CCC Intelligent buys subrogation claims management tech provider Safekeep

CCC Intelligent Solutions, a US-based SaaS platform for the property and casualty (P&C) insurance economy, has acquired Safekeep, a provider of artificial intelligence (AI) powered subrogation claims management technology.

The financial terms of the deal were not revealed.

Safekeep, which is an enterprise platform, makes use of AI to speed up and enhance subrogation management in property, auto, workers’ compensation, and other insurance lines of business.

Jeff To — founder and CEO of Safekeep said: “Our team of insurance experts, data scientists, engineers, and designers has 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.”

CCC Intelligent Solutions said that the acquisition of Safekeep is a natural next step in its vision to provide end-to-end straight-through claims processing.

The company added that Safekeep extends its own AI-powered claims software to include subrogation management, which is a key function in reaching claims resolution.

According to CCC Intelligent Solutions, Safekeep’s solutions are available to all insurers, including the already active 300 plus major carriers on the CCC Cloud.

Marc Fredman — chief strategy officer of CCC Intelligent Solutions 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.

“Jeff and the Safekeep team have built a comprehensive platform, making it a highly celebrated insurtech. The team and technology are a wonderful complement to the work we’re doing at CCC to bring straight-through processing across every facet of the claims experience.”