CCC Intelligent Solutions had another record year in 2024, and this year will continue its focus on growing artificial intelligence-powered products for the insurance and collision repair industries, according to CCC Chairman and CEO Gitesh Ramamurthy.

Ramamurthy said during the company’s Q4 2024 earnings call on Feb. 25 that total revenue for the year was $945 million, up 9% year over year (YoY), including $246 million in Q4, which was an 8% YoY increase.

“In 2024, we also made significant progress in strengthening and expanding the scope of the CCC network with several key renewals and new customer additions, including the onboarding of over 1,000 new collision repair facilities to our platform,” Ramamurthy said. “Our leadership in product innovation and AI also continued to advance in 2024 with the launch of several new solutions as well as our IX Cloud event-based architecture.”

CCC’s AI is now being used by over 100 insurance companies and more than 10,000 collision repairers.

Ramamurthy added that in 2025 and beyond, CCC is focused on its “conviction in the digitization of the insurance economy and the transformational impact we believe it will have on the industry.”

“Our clients continue to face significant operational challenges as the many forms of complexity they deal with continue their persistent rise,” he said. “Vehicle technology, labor shortages and scale gaps, medical treatments, natural disasters, data proliferation, changing regulations, and much more — these inflationary pressures have driven record premium increases in recent years and are also extending claims and repair cycle times.

“In my conversations with customers, whether with management teams or Boards of Directors, they are increasingly describing these trends as unsustainable within their current operations and, as a result, are increasingly determined to deploy AI-driven transformation across their businesses.”

Ramamurthy added during the Q&A portion of the call that the increased complexities of vehicle calibrations, diagnostics, and parts continue as parts per estimate have reached 13.5.

“Real-world” examples Ramamurthy shared of what this looks like for insurers are assisting upfront at first notice of loss to accurately and efficiently triage claims then navigating downstream steps from vehicle appraisal to injury resolution and subrogation.

“For collision repairs, it means first helping them to drive business by optimizing their web presence or by collaborating with insurers and then supporting them through the entire repair process, including accessing repair procedures, scheduling technicians, ordering parts, and we can even support the business office in processing payroll and other tasks through integrations into our partner ecosystem,” Ramamurthy said. “Fully unlocking the value of these capabilities requires a holistic approach to transformation, which we are seeing customers increasingly embrace so they can build and deploy the intelligent experiences that matter most to them.”

Within CCC’s insurance auto physical damage (APD) business, many of its solutions “leverage proven computer vision AI to extract insight from photos and then deploy those insights across customer and partner workflows,” he added.

“This includes helping insurance appraisers prepare a vehicle damage estimate that is, on average, 30% less time than before to more rapidly identify a potential total loss regardless of where that vehicle is located,” Ramamurthy said. “Several of our newer repair facility solutions improve shop productivity by standardizing operating procedures and streamlining manual tasks. For example, our recent introduction of bill sheets leverages as manufactured vehicle data to quickly identify the exact part that should be used in a repair. …Parts returns for customers using the solutions are 25% lower by quantity and more than 50% lower by dollar value.”

Ramamurthy mentioned in the call that Tim Welsh will take over next month as CCC’s new president.

“Tim has an extraordinarily deep understanding of the broader insurance economy,” he said. “He understands the overall space very, very well having served many of the customers for a long period of time. The second thing we’re really excited about is that Tim has done a remarkable job in a digital transformation of a large-scale operation, and that’s really what our customers are trying to do.

Tim Welsh

“Tim’s ability to guide our teams and guide our customers on their own digital transformation, we think, will be incredibly valuable.”

Most recently, Welsh served as U.S. Bank’s consumer and business banking vice chair. In a press release announcing the change in leadership, CCC said Welsh helped lead the digital transformation of the $10 billion consumer and small-business banking business.

He was also a senior partner at McKinsey & Co., where he spent more than 26 years working with property and casualty and life insurers, according to the release. He also led the firm’s global learning and development.

CCC said Welsh will “lead all market-facing functions to help customers accelerate their digital transformation journeys.”

Welsh will join CCC on March 24.

“I am very excited to join CCC and help customers accelerate their digital evolution,” said Welsh, in the release. “CCC’s industry-leading AI, expansive network, and CCC IX Cloud™ platform are foundational to these efforts. The team is unmatched in their understanding of how customers from independent repair facilities to the largest carriers can leverage these tools to meet their needs. I’m eager to contribute to CCC’s vision of shaping a world where life just works for our customers and theirs.”

Images

Featured image credit: Wanan Yossingkum/iStock

Headshot of Welsh provided by CCC

Editor’s note: This article has been updated to correct Tim Welsh’s incoming title with CCC.