Insights
Average Length of Rental for Repairable Vehicles: Q1 2017
October 8, 2017
The rate of average Length of Rental (LOR) growth declined in Q1 of 2017 for the first time in multiple quarters increasing only a modest .2 days from 11.9 to 12.1. In March, the number was flat, the first month without a year over year increase in more than two years. The data demonstrates very little consistency across and within regions, therefore there doesn’t appear to be a true U.S. trend.
Growth in Special Materials and Its Impact on Estimating
October 8, 2017
While taking in the OE companies at the NACE and SEMA shows this past year, I was truly amazed to see their increasing use of special materials and construction techniques. I saw General Motors had the Cadillac CT6 cut-away at NACE, while at SEMA, they displayed a Chevy Bolt body shell, highlighting all of the materials, rivet styles, glues, and more.
When, Why, and How to Use Nurse Review on Third Party Medical Claims
October 8, 2017
When third party auto casualty claims are extremely complex, for example, when multiple providers are treating a claimant, the claimant has pre-existing conditions or the claim has been open for an extended period of time, insurance carriers benefit by bringing in medical professionals to perform claim reviews. An organization of trained nurses can be an invaluable tool in a third party adjusters’ toolbox.
The Compliance Corner: Opt-Out, an Alternative Workers' Compensation Model
October 8, 2017
Opt-out in the workers’ compensation world is 2016’s buzzword for deregulation of payment for workers’ compensation claims at the state level. Opt-out is an alternate compensation model for the injured worker whereby employers choose to opt-out of state regulated systems. It has been promoted in some states like Oklahoma and Texas.
Mitchell Collision Repair Industry Data: Q1 2017
October 8, 2017
The initial average appraisal value, calculated by combining data from all first and third-party repairable vehicle appraisals uploaded through Mitchell systems in Q1 2017, was $3,018, $4 less than this same period last year. However, continued development suggests a final Q1 2017 average appraisal value of $3,047, which represents an increase of the same quarter last year.
Artificial Intelligence Gets Real: Three Ways AI Is Making Inroads in P&C Insurance Claims
October 8, 2017
Gartner named AI a top strategic trend for 2017, and according to a recent study by Accenture, 85 percent of insurance executives surveyed plan to invest significantly in artificial intelligence over the next three years. The value of AI applications in insurance is clear—it supports human decision making in a multitude of ways that could streamline the claims process, reduce fraud, and result in the better all-around outcomes for both claimant and insurance company.
Learn About The Auto Casualty Medical Price Index in 2017
October 8, 2017
2 MIN READThe National CPI for All Services, as reported by the Bureau of Labor Statistics in August 2017 is 120.9, which reflects a 1.7 percent decrease since Q1 2017.
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