(Image source: CCC Intelligent Solutions.)
CCC Intelligent Solutions (Chicago), a provider of a SaaS platform for the property/casualty insurance industry, has announced its acquisition of Safekeep, a provider of AI-driven subrogation claims management technology. Safekeep is an enterprise platform that uses AI to speed and improve subrogation management across auto, property, workers’ compensation, and other insurance lines of business. CCC characterizes the acquisition of Safekeep as a natural next step in CCC’s vision to deliver end-to-end straight-through claims processing.
Safekeep broadens CCC’s claims software to include subrogation. CCC says Safekeep’s solutions are available to any insurer, including the more than 300 leading carriers already active on the CCC Cloud.
insurers from paying for losses where the insured is deemed not at fault or only partially at fault.
“Subrogation is a largely manual, time-intensive process impacting every insurer across every line of business,” comments Marc Fredman, chief strategy officer, CCC. “Our insurance customers have been asking for an intelligent way to automate the subrogation process, which accounts for billions of dollars in administrative costs annually. Jeff and the Safekeep team have built a comprehensive platform, making it a highly celebrated InsurTech. The team and technology are a wonderful complement to the work we’re doing at CCC to bring straight-through processing across every facet of the claims experience.”
More Efficient Subrogation Management
Safekeep applies a combination of machine-learning, natural language processing, rules, and predictive models to score and prioritize claims, resulting in more efficient subrogation management, according to CCC. The Safekeep technology also digitally packages documents and automates workflows, removing manual touch points to accelerate and improve subrogation outcomes.
“Our team of insurance experts, data scientists, engineers, and designers has reimagined what’s possible in insurance subrogation management,” says Jeff To, founder and CEO of Safekeep. “The vision of Safekeep aligns directly with CCC to support the digital transformation of the P&C insurance economy to improve the experiences of our clients and the experiences they deliver to their customers.”