AI Adoption by Auto Insurers Grows Exponentially in 2020

AI Adoption by Auto Insurers Grows Exponentially in 2020

08.03.2021: CCC, an AI Leader in Insurance Technology, Reports a More Than 50 Percent Year-Over-Year Increase in the Application of Deep Learning for Claims Processing

CCC, an AI Leader in Insurance Technology, Reports a More Than 50 Percent Year-Over-Year Increase in the Application of Deep Learning for Claims Processing



CCC Information Services (CCC), an AI leader in insurance technology, reports a more than 50 percent year-over-year increase in claims processed using deep learning.




The company also reports that more than 5 million unique claims have been processed using a CCC deep learning AI solution, and the number of claims using two or more of its AI applications has more than doubled year over year. Today, more than 75 auto insurers are actively applying CCC’s advanced AI to power claims decisions and improve policyholder experiences.



“The growth we’re seeing in AI adoption is tied to our proven ability to deliver actionable insights with advancing precision,” said John Goodson, senior vice president, technology, CCC. “The CCC Cloud platform is built for speed and scale, and today processes 2.7 billion transactions per day. We are powering AI innovations at scale and are proud to help each client use AI to provide a tailored experience for their customers.”





The sharp growth of AI-powered claims is driven by:




    Increased Adoption: As usage of CCC’s mobile technology has reached a tipping point, insurers have quickly turned to AI to further speed and inform the claims process. The number of insurers using CCC’s proven AI solutions grew more than 30 percent year-over-year.  


    Expanded Application: Innovation has driven AI into multiple phases of the claims process, and today includes estimating, audit, total loss handling, AI-based data validation, and more as the industry progresses towards its vision of straight-through processing.


    Personalized Decisions: With more than 300 active AI models supporting client-specific rules, insurers and their customers are benefitting from more personalized claims decisions.  




A leader in AI-informed solutions, CCC’s application of AI expands beyond claims decision making. CCC’s solutions leverage AI to improve customer interactions, streamline operations, and digitize assessments. Whether applying language recognition to better engage consumers, computer vision to assess medical bills, or deep learning to accelerate decisions across the claims lifecycle, CCC continues to apply AI to improve interactions and operations across the network.



“Artificial intelligence is contributing to safer, more accurate, and accelerated decisions across the APD claims lifecycle and across the P&C insurance ecosystem,” said Barrett Callaghan, executive vice president, markets and customer success, CCC.



“Policyholders are benefiting from expedited processing. Lienholders can now be notified of a total loss days earlier. And AI is helping to ensure repair facilities big and small receive a greater percentage of repairable vehicles, eliminating noise and increasing productivity. The benefits of increased AI adoption span the network.”






CCC’ also photo

Permanent-URL: http://www.automobilsport.com/ai-adoption-auto-insurers-grows-expontially-2020---220130.html

