Using AI to Digitize Decisions and Manage Complexity
“One of the things that’s been pretty interesting is actually the acceleration – what we’ve seen in AI. We did announce recently that we hit a 5 million claims threshold using at least one CCC deep-learning model, but I thought what was really interesting was, in 2020, we had more than 100% increase in the number of claims using two or more of our deep learning solutions. So, I think there’s this sense in the industry that AI is interesting and ‘should we be looking at this?’ And actually at least on the auto side, this is being done at very large scale today, and I think what most of the real forward-looking people are thinking is, ‘How far can I take it? What can I use to benefit from AI and how do I go faster?'”
– Marc Fredman, SVP and Chief Strategy Officer
In a recent episode for the FNO: InsureTech podast, CCC’s SVP and Chief Strategy Officer Marc Fredman discusses the growing adoption of AI across the P&C insurance economy. He takes a deep dive into the growing complexity within the industry, from connected cars to evolving driver expectations and how the implementation of machine- and deep-learning AI models can digitize decisions. Other topics covered: CCC’s role as a SaaS platform digitizing the insurance economy, SPACs, “connected cars,” and more.
Here are a few highlights to listen for. There’s something for everyone in this episode, not just insurers:
- 18:35 – successful AI solutions require training data and model development, but they also need to be able to deploy and maintain those algorithms at scale. Marc explains how CCC’s AI is built to do this and deliver results in sub-seconds, not minutes.
- 20:00 – Marc discusses how CCC’s customer experience tools are making it easy for collision repairers to keep customers updated on the status of their repair
- 28:44 – What does the future of connected cars mean for OEMs, insurers and repairers, and how is CCC building toward that future? Marc shares CCC’s vision for digitizing decisions in an increasingly complex industry.
Listen to the full episode here, or via your preferred podcast app.