Auto claims and repair tech leader recognized by Business Intelligence for its industry-first AI-powered estimating solution CCC® Estimate – STP and its NXT Lab innovation hub
CCC Intelligent Solutions Inc. (CCC), a leading cloud platform for the P&C insurance economy, announces today it has been recognized by Business Intelligence with two Artificial Intelligence (AI) Excellence Awards. The 2023 AI Excellence Awards recognize organizations, products, and people applying AI to solve real business challenges.
CCC's industry-first AI-powered estimating solution CCC® Estimate - STP was recognized as a top innovation in the product category for 2023. CCC Estimate - STP uses advanced AI and insurer-driven rules to automatically initiate and populate detailed and actionable estimates for qualified repairable estimates in seconds without the need for human intervention.
In the organization category, CCC's NXT Lab innovation hub was recognized as a center of excellence for its work across internal teams, including data science, R&D, engineering, support, and design to develop and test next-generation AI solutions for the industry.
“CCC is excited to be recognized for our work applying advanced AI to elevate, personalize, and simplify customer and consumer experiences across the P&C insurance economy,” said John Goodson, chief technology officer for CCC. “More than a billion days elapse in the U.S. every year between when auto claims are opened and when they are resolved. This is stressful to vehicle owners and costly to auto insurers. Our work with AI and other advanced technologies through our NXT Lab accelerates our ability to bring new innovations to market and helps our customers bring better experiences and faster claims resolution to millions of drivers.”
CCC Estimate - STP is in market with 15 insurers representing 50% of U.S. auto claims volume, including 7 of the top 10 carriers based on direct written premiums. The CCC NXT Lab innovation hub was expanded and relaunched in 2022 as part of the company's new corporate headquarters and technology design center.
“We are so proud to name CCC as a winner in our inaugural Artificial Intelligence Excellence Awards program,” said Maria Jimenez, chief nominations officer for Business Intelligence Group. “It was clear to our judges that CCC was using AI to improve the lives of its customers and employees. Congratulations to the entire team.”
To learn more about CCC's AI solutions, please visit: https://cccis.com/our-technology/ai/.
About CCC Intelligent Solutions
CCC Intelligent Solutions Inc. (CCC), a subsidiary of CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS), is a leading SaaS platform for the multi-trillion-dollar P&C insurance economy powering operations for insurers, repairers, automakers, part suppliers, lenders, and more. CCC cloud technology connects more than 30,000 businesses digitizing mission-critical workflows, commerce, and customer experiences. A trusted leader in AI, IoT, customer experience, network and workflow management, CCC delivers innovations that keep people’s lives moving forward when it matters most. Learn more about CCC at www.cccis.com.
About Business Intelligence Group www.bintelligence.com
The Business Intelligence Group was founded with the mission of recognizing true talent and superior performance in the business world. Unlike other industry award programs, these programs are judged by business executives having experience and knowledge. The organization’s proprietary and unique scoring system selectively measures performance across multiple business domains and then rewards those companies whose achievements stand above those of their peers.
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding future use and performance of CCC’s digital solutions. Such differences may be material. We cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, competition, including technological advances and new products marketed by competitors; changes to applicable laws and regulations and other risks and uncertainties, including those included under the header “Risk Factors” in most recently filed Form 10-K by CCC with the Securities and Exchange Commission (“SEC”) on March 2, 2023, which can be obtained, without charge, at the SEC’s website (www.sec.gov). The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.