USAA and other four auto insurance companies took the lead in launching CCC Estimate-STP, promoting the industry to realize the vision of straight-through claims processing
On October 28, 2021, CCC Intelligent Solutions Inc. (CCCIS), a leading SaaS provider in the property and casualty industry, announced that fully automated loss determination has moved from "dream to reality". The AI-driven CCC® Estimate-STP uses advanced AI technology and insurance company configurable control rules to automatically generate detailed and actionable loss orders in seconds. In collaboration with USAA and four national insurance companies in North America, the entire process from image recognition to loss determination of CCC Estimate-STP is contactless and fully automated, which is part of CCCIS 'rich product line and solution. All products and solutions of CCCIS have completely realized the full digital auto insurance claim settlement experience for the industry.
"CCC Estimate-STP is the first fully automated loss determination experience for the industry, using a range of AI technologies that have never been used in the industry before." Barrett Callaghan, Executive Vice President of Marketing and Customer Success at CCCIS, said, "CCC is excited to use innovation to reset aligned expectations for insurers and policyholders, eliminate friction by speeding up the claims process, increase transparency, and create a pleasant service experience for policyholders. Dreams that many people thought were impossible or years away have become a reality. With CCC's help, loss decisions that used to take days can be made in seconds."
CCC Estimation-STP uses a powerful combination of technology, data, and partner resources to digitally generate a comprehensive and actionable loss assessment for repairable vehicle damage cases, including parts, working hours, items and hours, and taxes and other details. CCC Estimate-STP can be flexibly configured based on an insurance company's claims management requirements and customer experience.
As far as the market is concerned, insurance company customers with CCC Estimate-STP have taken an important step in their digital transformation journey.
"We have always put the needs of our customers first, and now that means prioritising the digital experience in every way possible." Sean Burgess, Chief Claims Officer at USAA, said, "We are very proud to be the first insurance company to have fully automated loss determination capabilities in the claims process with CCC Estimate-STP. The fully automated process gives our team the flexibility to focus on creating a more personalized and personal customer experience."
"Fully automated claims settlement has always been the ultimate dream of the industry, and CCC is turning that dream into reality." "Innovations like these lay the foundation for great companies to achieve better business results and long-term policyholder value," said Dr. Seth Rachlin, Executive Vice President and global insurance industry leader at Capgemini. It is also an important milestone in the transformation of the industry."
Today, CCCIS's more than 30,000 customers operate digitally through its solutions, improving operational efficiency, providing a seamless customer experience for policyholders and handling millions of claims each year. The number of insurance companies using CCC AI-Deep Learning-based solutions, a key component of CCC Estimate-STP, doubled in 2020. By the end of 2020, more than 5 million claims have been handled by CCC AI-deep learning-based solutions, and more than 90 insurance companies have relied on CCC's advanced AI technology to improve customer experience in their daily claims settlement operations. Designed and developed based on historical best claims practices, the CCC Estimate-STP solution seamlessly integrates into the claims operations of CCCIS 'current customers.
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What is STP?
STP, or straight-through processing, is an automatic process that is completely completed by electronic transmission without manual intervention. It is widely used in payment processing and securities transaction processing. Any company involved in straight-through processing needs to have the necessary systems and technical networks in place to make STP more efficient.
What is STP in the insurance industry?
In the insurance industry, STP refers to the transaction process -- the smooth flow of both underwriting and claims processes, starting at the source of the transaction (customer or channel partner) and ending without the need for duplication of effort or human intervention. A single unified solution from a single point of entry ensures seamless automation, integration, and verification for all users throughout the transaction process for insurers and their partners.
The implications of STP for the insurance industry
Automate and optimize business processes
Simplified claims processing and claims processing procedures
Introduce "user friendly" processes
Free yourself from the daily grind of document processing
Reduce manual processing and associated errors
Meet the growing demand for real-time information
Increase transaction volume
Meet and enhance the need and ability to do business with more partners
About CCC
CCC Intelligent Solutions Inc.(NYSE: CCCS) is an industry-leading SaaS provider focused on enabling the multi-trillion dollar property and casualty industry, providing operational support to insurers, repair companies, automakers, parts suppliers, lenders and more. CCC Cloud technology connects more than 30,000 enterprises and enables digital solutions for critical business processes, commerce and customer experience. As a trusted leader in AI, IoT, customer experience, partner networks and workflow management, CCC delivers innovative technologies to improve people's lives.
