CCC Information Services Inc. (CCC), a SaaS provider to the P&C insurance economy, announced May 4 plans to launch an enterprise payments platform to power electronic payments across the insurance and automotive ecosystem.
The company aims to expand its CCC® Payments capabilities to enable digital payments between insurers and their business partners, reducing administrative costs and cycle time while improving customer satisfaction.
CCC’s network of more than 30,000 businesses will benefit from their CCC connections as payments functionality is designed to integrate into their CCC solutions, presenting payment information within existing workflows.
Expected to launch in the second half of 2021, CCC Payments transactions initiated by insurers will be processed by Nvoicepay, a third-party financial technology company and a leader in payment automation software. CCC first introduced electronic payment capabilities in 2019, providing collision repair customers a simple way to handle customer-to-shop payments.
“CCC is systematically bringing digitization to every corner of the automotive and insurance industry,” said Barrett Callaghan, CCC executive vice president, markets and customer success. “With the expansion of CCC Payments, we aim to eliminate two huge industry pain points: paper checks and phone calls.
"Our plans to integrate CCC Payments into our workflow solutions will be significant and particularly meaningful for our collision repair and lender customers who we expect will be able to...