08.03.2021 / MaP

More News

Porsche, Audi and Volkswagen use Artificial Intelligence to minimise sustainability risks
03.03.2021
Pilot project for increased transparency in the supply chainIntelligent sustainability radar for the supply chain: the Porsche, Audi and Volkswagen brands are using Artificial Intelligence (AI) to identify sustainability risks such as environmental pollutio more >>
Seven figure investment accelerates development of automotive AI
23.02.2021
...for battery management, vehicle dynamics and automated driving    German Tier 1 invests in proven software innovator    Longer range and extended battery life for H/EVs    ADAS that feels more natural with fast, affordable integration    Hardware-independent m more >>
New function in Porsche Car Configurator - Personalised recommendations using artificial intelligence
03.02.2021
Intelligent support in real time: Porsche is equipping its Car Configurator with a new advisory function that draws on artificial intelligence. Thanks to the so-called ‘Recommendation Engine’, users receive suggestions for individual more >>
SKODA AUTO speeds up its digital transformation with AccelerateIT and Microsoft
27.01.2021
› Digitalisation is a focus area of ŠKODA’s 2025 Strategy› ŠKODA AUTO launches AccelerateIT, a strategic program to boost the pace of the company’s digital transformation, particularly in terms of data and artificial intelligence› Collaboration with Microsoft to train IT staff on the Microsoft Azure more >>
EQS with unique MBUX Hyperscreen: the big in-car cinema
11.01.2021
- An assistant for the driver and front passenger who is constantly learning, thanks to artificial intelligenceVisually impressive, radically easy to operate and extremely eager to learn: the MBUX Hyperscreen is one of the highlights in the E more >>
Porsche Digital develops artificial intelligence for noise detection
11.12.2020
Digital assistant supports component developmentPorsche Digital, the subsidiary of the Stuttgart-based sports car manufacturer, is expanding its product portfolio. The digital assistant ‘Sounce’ will have an improved ability to detect background noise – for example, during vehicle component tests. Among other things, the aim is to impro more >>
Goodyear and SafeAI announce tire intelligence for autonomous heavy equipment
10.12.2020
The Goodyear Tire & Rubber Company and SafeAI, a pioneer in autonomous heavy equipment, today announced a strategic relationship to incorporate tire intelligence into the programming of autonomous heavy equipment vehicles. more >>
Industrial-scale 3D printing continues to advance at BMW Group
10.12.2020
-  3D-printed parts for exclusive small series production -  Systematic integration of additive manufacturing into development and production -  Generative design in component development -  Artificial intelligence screens components for additive manufacturability more >>
Ford and Argo AI team-up to use self-driving test vehicles to safely make contactless deliveries to distance learning students
07.12.2020
The Education Fund Provides Autonomous Deliveries of Fresh Food and Supplies to Students, FamiliesTo ensure students in Miami-Dade County receive fresh produce and school supplies during distance learning, The Education Fund is teaming-up with Ford Autonom more >>
BMW and Artificial intelligence
11.11.2020
BMW #NEXTGen 2020The basis for automated driving and natural interaction .The BMW Group currently employs artificial intelligence (or “AI” for short) in more than 400 applications and in every relev more >>
UK Water Authority selects AI simulation technology to accelerate drainage water management planning
12.10.2020
    AI simulation technology cuts weeks from the existing process for optimising solutions for Drainage Water Management Plans for Wessex Water    Successful trial confirms AI is key in enabling water companies to produce DWMPs for AMP7    modeFRONTIER®’s greater analysis capability unlocks system capacity im more >>
Where is the BMW Group already using Artificial Intelligence
12.10.2020
USE CASES FROM DIFFERENT AREAS OF THE COMPANY.   The following examples show that Project AI pushes the BMW Group forward with AI focused, company-wide networking and knowledge transfer. The fundamentally identical technology more >>
Seven principles for AI: BMW Group sets out code of ethics for the use of artificial intelligence
12.10.2020
- AI already widely used within the company -  Over 400 use cases throughout the value chain - Code of ethics underpins the increased use of AI technologies The use of artificial intelligence (AI) more >>
SKODA AUTO uses artificial intelligence for even more accurate car diagnostics
07.10.2020
› AI app “Sound Analyser” records car noises and compares them with stored sound patterns› 245 ŠKODA dealers in 14 countries are currently trialling “Sound Analyser” in real life› Consistent integration of artificial intelligence enables process optimisation and a more personalised customer experience more >>
SKODA AUTO Logistics optimises use of container space with help of artificial intelligence
30.09.2020
› Maximum loading capacity: AI app OPTIKON identifies the most efficient placement of different-sized pallets in freight containers › Increased efficiency and lower emissions: optimisation results in more >>
DLR and KW develop artificial intelligence for vehicle chassis control
24.07.2020
Suspension manufacturer receives funding from the German Federal Ministry of Education and Research KW automotive, the suspension manufacturer, is a pioneer in the development and production of adaptive coilovers. more >>
Kia Motors partners with Google Cloud to develop AI-based Owner’s Manual app
20.06.2020
    Full digital interactive owner’s manual provided in a new mobile app    Google Cloud partnership enables a seamless user experience    Symbol Scanner, Symbol Index, and Warning Indicator Index explain in-car features to customers and how to use them    Kia Owner&rs more >>
Kansai University research: Visual AI in sports
12.03.2020
...for improving the performance of table tennis players and their coachesKansai University’s Isao Hayashi has used so-called Topographic Attentive Mapping (TAM) network, Possibilistic Data Interpolation-Bagging/Boosting (pdi-Bagging/Boosting) clustering as a machine learning, and neuro-fuzzy logic-based ‘visual AI’ to classify the skil more >>
BMW Group Plant Munich builds on artificial intelligence and smart use of data
27.02.2020
-  Artificial intelligence supports quality assurance -  Smart data analytics saves maintenance time - Innovations take the strain off production workers and enhance efficiencyBMW Group Plant M more >>
Shaping Europe's digital future: Commission presents strategies for data and Artificial Intelligence
19.02.2020
Today, the Commission unveils its ideas and actions for a digital transformation that works for all, reflecting the best of Europe: open, fair, diverse, democratic and confident. It presents a European society powered by digital solutions that pu more >>
BMW Group wins "Connected Car Award" for use of artificial intelligence in production
08.01.2020
- Artificial intelligence supports workforce- Fast and straightforward integration of new applications via BMW Group’s IoT platformOn 7 January, the magazines Auto Bild and Computer Bild presented the BMW Group Prod more >>
BMW Group shares AI algorithms used in production
12.12.2019
  - Company publishes algorithms on open source platform- Global access for software developers- Artificial intelligence frees up workforceThe BMW Group uses a growing number of artificial intelligence (A more >>
Takumi - A 60,000-Hour Story on the Survival of Human Craft
06.03.2019
Could you become a Takumi? In Japan it takes 60,000 hours to reach the highest level of craftsmanship – new documentary revealsLexus to distribute a new documentary on Amazon Prime Video that pose more >>
Lexus launches the all-new ES
14.11.2018
... with the world's first advert written by artificial intelligence and shot by Oscar-winning directorLexus commissions the world’s first film written by AI and shot by Oscar-winning director to launch the new ES executive sedan in Europe more >>
Audi - “AI4People” forum presents a 20-point plan at summit at EU parliament
06.11.2018
Audi and beyond initiative speak out for responsible use of AI at global forum Association of leading companies, scientists, governments, EU institutions and civil-society organizations        Audi CSO more >>
2001-2021 copyright automobilsport.com