CCC: the road to innovation

Opportunity

Partner with a visionary management team to continue to build out a best-in-class suite of software solutions for insurance carriers, collision repair shops, and automotive manufacturers.

Approach

Prioritize strengthening the CCC network of customers and invest in a variety of new product initiatives to create a truly end-to-end software platform.

Impact 

Helped create a leading publicly traded software company that is driving significant efficiency gains and enabling new customer experiences across the auto collision repair economy. Under Advent’s ownership, CCC experienced a CAGR in subscription revenue of 11% from 2018 to 2023.

Driving future growth

The US is one of the busiest countries in the world in terms of road traffic, with roughly 286 million vehicles in operation in 2023. CCC provides a mission-critical software platform to the Property & Casualty (P&C) insurance economy and enables more than USD $100 billion of transactions annually across the auto collision repair industry.

CCC’s network includes over 35,000 customers as of 2024, ranging from insurance carriers, repair facilities, automotive manufacturers, and parts suppliers who utilize CCC’s platform to digitize operations, improve business performance, and inform decisions in an increasingly complex and rapidly changing market. CCC acts as a critical connector within the insurance sector, facilitating complex interactions between a vast array of stakeholders.

At the time of Advent’s initial investment in 2017, CCC was already among the industry leaders in customer advocacy and retention for its core offerings with both insurance carriers and auto repair shops. CCC had become a true partner to customers, helping drive growth and profitability for carriers and repair shops for decades. Advent was excited to partner with a uniquely trusted brand and invest behind the next wave of growth opportunities, including auto parts procurement, photo analytics, AI, diagnostics, and subrogation, while simultaneously continuing to build out CCC’s core product suites: Estimating, Casualty, and CCC ONE.

Going the extra mile

CCC’s CEO, Githesh Ramamurthy, was attracted to Advent’s growth mindset. By partnering together, we concentrated our value creation plan on investing in new software solutions that would help solve key pain points for CCC’s customer base. With our support, CCC was able to further strengthen its leadership team and tackle these new initiatives alongside a group of world-class operators.

Advent’s partnership came at a crucial time, as the auto repair industry was undergoing a variety of changes, including increasing vehicle complexity with the addition of new sensors and digital functionality, the growing adoption of electric cars, and a rising shortage of auto repair technicians. New challenges were facing insurance carriers and auto repair shops alike, and they were looking to CCC to help them navigate this ever-changing environment.     

With Advent’s support, CCC accelerated organic growth through a focus on innovation and creating new solutions for customers’ complicated day-to-day challenges. During Advent’s initial five-year investment, from 2017 to 2021, CCC spent over $500 million on research and development (R&D). This sustained investment and commitment to innovation delivered significant value to customers and helped CCC maintain its trusted brand with carriers and repair shops. 

Two recent examples of exciting CCC product launches leveraging AI technology include Intelligent Reinspection and Build Sheets. Intelligent Reinspection allows auto insurers to streamline the review of repair facility estimates. It uses AI to identify areas for review and provide reason codes based on unique insurance carrier rules, reducing claim cycle times. With the assistance of AI, Build Sheets provides collision repairers with detailed vehicle specifications based on the Vehicle Identification Number (VIN), allowing them to write more complete estimates and better understand the required parts for a repair.

In addition to supporting organic R&D initiatives, Advent helped CCC opportunistically find attractive M&A opportunities to drive growth in new sectors and accelerate product development.

In 2023, CCC processed the highest number of US auto insurance claims in its history, with increasing utilization of CCC AI to expedite decision-making for clients. Millions of unique claims have been processed using a CCC AI-enabled solution, and the number of insurers using AI-based CCC tools continues to grow each year. In 2024, CCC received the AI Breakthrough Award in recognition of its innovative AI-driven solutions. Its extensive range of offerings incorporates more than 300 AI models, underscoring CCC’s commitment to delivering intelligent experiences and utilizing advanced AI to address industry challenges.

By closely listening to its customers and continuing to improve its products by leveraging the latest technological advancements, CCC has been able to highly differentiate its solutions and integrate them deeply into customer workflows. These technologies have had a transformative impact on the efficiency and effectiveness of the auto collision repair industry.

Reaching the final destination

Throughout our partnership, CCC continued to develop a comprehensive auto repair facility operating system, a suite of solutions to streamline insurer workflows, and a unique set of next-gen solutions for parts suppliers and automotive manufacturers. Through the continued success of these product suites, CCC developed the scale and business characteristics of a strong public markets vertical software company.

In 2021, we identified an opportunity to take the business public after a four-year private-company journey by partnering with a Dragoneer-led special purpose acquisition company (SPAC). The team believed it would be a strong shareholder and future advocate for CCC and its management team as they embarked on this next phase as a public company.

Since going public, Advent still maintains its support for CCC through our active board participation and continued support of the company’s day-to-day operations across various initiatives.