CCC at ITC: 3 Takeaways from 3 Days at InsureTech Connect 2022
The CCC team was excited to be back at InsureTech Connect this year. With 9,000 attendees from 58 countries – including notable insurtech businesses, entrepreneurs, investors, analysts, and other insurance industry incumbents – CCC was in great company. We demonstrated products at our booth, participated in a fireside chat, and hosted an expert panel on how P&C insurance economy providers can take steps towards achieving the industry’s vision of straight-through processing.
At our booth in the show expo, visitors were invited to scan a QR code to experience our products in 3D augmented reality. After clicking on screen menu options, attendees were able to view various pathways within the claims process where AI analysis takes place. By moving their phones, they were virtually able to view things like vehicle damage, estimate generation, and more.
Advanced and emerging technology, innovation, and futureproofing were just some of the many exciting topics discussed – both on the show floor and in speaking sessions throughout the conference. But the key overarching theme of the conference was that insurers must act now when it comes to digital transformation.
With that, here are our top three takeaways from InsureTech Connect 2022:
Economic Impact: This was the topic du jour, and an especially prevalent issue in the P&C space, where inflation is taking its toll. Providers are more reliant than ever on connected networks to manage and accelerate claims resolution, while ensuring a seamless user experience for consumers. New post-pandemic market trends like increased vehicle complexity, new regulatory considerations, and economic uncertainty have had a noticeable impact on the P&C insurance economy.
“We heard over and over about the industry’s vision of straight-through processing, mostly for low complexity claims today, but insurance audiences at ITC didn’t stop there. Many were positing: ‘Is a touchless tomorrow possible across all levels of claims?’ The industry is thinking big, and it was exciting to see.”
– CCC’s Yury Pensky, VP of Product Management
Intelligent Digitization: Data, data, and more data. It’s everywhere, it’s accessible, and it’s coming at us faster than ever before, often in real-time. So how do we harness it to take meaningful action and deliver the industry’s vision of straight-through processing? We discussed in our panel the power of data as part of integrated workflows to inform next steps, and how it can (and should) be leveraged to help insurers effectively reach their goals. Empathy was another important topic, and how technologies like AI can deliver it as consumer expectations increase around delivery of fast, personalized digital claims experiences.
“One theme I heard consistently at ITC is that insurance is no longer a technology laggard. Never before has there been the level of investment, the volume of innovation, and the collective focus to move this industry forward. There’s inertia and it’s steamrolling uphill faster than ever.”
– CCC’s Jeff Wargin, VP of Product Management
Innovation and the Customer Experience: We always have our eyes on the future, and this year was no different. The growth of emerging and advanced technologies was a common theme, and how the insurance economy is leveraging new tech across the board to automate traditionally time-consuming, manual processes. So, what’s next for this industry? Leveraging the constant flow of data, as well as AI, predictive analytics, telematics, IoT, and other futureproofing technologies to generate more timely data insights thus helping reduce rising claims costs. Earlier notifications and access to data sooner can accelerate decisions and the overall process. For example, total loss/repairable predictions that can be made earlier in the process through use of telematics and AI-analyzed photo data can help route vehicles down the proper path, from generating estimates and simplifying connections to repair facilities, to helping reduce storage fees, secondary tow fees, and more, all while facilitating an improved customer experience. Similarly, earlier prediction of injury can allow for proper internal routing for the insurer and expedited engagement with both first and third parties.
Thank you to all who attended our speaking sessions or stopped by our booth to discuss these pertinent industry topics! We look forward to many more opportunities to connect.
To learn more about how CCC is helping insurers leverage data-driven insights to better inform their business decisions, contact a member of our support team today.