CCC Intelligent Solutions acquires Insurtech Safekeep
CCC Intelligent Solutions (CCC), a leading SaaS platform for the P&C insurance economy, has acquired Safekeep, an AI leader in subrogation claims management technology.
The acquisition of Safekeep extends CCC's AI-powered claims software to include subrogation management, which is a critical function in achieving claims resolution, and is now part of CCC’s completely digital, AI-enabled, end-to-end claims solutions. Subrogation protects consumers and insurers from paying for losses where the insured is deemed not at fault or only partially at fault.
“Subrogation is a largely manual, time-intensive process impacting every insurer across every line of business,” said Marc Fredman, chief strategy officer, CCC. “Our insurance customers have been asking for an intelligent way to automate the subrogation process, which accounts for billions of dollars in administrative costs annually. Jeff and the Safekeep team have built a comprehensive platform, making it a highly celebrated insurtech. The team and technology are a wonderful complement to the work we’re doing at CCC to bring straight-through processing across every facet of the claims experience.”
Support the digital transformation of the P&C insurance economy
Safekeep is an enterprise platform that leverages AI to speed and improve subrogation management across auto, property, workers' comp, and other insurance lines of business. Its solutions are available to any insurer, including the more than 300 leading carriers already active on the CCC Cloud.
“Our team of insurance experts, data scientists, engineers, and designers has reimagined what’s possible in insurance subrogation management,” said Jeff To, founder and CEO of Safekeep. “The vision of Safekeep aligns directly with CCC to support the digital transformation of the P&C insurance economy to improve the experiences of our clients and the experiences they deliver to their customers.”
Safekeep applies a combination of machine learning, natural language processing, rules, and predictive models to score and prioritise claims for more efficient subrogation management. The Safekeep technology also digitally packages documents and automates workflows, removing manual touch points to accelerate and improve subrogation outcomes.
