CCC Information Services Inc. has been cited as a sample vendor for its claims analytics capabilities in two Hype Cycle reports published by Gartner, one of the leading information technology research and advisory companies in the world.
“Hype Cycle for P&C Insurance, 2012” and “Hype Cycle for Big Data, 2012” both examine the potential benefit of established and emerging technologies to help insurance carriers evaluate and make informed technology purchasing decisions. The reports were published in July and note that the use of claims analytics is at its peak.
“P&C insurers using claims analytics will gain better insight into their claims operations, including the impact of claims servicing on customer retention, the cost of claims handling, process bottlenecks, and better financial intelligence to identify leakage and loss," said Kimberly Harris-Ferrante of Gartner. "Greater insight will give claims managers the ability to run their units effectively, and make a better contribution to corporate profitability and operational efficiency.”
The insurance industry has always made use of data to make better decisions. The underwriting department of an insurance company has been at the forefront of data use for many years using historical claims data as well as factors such as driver age, gender and credit score to project potential for loss and make risk determinations. Today’s business environment and changing consumer demands have carriers turning to data to help create a competitive advantage and sustainable customer satisfaction.
“Claims analytics solutions have been the proven workhorse of many claims operations, delivering valuable insight to drive better decision-making,” said Chetan Ghai, SVP, Global Products and Technology, CCC Information Services Inc. “CCC is excited to be considered by Gartner as a sample vendor. We’re also very excited to combine our industry expertise, track record in analytics and our investments in new technologies to bring predictive modeling capabilities to the market, delivering the next wave of solutions for improved decision-making and performance.”
CCC Information Services Inc.