Many companies make bold claims about their artificial intelligence chops. Those that actually use AI to deliver tangible improvements in the lives of their customers and establish an enduring competitive advantage are few and far between.
That’s why in 2017, we decided to partner with Githesh Ramamurthy, the chairman and CEO of CCC Intelligent Solutions. Githesh has walked the walk on AI, creating an innovation engine that firmly established CCC as an undisputed leader in the SaaS market for the property and casualty ‘P&C’ insurance economy.
Armed with CCC’s technology, a claims appraiser today can take photographs of a damaged vehicle and – after AI analyzes the photos to assess the damage – generate an estimate of the cost of repairing it, saving insurers, auto body shops, and parts suppliers time and money. Similarly, CCC’s AI can optimize countless other mission-critical business processes for business participants across the P&C insurance economy.
None of this happened overnight. The company has deliberately and organically built up its capabilities over the years. As artificial intelligence algorithms matured, CCC understood that its decades of claims data, knowledge of workflows deeply embedded with insurance carriers, and domain expertise formed the basis for machine learning models that could supercharge existing products, with 300+ models in production supporting the nation’s leading P&C insurers.
Githesh Ramamurthy
Chairman and CEO, CCC Intelligent Solutions
Like CCC, we are big believers in prioritizing long-term investment and value creation over short-term financial gains. That’s why we’ve backed CCC as it made bold strategic moves, including sizable technology investments.
Like many leaders of market-leading companies, Githesh had his pick of many potential investment partners. He chose Advent because of our commitment to increasing CCC’s pace and investment in innovation and our long-term partnership orientation.
Advent has also been helpful in M&A, utilizing our global platform for European and Asian strategic discussions. Advent was side-by-side with the CCC executive team in preparation for CCC to become a public company once again after many years of being private.
We believe CCC is on the road to continued market share gains and the expansion of its addressable market with new services like embedded payment technologies. We are confident that there’s no better leader than Githesh to capitalize on those opportunities.
