Digital Shortens the Distance Between Accident and Auto Claims Payouts
According to Kelli Svymbersky, Vice President of Sales and Business Development for Payments at CCC, the auto claims payment process is in need of a technology-led overhaul. In an interview with PYMNTS, she emphasized the inefficiencies and lack of connectivity in current processes, stating that there is a significant opportunity to introduce digital intelligence throughout the entire auto claims experience. Svymbersky pointed out that the industry experiences over 1 billion days of lag time between the creation and closure of auto claims, resulting in an average resolution time of 50 days or more per claim. This delay not only inconveniences policyholders but also leaves them without their vehicles for an extended period. Svymbersky highlighted the importance of speed and efficiency in the claims process.
The auto claims payment process involves numerous transactions and multi-party decisions that must be made. Svymbersky acknowledged the complexity of settling claims and noted that payments are still predominantly issued in the form of paper checks, a manual and time-consuming method for insurers. However, progress has been made in improving the customer experience. Digital channels are being embraced by policyholders, insurers, claims adjusters, repair shops, and vendors, enabling them to work efficiently together toward resolving claims. By leveraging technology, the journey from filing a claim to receiving funds becomes more intuitive and consumer-friendly.
CCC has digitized the cumbersome process of multi-party payments through its platform approach in collaboration with a financial partner. This digitization allows one party to endorse payments to others securely and seamlessly. Svymbersky drew inspiration from other industries, such as the legal sector, where remote document signing is common practice. Consumers seek interaction across various channels and a mobile-first, digital experience that ensures fast payouts.
Within the B2B space, CCC’s platform goes a step further by integrating payment authorization directly into the claims process when an insurance carrier pays a vendor. This streamlines the process and provides insurers with the necessary information and data to authorize payments to repair facilities.
CCC’s extensive experience working with insurers, along with its integrated platform, gives it a network advantage. With connections to over 300 insurance carriers, approximately 28,000 repair facilities, and ties to automakers and lenders, CCC collaborates with all parties involved in the claims process, affecting millions of customers. Svymbersky emphasized that customer experience remains a top priority, particularly as the industry moves towards real-time payments. Providing policyholders with multiple payment options is crucial, and CCC’s platform and digital claims solutions enable insurers to offer a wide range of choices, including virtual cards, push-to-debit, and even the ability to print checks at home.
Svymbersky expressed confidence that digital transformation is underway in the claims industry, with payments playing a significant role in the next wave of innovation.