CCC Integrates with PDP Group
CCC Information Services Inc. has signed an agreement with Amynta’s PDP Group to digitally connect lenders on the PDP platform to insurers as part of the CCC Total Loss Care workflow.
The single sign-on integration digitally connects the PDP title administration service to CCC’s total-loss resolution services to accelerate payouts and processing for lenders and carriers following a total loss, CCC said in a press release.
PDP, based in Hunt Valley, Md., is Amynta Group’s managing general agency focused on providing specialized insurance services and title administration solutions to auto dealerships, lenders, and manufacturers. Chicago-based CCC offers a digital auto claims product.
Both the percentage of new vehicles financed and accidents resulting in a total loss are increasing, CCC said in a press release. The company said it processes nearly 4 million total loss claims on behalf of clients annually.
“In 2020, we saw nearly 2 million total loss claims involving financed vehicles,” stated Rick Evans, director of lender services for CCC. “The time has come for innovation.”
PDP works with 1,100 auto lenders nationwide. CCC serves 350 insurers nationwide including 19 out of the top 20 insurers.
The agreement connects the two companies’ software, equipping lenders and insurers with a secure platform to exchange important loss documentation, including lien payoff requests, title processing and status, and letters of guarantee, CCC said.
Zesty.ai Launches 3D Property Product
Zesty.ai has released a 3D property intelligence product that allows insurance carriers to assess unique building characteristics, such as roof pitch, building height and parcel slope.
Zesty.ai says it has data on 150 million properties and artificial intelligence technology that can identify growing climate risks to man-made structures. The “Z-3D” technology uses imagery from multiple angles and artificial intelligence to create 3D models of properties, the Oakland, Calif. -based insurtech said in a press release.
“The digital transformation sweeping the insurance industry is not only a reflection of the rapid change in consumer expectations for smooth digital experience, but also a testament to the quantum leap in AI technologies available to assess risk,” stated Kumar Khuvur, founder and head of product. “Ultimately, the intelligence of any AI model relies primarily on the quality of its underlying data. With a 3D description of every US property available at our fingertips, each part of the insurance policy life cycle becomes easier and more accurate.”
Zesty.ai said its platform uses more than 200 billion data points, including aerial imagery, weather, and real estate data to understand the risk inherent to each and every building.The modeling assesses the impact of natural disasters, such as wildfires, severe convective storms and flood events. The product also simplifies the insurance application process, the company said.
Investment House Gives PLNAR $3.5M Boost
Dallas Venture Capital has invested $3.5 million in PLNAR, an Austin, Texas-based insurtech that offers a data delivery and virtual inspection tool for home interior claims.
DVC said in a press release that PLNAR enables complete data capture and delivery of virtual claims from the field to the desk. Policyholders can use the app to capture damage and measure an entire interior space by taking photos with their mobile device, enabling desk adjusters’ digital access to interior spaces with context and data – including measure-ready photos, interactive 3D models and desk tools.
PLNAR’s solution typically can reduce inspection costs by 50% to 60% and reduce claims processing time from 14 days to one day, Dallas said.
“Today’s pandemic has presented a unique opportunity to accelerate demand for PLNAR due to new requirements to keep staff and customers safe,” stated Dayakar Puskoor, founder and managing partner of DVC.
While PLNAR’s initial foray is focused on Insurance property claims, their computer vision platform can be repurposed to support homeowner policy underwriting, property move-in / move-out inspection, interior design and remodel projects with a total addressable market of over $95 billion, DVC said.
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