Chicago, Illinois — CCC Intelligent Solutions announced its fourth quarter and fiscal year financial results on Tuesday, sharing the tech provider saw 19 percent adjusted revenue growth in 2021, a feat it says was driven by the increased deploying of artificial intelligence (AI) in insurance claims.
The company said it processed nine million unique claims with its deep-learning AI solutions, up more than 80 percent year-over-year.
“We continue to see positive demand trends across each of our key product and consumer categories, especially our AI solutions,” said Githesh Ramamurthy, chairman and CEO of CCC.
Last July the company announced it would begin rolling out the ability for collision centres to have AI write partial estimates based on vehicle photos. In November, it launched CCC Estimate-STP, a product that touts an end-to-end digital process and requires no person-to-person interaction, according to a CCC spokesperson.
The company said the product was developed in the market with four U.S. insurers and can be configured by insurers, including claim eligibility thresholds and desired policyholder communication settings.
“The deployment of CCC solutions continues to expand within our customer base,” said Ramamurthy. “For all of us at CCC, it is truly exciting to see our customers across the P&C insurance economy increasingly leverage our unique and comprehensive cloud platform to fully digitize their operations.”