CCC Intelligent Solutions Inc. published an update to AI Delay in 2023 this showed that the adoption of AI solutions for handling automotive claims in 2022 shows a 60% increase compared to 2021 data. This marks the third consecutive year of growth in the use of AI in automotive claims.
“The industry has accomplished more with advanced AI than many thought was possible a few years ago,” Jason Verlaine, vice president of product marketing at CCC, said in a statement. “AI is now applied to key steps in the claims process and is able to automatically generate a full repair estimate with line-level details in seconds without human intervention.”
According to the results a 2021 survey According to the CCC, a total of 70% of P&C insurers rated AI as “extremely important” or “very important” in achieving their organization’s goals, indicating that the growth in AI adoption is likely to continue. In addition, the 2022 Gartner report “What to do with all this data: the main applications of AI in insurance”, according to a CCC press release, indicates that although only 43% of insurance companies have implemented AI to some extent, 92% of executives said they have implemented or plan to integrate AI in the future.
Findings from the 2023 CCC report also show that the number of AI solutions used for a single claim has increased, with the number of claims using four or more AI solutions doubling from last year. The data shows that over 14 million unique applications were processed using CCC’s AI-powered solution in 2022, a number that has nearly tripled since the start of the pandemic.
Not only does AI reduce claims processing time, but the technology can also be used to manage costs, improve customer experience, combat fraud, and make informed decisions. CCC’s AI-powered automotive solutions include models for accident digitization, fraud detection, and automotive assessments, as well as solutions such as language recognition and computer vision technology.
More than 100 of the 150 insurance companies that allow customers to submit damage photos for car claims are also using artificial intelligence technology to make decisions throughout the claims management process. “according to analysis report for 2023. A 2020 study commissioned by CCC found that 80% of policyholder respondents say they prefer a digital claim process because it is “user friendly and can cut claim cycle times by a third when mobile, artificial intelligence and telematics is being applied,” the 2023 report analysis says.
“This is compelling progress, but its mission has not yet been completed. Market dynamics demand more. While some macroeconomic trends, including supply chain issues, are likely to fade over time, other factors, including labor shortages and the increasing complexity of vehicles, will require more AI and closer ecosystem connections to meet the needs of the modern consumer and allow insurers and repairers to achieve better business results,” Verlaine added in a statement.
