Insights
Total Loss Trends Emerge Amidst the Pandemic
Every industry has been impacted by actions taken to control the spread of COVID-19, including the automotive industry. Growing unemployment, coupled with a pivot to remote working, has changed consumer priorities and curtailed car-buying habits. The decline in miles traveled has also resulted in less wear and tear on vehicles, thereby reducing the replacement rate. Additionally, like many other manufacturers, some automakers temporarily closed or repurposed plants to produce ventilators and personal protective equipment. They also closed dealer showrooms to protect employees and the public. Amidst the COVID-19 response, these and other changes in market dynamics are giving rise to new emerging total loss trends.
Networks Support Telemedicine for Continued Care
4 MIN READ
Workers’ comp injuries are unique because they typically require face-to-face visits with medical professionals to evaluate, diagnose and treat. When a provider’s office is closed it can significantly impact an employee’s ability to return to work. As injured workers faced temporary office closures, postponed surgeries and cancelled therapy appointments, we knew that as a workers’ compensation provider network we had to be innovative and lead the charge for their care.
COVID-19 Ripple Effect on Auto Insurance Market
After months of sheltering in place, it should come as no surprise that claims volumes are down. COVID-19 has impacted markets around the globe, and has produced ripple effects in the auto insurance market that are influencing many aspects of the claims ecosystem—from the global supply chain to workflows to the car parc itself. So what does this mean for collision repair and the claims industry as a whole? Three early indicators have already emerged that could have a long-lasting impact.
Reduce In-Person Interactions and Improve Efficiency with Virtual Claims
1 MIN READ
In March, Ryan Mandell, director of Claims Performance for Mitchell’s Auto Physical Damage business unit, identified the market drivers converging to make the concept of claims virtualization a reality.
What COVID-19 Is Teaching Us About Mental Health
3 MIN READ
Pandemic anxiety, depression and isolation gives us a taste of what employees face in overcoming a work injury
Guide to Selecting an Electronic Payments Vendor
The workers’ compensation and auto casualty industries today are still in most cases, bogged down by paper. While it can be challenging to transition a claims operation to digital, removing paper from the claims process can provide many benefits, including improving data quality, efficiencies and effectiveness, and can help payors comply with current state regulations and adapt to future regulations. One highly effective and relatively simple method to move toward a paperless approach is implementing an electronic payment system to create a medical claims workflow where payment, fulfillment, remittance and filings can help carriers eliminate paper checks and the administrative processes and costs that come with them.
Introducing Networks 2.0: Part Three
2 MIN READ
Payers and the companies they represent are eager to get injured workers back on their feet and back on the job. Many of these companies represent the heavyweights of corporate America. Major employers like manufacturers, large retailers, and airlines rely on comprehensive return-to-work programs to help their injured employees recover. The best programs do far more than safeguard the bottom line. They focus on truly addressing the needs of injured workers themselves. That’s because the longer workers are away, the less likely it is they will return to the workplace. The New York State Workers’ Compensation Board has broken down some statistics, and reports that there is only a 50 percent chance that an injured employee will return to work after a six-month absence. That drops to a 25 percent chance following a one-year absence. After two years away, the likelihood a worker will return plunges to a 1 percent chance.