CCC Payments: Digitizing B2B Payments Across the P&C Ecosystem
Digital solutions are transforming the automotive claims experience. B2B payments play an important role in these digitization efforts and are essential to reaching the industry goal of straight-through processing (STP).
CCC® Payments enables insurance carriers to make digital B2B payments across the P&C ecosystem, with additional benefits for automotive lenders and repair facilities. Participating insurers can integrate digital payments into their CCC claims workflow to reduce costs, shrink cycle time and improve customer satisfaction.
CCC Payments Benefits
Digital B2B payments can deliver many benefits to insurance carriers. For one, they arrive faster than paper checks, with flexible payment options and reduced manual entry to help improve efficiency. Digital payments are also less susceptible to fraud than paper checks.
On top of the general benefits described above, CCC Payments provides additional benefits to insurance carriers using CCC workflows — and to their business partners. These benefits are delivered through two key functionalities: workflow integrations and business partner visibility.
Designed for maximum flexibility, CCC Payments can be directly integrated into an insurer’s existing CCC workflows for repairable and total loss claims, minimizing implementation time and creating a seamless experience for adjusters. These workflow integrations with repair facilities, automotive lenders, and other ecosystem partners are key to helping insurers accelerate their transitions to a seamless, straight-through consumer experience.
Insurers can also configure payment workflows for businesses outside the CCC network. Repair shops do not have to be part of an insurance carrier’s DRP program. Lenders do not have to be on the CCC platform. Payees outside the CCC network can either sign up to receive digital payments or continue receiving paper checks in the mail. Either way, insurers will still benefit from digital workflow integrations and a seamless process from crash to payment, and payees will benefit from receiving digital payments.
Greater Business Partner Visibility
For the tens of thousands of repair facilities and automotive lenders using CCC products, additional information on participating insurer payments is available right in their CCC software. For example, a repair facility using CCC ONE will receive payment notification with all details needed to reconcile the payment in their books.
This level of payment visibility is particularly helpful in resolving total loss claims for financed vehicles. When sending paper checks through the mail, misapplied and lost payments can cause delays for both the insurance carrier and lender. During this time, the insurer may reach out about title status, while the lender calls to ask when their money will arrive.
Automotive lenders using CCC’s Total Loss Care solution will receive payment notification in the Lienholder Portal, including the amount and transaction ID needed to resolve the case and release the title. With payment notifications in the portal, insurance carriers can reduce back-and-forth messaging with lienholders, avoiding costly delays.
Extend Your Digital Capabilities
With CCC Payments, the insurance carrier can either automatically initiate payments via STP triggers or enter the information directly in the CCC software. Configurability options also extend to the payees, who can choose to be paid by ACH, virtual card or even a physical check.
CCC Payments B2B transactions will be processed by Nvoicepay, a third-party financial technology company and a leader in payment automation software. Before making payments, insurers will first register with Nvoicepay.
For insurance carriers looking to expand digital capabilities and accelerate claims resolution, CCC Payments can enable enterprise-wide payments across P&C lines. And as part of an end-to-end resolution process, CCC Payments is uniquely positioned to help insurers achieve straight-through claims processing.
To learn more about enabling digital B2B payments, visit the CCC Payments page.