CCC Information Services Inc. (CCC) reported that photo estimates and AI-supported claims have expanded at a record pace, exceeding double-digit growth since the beginning of the year. The rapid adoption of digital technology is in direct response to social distancing and work-from-home protocols initiated to combat COVID-19.
Industry Adoption of Photo Estimates Increases
CCC industry data shows that the insurance industry recently surpassed 3 million estimates initiated leveraging photo technology, since tracking began in 2018. The company also reports that the percentage of claims processed through CCC Quick Estimate, the company’s mobile photo estimating solution, has more than doubled from January to April of 2020 as carriers are accelerating use and adoption of digital tools in response to COVID-19.
“Industry use of photos for method of inspection has been growing and insurers are seeing benefit to both cycle time and customer satisfaction,” said Susanna Gotsch, director, industry analyst, CCC. “The recent spike is likely indicative of a new normal as we’re seeing greater use of digital by carriers that have been in market and new insurers coming online with digital solutions.”
AI-supported Claims Increase
CCC also reports a similar trend in estimates written using CCC Smart Estimate, an AI-guided estimating solution. Smart Estimate applies AI and estimating logic to photos captured with Quick Estimate.
“Use of AI-supported claims has accelerated from steady adoption by industry leaders to a massive increase in use and adoption by the industry at large,” said Jason Verlen, senior vice president, product management, CCC. “Our data, and the conversations we are having with customers, strongly suggests that this point in time will mark a digital revolution in claims. We’re seeing every industry embracing new technologies, rethinking how they work and focusing on personalizing experiences for their customers. The insurance industry is no different.”
CCC offers an end-to-end digital auto insurance experience, from telematics data used by insurers for policy quotes and premium discounts, to incident management, where telematics can be used to alert an insurance carrier after a crash event, to photo- and AI-powered applications for repair, total loss and casualty claims management. Using mobile, AI and IoT together with its industry platform, CCC connects the broader auto insurance ecosystem supporting more than $100 billion in transactions each year.