended to make forecasts actionable and to provide policyholders with pace and accountability.

FREMONT, CA: CCC Information Services, a leading SaaS platform for the P&C insurance economy, has declared it plans to deliver on the industry's vision for straight-through auto claims processing with the introduction of CCC® Estimate – STP. To be previewed at CCC's conference in May, CCC Estimate – STP will employ advanced AI, insurer-driven rules, as well as CCC's vast network connections to automatically initiate and populate predictive, detailed, and actionable estimates in moments. CCC Estimate – STP is designed to completely digitize the estimating process for qualified repairable claims, expanding the digitization of auto claims, accelerating processing time and elevating the customer experience.

"CCC Estimate – STP is designed to accelerate our insurance customers' vision for straight-through processing," stated Barrett Callaghan, executive vice president, markets and customer success, CCC. "Intelligent, automated, inclusive, and actionable, we believe CCC Estimate – STP will deliver a significant leap forward, powering our customers' ability to achieve claims personalization and differentiation."

CCC Estimate – STP can produce a detailed estimate by combining a powerful set of technologies, data, and partner connections. Line-level information, including components, labor operations and hours, and taxes for each repair, is intended to make forecasts actionable and to provide policyholders with pace and accountability. CCC's AI solutions will measure and visually represent vehicle injury while estimating logic derived from processing 16 million claims per year will collaborate with insurer-directed business rules to produce digital estimates. The new product will be insurer-configurable, including claim eligibility thresholds and policyholder experience goals. CCC Estimate - STP will be part of the CCC Cloud, which connects insurers, automakers, collision repairers, and parts suppliers and ensures digital continuity.

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