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Mitchell Releases Third Quarter 2014 Industry Trends Report
Latest Report Offers Insights Into the Trends Readers Can Expect in 2014 and Beyond to Help Improve Business Decisions
|By Marketwired .
|August 5, 2014 01:16 PM EDT
SAN DIEGO, CA -- (Marketwired) -- 08/05/14 -- Mitchell, a leading provider of technology, connectivity and information solutions to the Property & Casualty (P&C) claims and Collision Repair industries, today announced the availability of its Industry Trends Report (ITR) for the third quarter of 2014. The report identifies and examines the latest trends in the industry, while comparing current market data to old figures to help P&C insurers, bill reviewers, payers and auto body repair shops better understand the landscape and make business decisions using the information.
The ITR is delivered in two editions to address timely concerns for the auto physical damage and casualty industries.
The Auto Physical Damage edition
Today's vehicles are becoming increasingly fit with technology to improve driver safety, efficiency and fuel costs. However, this integration of telematics into the automotive market has the potential to streamline many aspects of the claims and repair process. In the report, Sunil Nayak, Senior Director of Product Management at Mitchell, addresses how these connected car technology innovations will change how we do business.
Most notably, "if a driver can share his vehicle data directly with his insurance company, the claims process is no longer a linear set of serial activities. It becomes a seamless, completely parallel event, one that saves time, money and can only result in significant improvements in customer satisfaction scores."
Imagine a market where a vehicle owner's insurer, tow company, parts supplier, repair shop and rental company were notified of activities at the same time and could operate immediately. This eliminates the step-by-step process that has plagued the industry for years and adds a level of efficiency that can amount to hours-to-completion instead of days.
In addition to this analysis and trends discussion, readers will also find data concerning the impact of rising mid-sized sedan sales on alternate parts pricing and availability, severity figures, the latest parts and paint KPIs, and the latest changes in the length of rental.
Mitchell offers a webinar, Industry Trends Live, on the Auto Physical Damage edition of the report. Greg Horn will provide a deeper look into the trends, information and studies highlighted in this quarter's ITR on Tuesday, August 12. To sign up for webinar, visit http://go.mitchell.com/register.
The Casualty edition
The medical payment process is undergoing a significant shift as more organizations recognize the importance of the outcomes of the treatment provided. While the workers' compensation and auto casualty payments systems have yet to transition wholly, Mitchell expects both to move toward a value-based healthcare model in the near future, resulting in improved patient care outcomes.
In this edition of the report, Michele Hibbert-Iacobacci, CMCO and CCSP at Mitchell, dissects the past and future payment systems, including fee-for-service, resource-based relative value, paying for performance and others, to explain how changes are underway for all healthcare providers. "The changes will not only impact how the day-to-day operations are effected, it will change the way patient care is provided, approved and integrated into the U.S. lifestyle. Two converging aspects are at hand and mandated; lower the cost of medical care and improve the quality."
In line with previous Mitchell trend reports, this version includes an updated Medical Price Index, along with recent state regulatory changes.
First published in April 2001, Mitchell's ITR now reaches more than 33,000 collision and casualty industry professionals and provides meaningful visibility into data-driven trends in the P&C market. The complete report is available at www.mitchell.com/industry-trends-report.
For further collision repair and property casualty industry updates and perspectives, follow Mitchell on Twitter @MitchellClaims and @MitchellRepair.
About Mitchell International
Mitchell International, Inc. is uniquely positioned to simplify, enhance and accelerate claims handling processes across the P&C industry through deep workflow solutions that include unparalleled access to data, advanced analytics and decision support tools. Our expert workflow and adjusting solutions advance the claims management process by enabling automotive physical damage, bodily injury and workers' compensation clients to process claims more accurately, consistently, and cost-effectively.
Mitchell's solutions provide an expert level of decision support and connectivity within the claims organization and with industry partners to achieve optimal outcomes. Mitchell's comprehensive solution portfolio and robust SaaS infrastructure enables tens of millions of electronic transactions to be processed each month for over 300 insurance companies, including the majority of the top 25 insurance carriers, and over 30,000 collision repair facilities. With an expanding global footprint, Mitchell products are currently utilized in the Americas, Europe and Asia. Mitchell is headquartered in San Diego, California, and has approximately 2,000 employees. For more information, please visit www.mitchell.com.
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