Insights
StateWatch: Fall 2018
September 18, 2018
11 MIN READKeep current with new legislation and its potential effect on your organization. This regulatory update is for informational purposes only, and provides some key highlights on state initiatives that may impact the services Genex provides.
5 Steps to an Optimized Third Party Liability Claim Workflow
September 11, 2018
Third party liability claims present unique difficulties for insurance carriers, as pressures from rising medical expenses, aggressive plaintiff attorneys, and restrictive legislation combine to form a challenging landscape. Many carriers are looking for ways to optimize their third party liability claim workflow for adjusters and claimants alike in an effort to build a competitive advantage and respond to the changing environment.
Auto Casualty Medical Price Index: Q2 2018
September 11, 2018
2 MIN READThe National CPI for All Services, reported by the Bureau of Labor Statistics as of August 2018, is 125.31 when adjusted to Q1 2006, which reflects a 0.9 percent increase since Q4 2017.
Workers’ Compensation Medical Price Index: Q2 2018
September 11, 2018
2 MIN READThe National CPI for All Services reported by the Bureau of Labor Statistics as of August 2018 is 125.31 when adjusted to Q1 2006, which reflects a 0.9 percent increase since Q4 2017.
Canadian Collision Summary: Q2 2018
September 11, 2018
At the request of our clients and friends in Canada, we are pleased to provide the following Canada-specific statistics, observations, and trends. All dollar-figures appearing in this section are in CDN$. This data is the product of upload activity from body shops, independent appraisers, and insurance personnel, more accurately depicting insurance-paid loss activity, rather than consumer direct or retail market pricing.
Average Length of Rental for Repairable Vehicles: Q2 2018
September 11, 2018
Average Length of Rental (LOR) for Q2 2018 landed at 11.6 days in the United States, an increase of 0.1 days compared to Q2 2017. This stagnation in the 2nd Quarter is now an official trend after similar results in 2017 and 2016. Once again, there was very little consistency between regions and states, suggesting that the quarterly result for the U.S. is not reflective of a genuine national course.
Field Inspection vs Virtual Estimating Trends
September 11, 2018
4 MIN READInsurance companies continue to seek ways to improve customer satisfaction while driving production efficiencies. Historically, most insurance companies offered three, maybe four standard methods of inspection (MOI’s) to assess damages to a vehicle in the claims process. These standard methods often include: a direct repair program (DRP), staff inspection at the vehicle’s location if within a staff member’s territory; or inspection by an independent appraiser.
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Mitchell simplifies and accelerates claims management and collision repair processes through the broadest range of technology solutions, networks, and partners in the P&C industry.
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Genex helps injured employees return to their jobs in a safe and efficient manner through compassionate case management while reducing total claim cost.
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