CCC Information Services Inc., a leading SaaS platform for the P&C insurance economy, announced it plans to deliver on the industry's vision for straight-through auto claims processing with the launch of CCC® Estimate–STP.
To be previewed at CCC's conference in May, CCC Estimate–STP will employ advanced AI, insurer-driven rules and CCC's vast network connections to automatically initiate and populate predictive, detailed and actionable estimates in moments.
CCC Estimate–STP is designed to fully digitize the estimating process for qualified repairable claims, expanding the digitization of auto claims, speeding processing time and elevating the customer experience.
"CCC Estimate–STP is designed to accelerate our insurance customers' vision for straight-through processing," said 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 will use a powerful combination of technologies, data and partner connections to generate a comprehensive estimate. Line-level detail, including parts, labor operations and hours, and taxes, for each repair are designed to make estimates actionable and to deliver speed and transparency to policyholders.
CCC's AI solutions will assess and visually depict vehicle damage, while estimating logic, derived from processing 16 million claims annually, will work with insurer-directed business rules to digitally generate estimates. The new offering will be configurable by insurer, including claim eligibility thresholds and policyholder experience objectives.
CCC Estimate-STP will be part of the CCC Cloud, which creates connections and digital continuity among insurers, collision repairers, automakers and parts suppliers.
"With the rollout of CCC Estimate–STP, we expect the industry will be able to realize automated estimating in mere minutes," said Shivani Govil, chief product officer, CCC. "End-to-end digitization requires an advanced set of technologies and a highly orchestrated network of trading partners that we believe...