By Milana Vinn

NEW YORK, July 9 (Reuters) - CCC Intelligent Solutions CCC.O is exploring a sale of the company, according to three people familiar with the matter.

The Chicago-based company, which provides software and AI-powered workflow tools, has hired Morgan Stanley MS.N to advise on a sale process and has reached out to prospective buyers, including private equity firms, the sources said.

CCC and Morgan Stanley did not immediately respond to Reuters' requests for comment.

CCC provides software used by auto insurers, collision repair shops, automakers and parts suppliers to manage accident claims, vehicle repairs and related workflows. The company says its platform connects more than 35,000 businesses across the property-and-casualty insurance ecosystem.

The company's market value has fallen to roughly $3.3 billion from about $6.4 billion a year ago as investors grew concerned about slowing growth, weaker industry claims volumes and slower-than-expected adoption of some of its newer software products. The company's shares have declined about 44% over the past 12 months.

CCC has explored a sale before. Reuters reported in 2022 that the company was considering strategic options including a potential sale after attracting takeover interest, though no transaction materialized.