The Future of Insurance Podcast – Githesh Ramamurthy
CEO, CCC Intelligent Solutions
Season 3, Episode 18, October 4, 2022
Githesh Ramamurthy is Chairman and Chief Executive Officer of CCC Intelligent Solutions, responsible for leading the company’s strategic growth while empowering CCC’s data scientists, engineers, and business leaders to innovate solutions that help keep people’s lives moving forward when it matters most.
Under Githesh’s leadership, the company has expanded its cloud-based SaaS platform of digital and data service solutions to become the trusted leader in AI, IoT, telematics, customer experience, and digital workflows connecting the auto insurance, automotive, and collision repair industries.
Githesh joined CCC in 1992 and has held several key management positions, including Executive Vice President of Product Engineering and Chief Technology Officer. He was named President and COO in 1997 and elected Chairman of the Board in 2000.
Before joining CCC, Githesh was a founding member of Sales Technologies, Inc., which became a world leader in field-sales automation software, later acquired by Dun & Bradstreet. He is also credited with designing one of the world’s first microprocessor-based cardiac monitors and holds a U.S. patent for claims-processing software design.
Githesh earned a bachelor’s degree in electrical engineering from the Indian Institute of Technology, a master’s degree in computer science from Georgia Tech. He is also an alumnus of Harvard Business School’s Executive Management Program.
Highlights from the Show
- CCC connects and services 30,000 companies in the P&C insurance economy, including 18 of the top 20 carriers, 27,000 repair facilities, parts suppliers, most of the car manufacturers, and more
- They look at their role as digitizing and helping to digitize the P&C insurance ecosystem through the $100B+ in Auto claims alone they help their customers handle
- They are involved in more than just claims, including working on telematics solutions in addition to things like First Notice of Loss, claims adjusting and more
- They have been especially involved in the digital transformation of adjusting, with mobile tools for insureds to use to help move their claim forward
- CCC recently went public again, after being public for 10 years, and then private for 15, with the reason being to allow them to engage in the acceleration of innovation in the industry
- Acceleration in innovation over the next 5 years in insurance, collision repair, OEM car makers and more; with being public giving them the flexibility to move faster
- When it comes to digital transformation, there’s a huge amount of data flows at the heart of insurance, and we are just in the early innings of the transformation that’s possible
- At the start of COVID, 10% of claims were started with digital imaging
- This increased to 20% in 2021, and is now at 30%
- Add in things like using AI to write estimates, identify total losses and route the vehicle to salvage and more, these are all early examples of what is possible rather than being the end state for digital transformation
- In terms of the speed of acceleration, they launch AI years ago, but launched the next generation of their Estimate STP in November of 2021, and now have 11 customers three quarters later, representing over half of the industry volume
- The industry is facing several challenges
- Inflation in parts and labor
- A knowledge gap as labor is tight and the complexity of matters is growing faster than training and development can keep up
- Rising expectations of customers
- An area CCC is focusing on is the connection between casualty and the claims that result from an auto accident, which means using the tools and insights from auto physical damage claims to inform decisions and insights in the resultant casualty claim
- CCC uses Delta-V, the speed differential between vehicles, and the angles and physics that can be derived from the photos of the damage, to understand the forces at play on the human body and what kind of injuries this could cause
- This is about moving from gut feel to science, but to make the science actionable so you can benefit people – consumers, carriers, providers, etc
- Looking across carriers, collision repair centers, OEMs and more, Githesh is seeing a mindset shift toward wanting to move first, move fast, test, learn and expand increasingly today
- CCC sees a move toward STP, meaning people are handling exceptions rather than the routine, but that means working outside the walls of the carrier and integrate across the entire network of providers