A Joint Push to Treat One Claim Management Epidemic

Human beings have proven themselves to be good at many different things, and yet there is little we do better than growing on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which guided us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to deliver the goods. The same has grown a lot more evident in recent times, and assuming one new insurtech development shakes out just like we envision, it will only make that trend bigger and better moving forward.

CCC Intelligent Solutions Inc. (CCC), a leading SaaS platform for the multi-trillion-dollar P&C insurance economy, has officially announced a partnership with Verisk Analytics, a partnership which will take best of both of the companies to modernize the P&C insurance claims’ business. According to certain reports, the partners are expected to start their collaboration with a project where CCC’s claims platform will get an integration of anti-fraud analytics from Verisk’s wider claims fraud detection solution. Talk about how this integration can help, it will basically empower P&C insurers to leverage the relevant insights and identify potential fraud across CCC-powered workflows, and guess what, it will do so in real time so to instigate a timely reaction. To understand the significance of such a move, we must look at how, as per the findings presented by The Coalition Against Insurance Fraud, the estimated cost of insurance fraud in America is currently well over $308 billion per year. On a granular level, the stated crisis costs an average family somewhere between $400 and $700 a year in premiums.

“With macro-economic pressures like inflation and supply chain constraints, coupled with increasing criminal sophistication, it’s become necessary for insurers to quickly and accurately detect and defend against fraudulent claims,” said Shane Riedman, general manager of anti-fraud solutions at Verisk Analytics. “Verisk’s work with CCC will enable insurers to leverage robust analytics and powerful technology to not only reduce fraud loss but also accelerate the resolution of meritorious claims, thus providing better, faster service to policyholders.”

Founded back in 1980, CCC Intelligent Solutions is today a genuine leader across the insurance space. The company’s extensive value proposition means it currently facilitates insurance operations for everyone from insurers and lenders to automakers, repairers, and even part suppliers. CCC’s excellence in what it does can also be inferred from the fact that it has helped more than 30,000 businesses, so far, with digitizing their mission-critical workflows, commerce, and customer experiences.

Moving on to Verisk, it has its strengths in creating a framework where you can bolster operating efficiency, improve underwriting and claims outcomes, combat fraud, and simultaneously, make informed decisions about global risks, including climate change, extreme events, ESG and political issues etc. Owing to a combination of cutting-edge technology and deep industry knowledge, Verisk Analytics has been able to reach over 20 countries, and more are expected to join the pack soon.

“Working with Verisk we can leverage the strengths of both companies to create new opportunities for our shared customers,” said Marc Fredman, chief strategy officer at CCC Intelligent Solutions Inc. “Mitigating fraud is a priority for insurers. By bringing the right data elements to adjusters’ fingertips, we can help them reduce fraud risk.”