By CRM staff
Toronto, Ontario -- December 4, 2018 -- CCC Smart Estimate has just been introduced as the world’s first in-production artificial intelligence (AI) solution for vehicle estimates.
"Many other industries are already benefitting from AI, and now it's the insurance industry's turn," said Jason Verlen, SVP, product management for CCC.
CCC Information Services Inc., a leading software service provider for industry stakeholders, announced the news of their new tool on Monday.
Smart Estimate applies CCC's estimating logic and AI to vehicle collision photos to predict repair requirements and suggest estimate lines, including parts likely required to complete the repair.
This new tool uses CCC's estimating logic and AI photo analytics capabilities to pre-populate an estimate with suggestions for human estimators to review, edit, and advance. Through the process, Smart Estimate AI and human estimators learn from each other, creating fast and ever-smarter auto physical damage estimates over time.
"Vehicle complexity and rising repair costs along with increasing consumer expectations for service are necessitating real change. CCC's Smart Claims suite, culminating with Smart Estimate, flips the switch on a 100-year old process, presenting an opportunity for insurers to achieve operational excellence while delivering a modern, differentiated claims experience to policyholders," said Verlen.
For telematics enabled vehicles connected to the CCC ONE, platform, crashes can be detected instantly, alerting insurers in real time when their policyholders have experienced an accident, ending a century-old reactive process. The telematics-based crash data also offers a precise view of accident dynamics. Insurers can then digitally engage their policyholder through video chat and send a link for a mobile app to help drivers capture and submit accident information immediately and quickly using CCC's Quick Estimate solution.
The damage detection solution within the tool uses AI to detect vehicle damage automatically and visually depict that damage using CCC's unique heat maps.
Smart Estimate combines photos and AI with estimating logic to pre-populate suggestions in a baseline estimate.