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disparate applications and endure
multiple integrations and product
updates. The real limitation came
with a lack of true continuity – both in
process and data.
The underpinning of what ushered
in claims transformation was the
development of a unifying, cloud-based
platform. CCC Information
Services Inc. (CCC) has made a
substantial investment in this
technology and has helped users
realize the transactional power,
insights, and performance and
operational benefits that would
come from a single connection to the
partners, technologies and data the
industry needs. It worked. Here are
just two examples of how:
• Networked Information
Shared guidelines gave authorized
parties electronic access to carrier-established
guidelines when
writing estimates. The power
of automatically sharing these
carrier-established guidelines at
the outset of the process improves
communication and helps repairers
create estimates more aligned with
carrier expectations, helping support
high levels of customer satisfaction
through improved cycle time.
• Intelligence-Based
Decision-Making
A network with critical mass
generates a lot of data over 30
years. CCC leverages data to offer
recommendations at first notice of
loss (FNOL) to effectively route claims
with a high degree of accuracy, which
can shrink cycle time by two days or
more.
Putting Telematics into Action
Telematics represents as much
potential for growth as the insurance
industry has seen in decades –
maybe longer. Connected car data
from OEMs and insurance UBI
programs are proving meaningful
to product management, actuarial
and underwriting groups; and
scoring driver behavior has become
prevalent, allowing carriers to
acquire additional information that
may be factored into risk profiles.
But these singular applications feel
a bit limited, considering telematics
is an opportunity with enterprise-level
value. A real telematics
platform approach will bring
cohesion, connections and continuity
to driving data and processes,
unlocking opportunities for growth,
policyholder protection in the event
of an accident, and product, service
and engagement opportunities
throughout the policyholder
continuum.
Check out our view of auto insurance
AFTER telematics.
What Does this Mean for Claims?
In short, telematics can improve
cycle time and transform the claims
experience to help insurers create
service differentiation. That same data
feeds back to support the business
objectives of marketing, product
development and underwriting. More
specifically, insurers will start getting
driving data feed into their existing
systems, making it immediately and
effortlessly actionable. Here’s how it
works.
Driving data is collected and upon
impact, detailed information about
the pre-accident driving behavior
and the crash itself are instantly run
through CCC’s predictive analytics
engine, which is powered by the
insights gleaned from CCC and its
affiliated companies and includes
millions of claims transactions, and
more than 20 years of injury data,
and thousands of human crash
tests. The vehicle can immediately
and automatically send an alert
to the insurance carrier’s FNOL
representative, presenting the
facts of the accident in map and
dashboard formats, indicating the
vehicle’s location, direction of travel
prior to the accident, speed, braking
and steering movements, and impact
severity. This data can be collected
from any source – mobile, embedded
or connected car.
In addition to crash notification,
FNOL representatives can receive
near-immediate insights, derived
from established predictive
solutions, helping them determine
whether the vehicle is likely to
be repairable or totaled, the best
appraisal option if repairable (using
the carriers’ established guidelines),
if an injury is likely, and if emergency
and/or tow services should be
dispatched. Without telematics,
these steps and decisions can take
days. With CCC DRIVE™ telematics-enabled
claims solutions, they may
only take minutes or even seconds,
delivering performance and service
improvements, including:
• Ability for insurers to proactively
engage their insured, beginning right
at the accident scene.
• Reduce cycle time (and related
costs) by two-to-four days.
• Reduce injury handling costs,
including better management of
build-up in low velocity crashes, and
better handling of trauma events.
Telematics is here and embracing
its full power will require a
comprehensive approach that offers
continuity, cohesion and context. The
winners of tomorrow will find ways
to not only improve each functional
area – marketing, underwriting and
claims – but to also unite them in a
way that creates a virtuous circle of
value through each.
Greg Bannon is Vice President
of Product Management for CCC
Information Services, Inc. For more
information about CCC DRIVE, please
visit www.cccis.com/CCCDRIVE or
email me at gbannon@cccis.com.
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