Software-as-a-service (SaaS) provider CCC Information Services has announced plans to roll out an enterprise payments platform to help with electronic payments in the fields of insurance and automotive, a press release said Tuesday (May 4).
CCC is looking to boost its CCC Payments capabilities to allow digital payments between insurers and their business partners.
This will help to cut down on administrative costs and cycle time as well as boost customer satisfaction.
The press release says CCC Payments will allow insurers to enable any kind of B2B payment, with recipients only needing to enter their payment information one time. It will be “seamlessly” and “securely” deployed through the CCC network, the release said, making it easier to activate payments at scale.
The program will allow for supporting straight-through processing and configurable workflows. Insurers will thus be able to choose the level of automation for payment approvals.
Barrett Callaghan, CCC executive vice president, markets and customer success, said CCC is trying to digitize “every corner of the automotive and insurance industry” and aims “to eliminate two huge industry pain points: paper checks and phone calls.”
“Our plans to integrate CCC Payments into our workflow solutions will be significant and particularly meaningful for our collision repair and lender customers who we expect will be able to use their single connection to CCC to manage receipt of their insurer payments digitally,” he said, according to the release. “CCC is excited to extend its digital capabilities to include payments, continuing to make good on the industry’s vision for straight-through processing.”
Policyholders have not been thrilled with the speed of disbursements as of late, PYMNTS wrote, especially in the current environment of the pandemic when every dollar counts.
PYMNTS reported that the paper check has been a prime culprit with the time it takes to get to the recipient being a detriment. Digital funds provide faster availability.