CCC Information Services, Chairman and CEO Githesh Ramamurthy
By Jarrett Banks
CCC Information Services Inc. is teaming up with a special-purpose acquisition company called Dragoneer Growth Opportunities Corp. (NYSE: DGNR) The Chicago-based company’s technology allows policyholders of insurance companies to upload photos into an app from an accident scene and get a repair estimate via AI.
Exec Edge sat down with CEO Githesh Ramamurthy to find out more about the company and digital transformation in the industry.
What is CCC, and what does the company provide?
CCC is a leading Software-as-a-Service (SaaS) platform for the P&C insurance economy. We’re an industry leader in AI, IoT, network management, customer experience, and digital workflows. Our CCC Cloud seamlessly connects insurers, repairers, auto manufacturers, parts suppliers, and other industry players, powering commerce and optimizing consumer experiences.
Consumers today expect mobile-first experiences. CCC gives customers the tools to digitizes auto-related events, including the post-collision experience and experiences related to acquiring new insurance for a vehicle. For example, after someone is in an accident, hundreds of multi-party decisions have to be made to bring the consumer back to pre-accident condition. CCC technology supports the steps and decisions along the claim and repair lifecycle. Our incident detection solutions use telematics data to identify collisions when they occur in near-real time, and from there, using CCC’s technology, the insurer can proactively reach out to their policyholder with a guided mobile experience from claim initiation through to claim resolution.
Your company recently announced it will be going public via SPAC – why now? What is the market opportunity and future trajectory for CCC?
Yes, it is a very exciting time for CCC. Market dynamics continue to necessitate digital transformation across the insurance and automotive industries, making it an opportune time to enter the public market. There is currently a $35B market opportunity to help existing and future customers achieve the digital transformation objectives, realizing better business outcomes while enabling them to deliver exceptional experiences to their customers. Becoming a public company provides us access to permanent capital, allowing us to accelerate innovation initiatives to drive transformation across the insurance ecosystem.
What unique value does CCC deliver to the market, and who is your prime clientele?
We connect with more than 30,000 companies across the insurance economy – over 300 insurers, including 18 of the top 20 carriers, 26,000+ collision repair facilities, 4,000+ parts suppliers, and all major auto manufacturers. The P&C insurance ecosystem is complex and interconnected. The CCC Cloud powers applications and connections across that ecosystem so that our clients can digitize their workflows, accelerate interactions, and improve their customer’s experience.
CCC’s customer focus, superior technology, and market scale set us apart. CCC connects the ecosystem, technologies, and data together to enable customers to achieve their digital transformation objectives.
Aside from your SPAC announcement, what is new for CCC?
Digital transformation is a number one priority of our customers, and we continue to invest heavily in the technology powering our platform, providing our customers with a place to connect and transact. We invest heavily in advanced AI, IoT, customer experience, and network management technologies to power mission-critical workflows for customers.
CCC’s deep-learning AI solution have processed more than 5 million unique claims, and in 2020, use of our advanced AI using deep-learning increased 50 percent year over year and the number of claims using two or more of our AI applications more than doubled. With adoption of our AI surpassing 75 auto insurers, we’ve announced plans to deliver our next generation estimating platform later this year, which will move the industry closer to its vision for straight through processing.
What strengths or innovations do you attribute to CCC’s success this past year, and how has digital transformation fueled your growth?
Our technology has enabled a workforce and industry, which traditionally relied on a physical presence, to adapt to remote environments and social-distancing measures during the pandemic. Customers relied on our platform to maintain business operations and adoption of our digital technologies was accelerated by years. We saw significant growth in our parts ecommerce offering, growing the number of suppliers and volume of parts quoted and purchased through our system. We have a dynamic roadmap which we believe will allow us to continue to apply AI and enable digital commerce across the ecosystem. We look forward to further enhancing our advanced capabilities and identifying new ways to help our customers innovate within the P&C insurance economy.