Software as a service (SaaS) provider CCC Intelligent Solutions (CCC) provides auto claim solutions to insurance carriers, automotive manufacturers, collision repairers and part suppliers to streamline the claim and repair process. More recently, the company has been bringing lenders into the fold to connect them with their network of auto insurers to exchange documentation that can streamline total loss processes.
Rick Evans, vice president of lender services at CCC, sat down with Auto Finance News to discuss the company’s software and its expansion into auto lending. What follows is an edited version of that conversation.
AFN: CCC’s software has traditionally supported the insurance claims process. Where do auto lenders fit into that process?
Rick Evans: CCC processes more than 4 million total loss claims each year. When a vehicle is declared a total loss about half of those have a lien associated with it. CCC’s Total Loss Care – Lienholder Portal connects insurance carriers with lenders to digitally exchange documents and data for faster settlement. More than 300 insurers rely on CCC every day to help them process claims. Lenders can connect with participating insurers to receive earlier notice of loss, exchange documents efficiently to quickly settle existing loans, and minimize the likelihood of missed customer payments. It’s a very stressful and disruptive time for a consumer when they get in an accident and have their vehicle totaled, so both lenders and insurance carriers have a vested interest in getting the loan satisfied, the vehicle claim closed, and getting that consumer back on the road. Our Lienholder Portal helps lenders proactively manage the claims process and deliver a streamlined customer experience.
AFN: How does the technology work and what sort of efficiencies does it provide?
RE: The traditional processes are very antiquated. It’s a manual process of back– and– forth phone calls, emails, and even faxes. The CCC Total Loss Care – Lienholder Portal takes these manual and high touch processes and digitizes them, transforming them into an automated workflow. By going digital, lending teams will spend less time on the phone. It’s designed to minimize those touches and reduce the cycle time from several weeks to just a few days. What we do is give the lenders access to the CCC portal where the insurance adjusters are doing their work, and it allows for real time data exchange and communication. And by helping reduce cycle time, the lender can get the customer back on the road faster and create a positive experience out of an unfortunate event.
AFN: Is there any integration with Guaranteed Asset Protection waivers (GAP)?
RE: A GAP waiver is really an actual extension from a total loss process. Our portal can identify whether the loan has a negative equity, or if it satisfies the loan. If there’s negative equity on the claim, it gives them the opportunity to start that GAP process earlier. There are a lot of documents that need to be gathered for the GAP claim, which much of those are already in our portal. We do have a GAP module that helps the workflow in our total loss portal.
AFN: Are you working on any new software or solutions that you’re developing for the auto finance industry?
RE: There are a lot of synergies with insurance carrier and auto lenders. Cost of vehicles are rising, so a higher percentage of vehicles have a lien on them. When we talk to our lender customers, they’re telling us that there’s a lot of data out there from the insurance carriers they’d like to see, so we meet with our existing clients to explore additional opportunities as to where we can use our software to mutually benefit both the insurance carrier and the lenders. We really focus on creating solutions that help our customers provide a better experience for the consumer.
