CCC Intelligent Solutions Inc., a leading SaaS platform powering the P&C insurance economy, announced Sept. 13 it is a winner of the 2022 IDC FinTech Rankings Real Results Award, which recognizes tech providers that have enabled a genuine, measurable and future-enabling change at a client financial institution.
The company was recognized with an Efficiency and Agility Award for its CCC® Safekeep AI-powered subrogation platform and its work improving subrogation outcomes for Root Insurance.
The Real Results Awards are published in conjunction with the most comprehensive vendor ranking in the financial services industry, the annual IDC FinTech Rankings, which ranks companies based on 2021 calendar year revenues attributed to financial institutions. CCC ranks No. 47 of 100 providers of financial technology.
“Congratulations to the CCC team for their work bringing a powerful and differentiated approach to subrogation,” said Mark LeMaster, chief claims and customer services officer for Root. “We think this tech will drive meaningful value to our subrogation recoveries over time.”
Added Jeff To, senior vice president of CCC Safekeep, “CCC is excited to be recognized by IDC for our CCC Safekeep subrogation platform. Our solution has proven to customers like Root that CCC Safekeep can help claims organizations significantly reduce their loss ratios. Through AI and insurer connections we are transforming subrogation identification and recovery.”
CCC Safekeep applies a combination of machine-learning, natural language processing, insurer rules, and predictive models to score and prioritize claims for more efficient subrogation management. The Safekeep technology also allows insurers to digitally package documents and automates workflows, removing manual touch points to accelerate and improve subrogation outcomes.
“As the industry gets back its feet after years of disruption, the case studies submitted to this year’s IDC FinTech Rankings Real Results program showed a great return to innovation in every area of the financial services industry,” said Jerry Silva, vice president at IDC Financial Insights. “IDC congratulates the vendors that helped financial organizations get back to the business of innovation.”
Source: CCC Intelligent Solutions Inc.