Insights
COVID-19 P&C Industry Update: Regulations, Telemedicine, Access to Care and Testing
Over the past few months, the property and casualty industry has experienced an unprecedented number of changes in a short period of time due to the COVID-19 pandemic. From a slew of regulatory updates and working remotely to fluctuations in claim frequency and severity, the industry is continuing to change and adapt every day to eventually end up at our “new normal.” COVID-19 regulatory changes, telemedicine, access to care and COVID-19 testing have been dominating the conversations on webinars, news media and internal operations for over the past few months. Let’s take a closer look at these four specific topics.
Current Used Vehicle Market Conditions: Q1 2020
After a strong start to 2020 in January and February, the COVID-19 crisis wiped out gains in wholesale prices in virtually all categories.
CMS to Add Correspondence Printing Functionality to the Medicare Conditional Payment Portal
1 MIN READ
Keep current with new legislation and its potential effect on your organization.
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.
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