Findings are part of the AI and technology leader’s 2021 Crash Course Midyear Report exploring the evolution of technology across the P&C insurance economy
Chicago, IL (Aug. 10, 2021) – CCC Intelligent Solutions Inc., a leading SaaS platform digitizing the multi-trillion-dollar P&C insurance economy, announces the release of its 2021 Crash Course Midyear Report. This edition of Crash Course examines how permanent changes to consumer expectations and the desire for personalized experiences continue to accelerate the deployment of AI, IoT, and mobile technology in the auto claim and repair process. The report also explores changing driving behavior and features research on consumer attitudes towards Advanced Driver Assistance Systems (ADAS) technology in newer vehicles.
“All signs suggest that the accelerated adoption of digitization and AI occurring during the pandemic will not only remain in place, but is picking up speed,” said Susanna Gotsch, senior director, lead analyst, CCC and Crash Course author. “Consumer expectations have been raised again and curated experiences – those where needs and information are anticipated even before requested – is becoming the new normal.”
Data in Crash Course suggests a shift back to personal vehicle ownership and away from a trend towards shared mobility over recent years with more than 35 percent of new vehicles sold between March 2020 and March 2021 purchased by first-time vehicle buyers – a trend that also points to an increase in first-time auto insurance customers. Crash Course also reports that when accidents occur, the percent of appraisals generated via photo estimating and advanced AI continues to grow, continuing its rise since the start of the pandemic. The report also looks at miles driven, road congestion, claims frequency, and repair costs.
Original research from CCC on ADAS technology is also included in the report and reveals consumers have a positive, if complicated relationship with the technology. The research found more than 84 percent of drivers believe ADAS features promote safe driving. Despite this belief, more than 54 percent of those who own a vehicle with ADAS believe that certain features can increase the chance of an accident and 70 percent have actually turned ADAS features off.
“While our research found drivers are becoming increasingly familiar with ADAS features, there is work for the industry to do to educate consumers on the potential benefits of ADAS,” added Gotsch. “The research provides important insights on consumer desires and actions adding complexity to the rapidly evolving insurance and automotive ecosystems.”
The 2021 Crash Course Midyear Report draws from various sources, including data processed by CCC on behalf of customers, which includes 30,000 companies spanning auto manufacturers, insurers, repair facilities, parts suppliers and auto lenders interacting with CCC’s platform.
Download the 2021 Crash Course Midyear Report for free at www.cccis.com/crash-course-2021/.
CCC Intelligent Solutions Inc. (NYSE: CCCS) is a leading SaaS platform for the multi-trillion-dollar P&C insurance economy powering operations for insurers, repairers, automakers, part suppliers, lenders, and more. CCC cloud technology connects more than 30,000 businesses digitizing mission-critical workflows, commerce, and customer experiences. A trusted leader in AI, IoT, customer experience, network and workflow management, CCC delivers innovations that keep people’s lives moving forward when it matters most. Learn more about CCC at cccis.com.
This press release contains forward-looking statements that are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding the acceleration of the deployment of AI, IoT, and mobile technology in the auto claim and repair process. Such differences may be material. We cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, challenges inherent in product research and development; competition, including technological advances and new products marketed by competitors; changes to applicable laws and regulations; and other risks and uncertainties, including those included under the header “Risk Factors” in the definitive proxy statement/prospectus filed by Dragoneer Growth Opportunities Corp. with the SEC on July 6, 2021, which can be obtained, without charge, at the SEC’s website (www.sec.gov). The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.
SOURCE: CCC Information Services Inc.Tags: advanced driver assistance systems (ADAS), CCC