CCC ONE Gamechangers: Predictive Solutions
Change the game and win with CCC ONE ™ Predictive Solutions
powered by a patent-pending decision engine
The claims business has been brutal lately – a sustained slow economy, heavy CAT expenses and
declining premiums are making it very hard to achieve financial goals and deliver strong claims
performance. But CCC ONE is changing the game in your favor.
Decision Engine:
Industry
Database
Carrier
Rules
Vehicle
History
CCC ONE’s patent-pending predictive solutions completely rethink how to
play and win the claims game.
n They reduce claim costs,
n They improve cycle time,
n They make policyholders happier,
n AND they’re easy to implement
It’s all possible. You just need to rethink how you’re playing the game.
A New Way To Win
You’ve likely heard of Moneyball, the real life David-and-Goliath story of
how the Oakland A’s leveled the playing field in Major League Baseball.
Flag Claim
The A’s small-market team couldn’t afford the MLB’s highest-paid players,
so they created a new approach to compete and win. Basically they used
sophisticated data analysis to identify the true value of individual players.
Armed with this insight, they created an inexpensive, high-performing team
that won 20 consecutive games at one point and a string of divisional titles.
And they forever changed how baseball is played.
CCC ONE can be YOUR Moneyball
CCC ONE’s Predictive Solutions take the same Moneyball approach. They
To learn more about CCC ONE Gamechangers, please contact your CCC account manager.
rapidly compare claim information against industry data, vehicle history
and carrier-specific rules to determine if a vehicle surpasses a carrier’s loss
threshold or if it is repairable. This enables the FNOL representative to
quickly route totaled vehicles for salvage, and route repairable vehicles to
the most cost-effective appraisal source based on carrier-specific criteria.
This is powerful, game-changing stuff.
The Patent-Pending Decision Engine
CCC ONE’s Predictive Solutions are powered by a patent-pending decision
engine that eliminates many of the inefficiencies that currently exist within
most carriers’ processes. The decision engine was built upon CCC’s data
warehouse – the most comprehensive repository of auto-claims and repair
data in the industry – and enhanced with a rich
database of vehicle history information.
But that’s just the foundation. On top
lies a highly sophisticated algorithm
that predicts with great accuracy
the best course of action for each
claim based on carrier-specific
rules, guidelines and preferences.
CCC ONE Gamechangers: Predictive Solutions
How it Works: Early Identification of Total Losses
The Game
is Changing.
Are you?
Please contact
The mis-identification of a total loss at FNOL can cost you a lot of money
– and jeopardize your relationship with your insured. But with CCC ONE’s
Predictive Solutions you can accurately identify salvageable vehicles at
FNOL to recover real dollars – up to $190 per vehicle – and shave four or
five days off of your rental and storage costs.
There is opportunity in the insurance market to identify 20-40%
of salvage vehicles earlier in the claims process using analytics
All Claims (15M)
your CCC account
manager for more
81%
19%
Timing of Salvage
Identification
Decision
Engine
43%-63%
17%
20%-40%
information.
■
■
Repairable
Total Loss
■
■
■
Appraisal
FNOL
Predictive TL Lift
Impact per
Vehicle
Rental
4-5 days
+
Storage
4-5 days
+
Towing
x1 tow charge
=
$190
savings/vehicle
Claims can be routed to most cost effective channel with proper
decision tools and analytics realizing savings for carriers
Driveable Claims Percentage
(10.5M claims)
>$1000
70%
<$1000
30%
Decision
Engine
35%
Staff Appraisal
or IA
■ $110-170/appraisal
Impact per
Vehicle
Appraiser
Costs
$85-$110
Loss Costs
Severity
Leakage
65%
DRP or Demand
■ $25/appraisal
CCC ONE’s Predictive Solutions quickly and automatically identify lower
dollar claims and recommends sending them to a more efficient appraisal
channels. This can result in a financial opportunity of $85-110 per appraisal.
Change Your Game in Days (not months)
Perhaps best of all, this highly-sophisticated solution is extremely easy to
implement.
How it Works: Appraisal Channel Optimization
Currently most claims are triaged and routed in the same manner regardless
of the characteristics of the claim. This would be equivalent to ignoring the
risk profiles of all customers during the underwriting process and charging
the same premium to all of your policyholders - not an optimized approach
or a sound financial decision.
CCC ONE Predictive Solutions is available as an integrated component to
your overall claims process or as a stand-alone, web-based service. Either
way, you’re up and running quickly, and without significant investment.
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Information Services Inc.