In many ways, the recent outlook for the auto insurance industry has been especially grim. This is understandable in the face of headwinds such as historic price inflation, regulatory challenges, staffing volatility, and social inflation. As a result, margins have tightened considerably, and pricing competition becomes increasingly fierce. Yet, within this sea of uncertainty, the boldest, most resilient insurers will find opportunity. In addition to accurate, competitive pricing, insurers who best optimize customer experience can both retain customers AND gain critical market share. The latest customer satisfaction research demonstrates that a best-in-class customer experience harnesses a deft combination of technology and “personal” touch by way of omnichannel interface flexibility, reduced touchpoints, proactivity, and speed to resolution/payment.
CCC carries the torch of customer experience from Auto Physical Damage into our Casualty products by focusing on removing unnecessary friction from the claim workflow and increasing speed to payment. On the 1st party bill review front, CCC utilizes our new rules engine as a foundation for minimizing high volume – low complexity manual processes, shifting customers to exception-based workflow, thereby maximizing operational and adjuster efficiency. Our recently released First Party Claim Portal allows injured parties to directly upload medical documentation to the claim file, as well as proactively monitor claim developments. Key expansions in our PPO network prioritize quality over quantity, helping to ensure reasonable indemnity and preservation of policyholder benefits.
On the 3rd party casualty side, CCC focuses on bringing proactivity, efficiency, segmentation, and improved benchmarking, allowing the adjuster to do more with less. With rapid advancements in A.I technology, impact severity/Delta-v may soon be generated directly from photos (Photo Delta-v) uploaded to the insurer, as opposed to waiting for an estimate to be written. This can help identify and/or segment “lower impact” injury exposures very early in the life cycle of the claim, while also preserving critical information well before treatment of questionable causation or necessity has occurred. With the Recovery Assistant Portal, adjusters can interact with injured claimants via email/text to gather medical documentation and/or negotiate settlement. On the medical bill review front, CCC has upgraded to a new rules engine which allows faster implementation and improved configurations including Medicare Benchmarking. The new rules engine also paved the way for the implementation of a powerful new predictive algorithm which leverages over a decade of historical outcomes to consistently identify and route the right claims for professional review. Finally, the integrated Bodily Injury Evaluation Worksheet (BIEW) provides a landing spot for the adjuster to document and track their evaluation/negotiation strategy.
In addition to application improvements, CCC continues to invest in best-in-class analytics via key additions and improvements to our Casualty Performance Dashboards (CPD). Using real-time access to data in coordination with proactive, dedicated Customer Success resources, customers can best identify improvement opportunities and drive business decisions.
At CCC, we continue to enthusiastically embrace technology solutions and the power of partnership to help our customers once again demonstrate the resilience of our industry as we march into the future.