Insights
What’s Behind the Increase in Total Loss Market Values?
September 16, 2019
Auto insurance carriers are not only facing increasing cost of repairs due to the rise in vehicle complexity but also are seeing increased costs when it comes to settling total losses. Average total loss market values have increased 6.55% in the first half of 2019 compared to the same time period last year, and the frequency of total loss outcomes has increased slightly as well to 17.53% in the first half of 2019 compared to 17.49% in the same time period last year.
The Introduction of Level 3 Automation
September 16, 2019
Autonomous vehicles have been making headlines for the past several years with some experts in the industry predicting that such vehicles would be taking over our roadways in the next decade. While this scenario seems unlikely due to the challenges that come with 100% automation, automakers are now equipping their vehicles with more advanced autonomous features that require less driver involvement.
Virtual Connections
September 15, 2019
As the telemedicine industry continues to boom we’re seeing new forms of telehealth emerge in the marketplace. Variations including tele-rehab, remote patient monitoring, and even “avatar-like” nurses being utilized by hospital systems and providers.
Current Used Vehicle Market Conditions: Q2 2019
September 9, 2019
Average wholesale prices in July were flat relative to June and remained up on a year-over-year basis largely on the price strength and growing share of truck-segment sales. CPO sales continue to buoy off-lease vehicle prices.
The Power of an Optimized Workflow: Automation, Customization and Solution Integration
September 9, 2019
6 MIN READThis is the fifth article in a seven-part series that highlights how technology and solution integration can result in improved claim outcomes. Claims automation can provide many benefits to the insurance industry. For example, implementing claims automation could free up 54 million to 285 million adjuster hours annually, amounting to $1.7 billion to $8.9 billion in cost savings within five to seven years, according to Deloitte.
Average Length of Rental for Repairable Vehicles: Q2 2019
September 9, 2019
Average Length of Rental (LOR) for Q2 2019 landed at 11.8 days in the United States, an increase of 0.2 days compared to Q2 2018. Once again, there was very little consistency between regions and states, although every region was either flat or up. The Mountain, Northwest and California regions produced the largest increases at 1.0, 0.4 and 0.4 days respectively. The average LOR ranged from a high of 12.8 days in the Mountain region to a low of 10.8 in the Midwest.
Premiums Written - Q3 2019 Quarterly Must Read Round-Up
September 9, 2019
Each quarter, I round up and highlight some of my favorite articles written by Mitchell experts and let you know where we have been published outside of our mPower thought leadership website. This quarter, I’m excited to highlight a Work Comp Pulse podcast interview with Rebecca Morgan, Senior Director of Product Management at Mitchell.
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