US-based CCC Intelligent Solutions (CCC), a SaaS platform for the P&C insurance market, has acquired Safekeep for an undisclosed sum.
The acquired firm offers an AI-powered platform for subrogation management in several insurance lines of business such as auto, property, workers’ compensation among others.
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Safekeep will enhance CCC’s AI-powered claims software’s capability by including subrogation management.
Any insurer can use Safekeep’s solution, including over 300 carriers that are available on the CCC Cloud.
Safekeep is said to leverage machine-learning, natural language processing, rules, and predictive models to score and prioritise claims.
Additionally, the platform packages documents digitally and automates workflows.
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By GlobalDataCCC chief strategy officer Marc Fredman said: “Subrogation is a largely manual, time-intensive process impacting every insurer across every line of business.
“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.
“The team and technology are a wonderful complement to the work we are doing at CCC to bring straight-through processing across every facet of the claims experience.”
Safekeep founder and CEO Jeff To said: “Our team of insurance experts, data scientists, engineers, and designers have reimagined what’s possible in insurance subrogation management.
“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.”
