CCC Information Services Inc. has announced plans to launch an enterprise payments platform to power electronic payments across the insurance and automotive ecosystem. The company aims to expand its CCC Payments capabilities to enable digital payments between insurers and their business partners, reducing administrative costs and cycle time while improving customer satisfaction.
Participants on CCC’s network of more than 30,000 businesses will benefit from their connections as payments functionality is designed to integrate into their CCC solutions, presenting payment information within existing workflows.
Expected to launch in the second half of 2021, CCC Payments transactions initiated by insurers will be processed by Nvoicepay, a third-party financial technology company and a leader in payment automation software. CCC first introduced electronic payment capabilities in 2019, providing collision repair customers a simple way to handle customer-to-shop payments.
“CCC is systematically bringing digitization to every corner of the automotive and insurance industry,” said Barrett Callaghan, executive vice president, markets and customer success, CCC. “With the expansion of CCC Payments, we aim to eliminate two huge industry pain points: paper checks and phone calls. Our plans to integrate CCC Payments into our workflow solutions will be significant and particularly meaningful for our collision repair and lender customers who we expect will be able to use their single connection to CCC to manage receipt of their insurer payments digitally. CCC is excited to extend its digital capabilities to include payments, continuing to make good on the industry’s vision for straight-through processing.”
CCC Payments is designed to allow insurers to enable any type of B2B digital payment across P&C lines. Recipients on the payment solution will only need to enter their payment information once with the processor to have it seamlessly and securely deployed across the CCC network, making it easy to activate payments at scale. CCC Payments is designed to support straight-through processing and configurable workflows, allowing insurers to choose the level of automation for payment approvals. Additionally, both insurers and payees can receive payment notifications and status directly within their existing CCC environment.
“CCC is proud to use its technology and connections to support more than $100 billion in commerce annually,” said Shivani Govil, chief product officer, CCC. “Through our planned expansion in digital payments, CCC aims to extend our core capabilities and to further advance the digitization of the P&C insurance economy. We expect CCC Payments will open up a new world of opportunities for our customers to improve their performance and the experiences they deliver to customers.”