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CCC Information Services (Chicago), has united the capabilities of its affiliated companies to launch a new suite of telematics-enabled claims offerings designed to improve and speed accident notification along with the steps and decisions undertaken by insurers after their policyholder has been in an accident. Based on the CCC DRIVE platform—a gain from CCC’s 2015 acquisition of DriveFactor—the new offerings include electronic crash detection, automatically initiated first notice of loss (FNOL), and predictive solutions that will inform real-time decisions including vehicle repair versus replace, preferred method of inspection (based on carrier guidelines), and injury triage.
“The CCC DRIVE solutions mark the formal introduction of telematics into the North American auto claims process, and will no doubt accelerate the emergence of competitive platforms, as well as CCC partner integrations across the sprawling and mostly fragmented auto physical damage and claims service ecosystem,” comments Stephen Applebaum, Managing Partner of Insurance Solutions Group. “Coupled with its own internal development of sophisticated BI and advanced analytics applications purpose-built with and for auto insurers, CCC DRIVE has the potential to transform the still mostly inefficient auto claims process.”
(For more on Stephen Applebaum’s take on the CCC DRIVE debut, click here or at the link below.)
The CCC DRIVE platform is designed to collect driving data and then seamlessly integrate important pre-impact and impact data with CCC’s solutions to help users make more informed and proactive decisions earlier in the claims process, according to a vendor statement. CCC reports that its solutions are in use by more than 350 U.S.-based auto insurers.
The CCC DRIVE telematics platform is capable of collecting driving data from a variety of sources—e.g., mobile, embedded or connected car. embedded or connected car, according to CCC’s description. Upon impact, detailed information about pre-accident driving behavior and the crash itself are instantly run through CCC’s predictive analytics engine, which the vendor describes as powered by the insights gleaned from millions of claims transactions, and more than 20 years of injury data, including thousands of human crash tests. An alert can automatically be sent from the vehicle to the insurance carrier’s FNOL representative, presenting the facts of the accident in map and dashboard formats, indicating the vehicle’s location, direction of travel prior to the accident, speed, braking and steering movements, and impact severity.
From Days to Seconds
In addition to crash notification, FNOL representatives can receive insights, derived from CCC’s predictive solutions, helping them determine whether the vehicle is likely to be repairable or totaled, the best appraisal option (using the carriers’ guidelines), if an injury is likely, and if emergency and/or tow services should be dispatched, the vendor elaborates. CCC asserts that these processes typically take days, but with its telematics-enabled claims solutions, they may only take minutes or even seconds.
“Our CCC DRIVE platform is designed to address the broad spectrum of telematics use cases, including marketing, underwriting, and claims, giving insurers a single, flexible solution to address their telematics pursuits,” comments Greg Bannon, VP, Product Management, CCC. “When it comes to applying telematics to claims, the only way to deliver value is to make the data actionable for insurers. Current users of CCC’s solutions will see tremendous benefits because of our network and data capabilities, which put driving data into context to enable real decisions, in real time. This creates tangible benefits in the areas of efficiency gains, cycle time improvements, and increased policyholder satisfaction without disrupting the existing workflow of insurers.”
(Below: CCC promotional video on the significance of telematics beyond pricing into claims and other aspects of insurance.)