fbpx
Thursday, 04 March 2021 20:38

AI Adoption by Auto Insurers Grows Exponentially in 2020

Index

Share This:


CCC Information Services, an AI leader in insurance technology, reports a more than 50% year-over-year increase in claims processed using machine- and deep-learning (ML/DL).

The company also reports more than 5 million unique claims have been processed using a CCC ML/DL AI solution, and the number of claims using two or more of its AI applications has more than doubled year over year.

 

Today, more than 75 auto insurers are actively applying CCC’s advanced AI to power claims decisions and improve policyholder experiences.
 
“The growth we’re seeing in AI adoption is tied to our proven ability to deliver actionable insights with advancing precision,” said John Goodson, senior vice president, technology, CCC. “The CCC Cloud ingests upwards of 200 MB of data per second informing CCC’s AI and client-directed algorithms to help each client power a tailored experience for their customers.”
 

The sharp growth of AI-powered claims is driven by: 

 

  • Increased adoption: As usage of CCC’s mobile technology has reached a tipping point, insurers have quickly turned to AI to further speed and inform the claims process. The number of insurers using CCC’s proven AI solutions grew more than 30% year-over-year.  
  • Expanded application: Innovation has driven AI into multiple phases of the claims process, and today includes estimating, audit, total loss handling, AI-based data validation and more as the industry progresses towards its vision of straight-through processing.
  • Personalized decisions: With more than 300 active AI models supporting client-specific rules, insurers and their customers are benefitting from more personalized claims decisions.  
     

A leader in AI-informed solutions, CCC’s application of AI expands beyond claims decision making. CCC’s solutions leverage AI to...


Previous Page Continue reading »