Evolving vehicle safety technology is increasing complexities for auto insurance, according to CCC Intelligent Solutions' newly released
The report attributes rising costs to a number of factors; repairs for electronic components require more parts, labor hours and special diagnostic operations for functions such as scanning or calibration. Consumers are opting more for replace versus repair, which may require different skill sets from repair technicians at higher costs.
Even with embedded driver and vehicle safety technologies, the report cites that at least 13 million motor vehicle accidents occur each year involving over 23 million drivers and vehicles. Premiums are ultimately rising in part due to extended and costly claims cycle times, and although vehicle tech is not significantly reducing claims frequency, it is increasing the overall cost.
The CCC report discusses how other technology solutions can address the ever-growing complexities associated with vehicle-safety and driver-safety tech. As the repair and claims processes must evolve to keep up with vehicle technology, CCC suggests that artificial intelligence (AI) solutions have a role to play in prioritizing high-return activities. The
AI tools can be utilized to provide timely digital updates on the claims process, according to CCC, and as vehicle technology evolves, technicians can use AI and automation for vehicle data in the repairing process.
CCC recently introduced such a solution with the announcement of its Intelligent Experience (IX) Cloud platform, an intelligent event-driven architecture that will proactively provide business event insights and employ AI in customer operations. The scalable CCC IX Cloud aims to assist customers in the claims process and in making repair decisions by creating opportunities for improved performance and workflows through its microservices-based approach.
"The only way to address the challenges facing the industry is by embracing a fundamentally new approach to human-centered technology,"
