CCC Intelligent Solutions (CCC) added new artificial intelligence (AI)-based photo analysis capabilities to its cloud platform for the property and casualty (P&C) insurance industry.
The solutions are designed to enhance the decision-making process for claims handlers, providing them with “actionable intelligence,” the company said in a Monday (Oct. 23) press release.
One of the solutions introduced by CCC is CCC First Look, a tool specifically tailored for claims handlers, according to the release. The technology allows insurers to capture accident information. CCC First Look can process photos from various sources, including consumers and salvage providers, using AI to validate their usability with other CCC products. The capability enables the initiation of multiple workflows simultaneously, such as determining total loss potential and triaging casualty claims.
Another new solution offered by CCC is CCC Impact Dynamics, which uses AI to analyze photos of vehicle damage and predict impact severity, the release said. By leveraging the technology, insurers can identify potential injuries early and make decisions regarding casualty claims segmentation, routing, early settlement opportunities and reserve management. CCC Impact Dynamics expedites the payment process and facilitates quicker resolution for injured parties.
“The underlying facts of the accident are the basis for effective claims management,” CCC Chief Product and Technology Officer John Goodson said in the release. “With our new photo AI capabilities, CCC can help carriers know more sooner, ushering in a new, more intelligent claims process from the start.”
PYMNTS Intelligence found companies can leverage digital solutions to improve the insurance industry.
InsurTechs, FinTechs and traditional insurance companies are bringing digital solutions to bear on nearly all aspects of the insurance experience, from improving how consumers shop and apply for insurance policies to streamlining the payout process to expanding coverage to the uninsured, according to “Money Mobility Comes to the Insurance Industry,” a PYMNTS and Ingo Money collaboration.
In terms of AI, the business landscape is leaving the “Wave One” of AI platforms pre-trained on public data and entering “Wave Two,” in which organizations use generative AI on their in-house data to solve narrower problems, Jason Verlen, who was at the time senior vice president of product management at CCC Intelligent Solutions, told PYMNTS in an interview posted in June.
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