CCC Information Services Inc. (CCC), a SaaS provider to the P&C insurance economy, announces plans to launch an enterprise payments platform to power electronic payments across the insurance and automotive ecosystem.
The company aims to expand its CCC Payments capabilities to enable digital payments between insurers and their business partners, reducing administrative costs and cycle time while improving customer satisfaction.
The company’s network currently encompasses more than 30,000 businesses who can benefit from their CCC connections as payments functionality is designed to integrate into their CCC solutions, presenting payment information within existing workflows. Expected to launch in the second half of 2021, CCC Payments transactions initiated by insurers will be processed by Nvoicepay, a third-party financial technology company and a leader in payment automation software.
CCC first introduced electronic payment capabilities in 2019, providing collision repair customers a simple way to handle customer-to-shop payments.
CCC Payments is designed to allow insurers to enable any type of B2B digital payment across P&C lines. Recipients on the payment solution will only need to enter their payment information once with the processor to have it seamlessly, securely deployed across the CCC network, making it easy to activate payments at scale.
It also supports straight-through processing and configurable workflows, allowing insurers to choose the level of automation for payment approvals. Additionally, both insurers and payees can receive payment notifications and status directly within their existing CCC environment.