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CCC Announces Plan To Provide an Enterprise Payments Platform To The P&C Insurance And Automotive Ecosystem

CCC Information Services | May 05, 2021

CCC Announces Plan To Provide an Enterprise Payments Platform To The P&C Insurance And Automotive Ecosystem
CCC Information Services Inc. (CCC), a leading SaaS supplier to the P&C insurance industry, announces the introduction of an enterprise payments network to power electronic payments through the insurance and automobile ecosystems. The company intends to extend its CCC® Payments capabilities to allow digital payments between insurers and their business partners, thus lowering administrative costs and cycle time while improving customer satisfaction.

CCC's network of over 30,000 businesses will benefit from their CCC connections because payments functionality is built to integrate with their CCC solutions, presenting payment details inside existing workflows. CCC Payments transactions initiated by insurers will be handled by Nvoicepay, a third-party financial services provider and a pioneer in payment automation software, which is expected to begin in the second half of 2021. CCC first launched electronic payment capabilities in 2019, offering collision repair customers an easy way to manage customer-to-shop payments.

"CCC is systematically bringing digitization to every area of the automobile and insurance industries," said Barrett Callaghan, senior vice president of markets and customer success at CCC. "By expanding CCC Payments, we want to remove two significant market pressure points: paper checks and phone calls." Our plans to incorporate CCC Payments into our workflow solutions would be important, particularly for our collision repair and lender customers, who will be able to use their single access to CCC to handle digital receipt of insurer payments. CCC is eager to expand its digital capability to cover payments, as it continues to meet the industry's vision for straight-through processing."

CCC Payments is designed to enable insurers to accept any form of B2B digital payment through P&C lines. Recipients using the payment solution would only need to insert their payment details once with the processor for it to be seamlessly and securely deployed through the CCC network, making it simple to enable payments at scale. CCC Payments is intended to enable straight-through processing as well as configurable workflows, enabling insurers to select the level of automation for payment approvals. Furthermore, all insurers and payees will access premium notifications and status updates directly from their existing CCC environment.

"CCC is proud to help more than $100 billion in commerce per year through its technology and connections," said Shivani Govil, CCC's chief product officer. "CCC intends to expand our core capabilities and advance the digitization of the P&C insurance economy through our expected expansion in digital payments. We anticipate that CCC Payments will open up a whole universe of possibilities for our customers to enhance their performance and the customer experiences they deliver."

About CCC
CCC is a leading SaaS platform for the multi-trillion-dollar P&C insurance market, powering operations for insurers, repairers, automakers, part suppliers, lenders, and others. More than 30,000 companies use CCC cloud technology to digitize mission-critical workflows, commerce, and customer experiences. CCC, a recognized expert in AI, IoT, customer experience, network, and process management, delivers innovations that keep people's lives going when it matters most.

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The pace of technological change is presenting the insurance industry with new opportunities. In this video, Milliman’s Pat Renzi and other InsurTech leaders discuss how strategic partnerships can leverage technological innovation to create new products and services for different generations of customers.

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South Risk Management is Acquired by Propel Insurance

Propel Insurance | June 07, 2021

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Hub International Acquires CAPAX Management and Insurance Services

Hub International, CAPAX Management and Insurance Services | January 11, 2021

Hub International Limited (Hub), a leading full-service global insurance broker, reported today that it has acquired CAPAX Management and Insurance Services, Inc. (CAPAX). Terms of the exchange were not revealed. Situated in Modesto, California, CAPAX is one of the biggest privately claimed insurance brokerage and representative advantages counseling associations situated in Central California. CAPAX gives multi-line insurance solutions, including personal and commercial, worker benefits items and risk management solutions for their customers. CAPAX's ability in carrying hostage solutions to their customers and their attention on different ventures, for example, agribusiness (crop), supplements and fortifies Hub's current capacities. "CAPAX is a great addition to the Hub family as we continue our growth strategy in the region by adding specialized capabilities that will expand the depth of our insurance and risk management solutions," said Michael Der Manouel, Executive Vice President of Hub California Central Valley. "We look forward to joining Hub – a leading brokerage firm with strong values and an utmost commitment to clients," said Mr. Geddes. "With Hub, we will be well-positioned to provide a full suite of services to fit our clients' growing needs." About Hub's M&A Activities Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. For more information on the Hub M&A experience. About Hub International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 12,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow. For more information.

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Oakbridge Insurance Continues Expansion Through New Partnership with Snider Killingsworth Insurance & Risk Management

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The pace of technological change is presenting the insurance industry with new opportunities. In this video, Milliman’s Pat Renzi and other InsurTech leaders discuss how strategic partnerships can leverage technological innovation to create new products and services for different generations of customers.