Insurance Software: Examining GWRE and CCC AI Adoption Paths Across the P&C Value Chain

研报英文原文证据摘录

Insurance Software: Examining GWRE and CCC AI Adoption Paths Across the P&C Value Chain

J P M O R G A N North America Equity Research

14 July 2026

Insurance Software

Examining GWRE and CCC AI Adoption Paths Across

the P&C Value Chain

In this note, we map how AI adoption (and monetization) is unfolding across the Vertical SaaS & HealthTech

ACP&C insurance value chain using GWRE and CCC as two AI-defensive case Alexei Gogolev

studies with very different control points: GWRE sits at the insurer’s core system- (1-212) 622-9391

of-record layer (policy/billing/claims), while CCC sits at the auto ecosystem alexei.gogolev@jpmorgan.com

execution layer (between carriers, repair facilities, and suppliers/OEMs). Our key Isabella A Camaj

finding is that positioning drives both adoption friction and the path to dollars— (1-212) 834-2379

GWRE’s AI value is increasingly tied to cloud migration urgency and attach of bella.camaj@jpmorgan.com

AI-enabled modules inside core workflows, whereas CCC’s AI value is tied to Ella Smith

straight-through processing and network-wide acceptance of standardized (1-212) 622-2451

ella.smith@jpmchase.com

outputs. We conclude that both should remain defensible given high switching

Destiny Jacksoncosts and data advantages, but GWRE (OW) reads as the cleaner AI “winner”

(1-212) 622-4360

setup, while CCC’s AI is real and growing but more constrained by change- destiny.jackson@jpmorgan.com

management, penetration pacing, and external headwinds—supporting a more J.P. Morgan Securities LLC

cautious stance (Underweight rating) despite strong AI contribution. CCC is

among the cheaper stocks in our coverage, and we are therefore not surprised to see

another round of speculation that it could go private.

• Same end market, different control points.