US-based CCC Information Services has reported a year-over-year increase in claims processed using deep learning of more than 50 per cent.
CCC said that more than 5 million unique claims have been processed using one of its deep learning AI solutions, and the number of claims using two or more of its AI applications has more than doubled year over year. The company added that more than 75 automotive insurers are applying the company’s AI to power claims decisions and improve policyholder experiences.
“The CCC cloud platform is built for speed and scale, and today processes 2.7 billion transactions per day,” said John Goodson, Senior Vice President, Technology at CCC. “We are powering AI innovations at scale and are proud to help each client use AI to provide a tailored experience for their customers.”
CCC said the sharp growth of AI-powered claims is driven by:
- Increased adoption: As usage of CCC’s mobile technology reached a tipping point, the company said insurers quickly turned to AI to further “speed and inform” the claims process. The company said the number of insurers using its AI solutions grew more than 30 per cent year-over-year.
- Expanded application: Innovation has driven AI into multiple phases of the claims process including estimating, audit, total loss handling and AI-based data validation.
- Personalised decisions: With more than 300 active AI models supporting client-specific rules, CCC said insurers and their customers are benefitting from more personalised claims decisions.
CCC said its application of AI goes beyond claims decision making, with the technology also improving customer interactions, streamlining operations, and digitising assessments.
“Artificial intelligence is contributing to safer, more accurate and accelerated decisions across the APD claims lifecycle and across the P&C insurance ecosystem,” said Barrett Callaghan, Executive Vice President, Markets and Customer Success at CCC.
“Policyholders are benefiting from expedited processing, lienholders can now be notified of a total loss days earlier, and AI is helping to ensure repair facilities big and small receive a greater percentage of repairable vehicles, eliminating noise and increasing productivity. The benefits of increased AI adoption span the network.”