Mitchell, a leading provider of technology, connectivity and information solutions to the Property & Casualty (P&C) claims industry and their supply chain partners, released its Industry Trends Report (ITR) for the fourth quarter of 2015.
The Mitchell ITR determines and assesses emerging industry trends, while comparing current market data to historical figures. This information helps P&C insurers and auto body repair shops better understand the industry-wide landscape and make informed business decisions.
The Auto Physical Damage edition
Taking a seasonal approach to parts use, Greg Horn, Vice President of Industry Relations at Mitchell, analyzes the number of parts used in the average repair estimate during the summer and winter months. On average, as winter approaches, the number of parts per estimate increases more than 1.5 percent and total parts spend increases by more than $100. Horn also provides a detailed breakdown of total loss values versus total loss percentages, offering key conclusions the industry can make based on these correlations and figures.
The Casualty edition
As the Property & Casualty (P&C) marketplace becomes increasingly competitive, insurance carriers are looking for various ways to streamline and improve their claims processes. As such, timely and actionable reporting can be the key to unlocking these improvements as it reveals invaluable insight, impact and industry trends.
In this edition, Mitchell’s Scott R. Smith, Workers’ Compensation Solutions Director of Professional Services Consulting, discusses the value of reporting for insurance carriers in the areas of adjustments, workflow effectiveness, claims progress and the impact of provider networks and out of network negotiations. Smith highlights Mitchell’s key initiative to enhance existing reports in order to provide clients with the tools critical to driving better results for their policyholders and organizations.
A bonus article by Lee Haripko, Director of Product Management and Colby Richardson, Senior Director of Strategic Partners at Mitchell, delves into the benefits of Specialty Provider Networks. Haripko and Richardson aim to define these types of specialized networks as they apply to the P&C industry and highlight advantages such as streamlined access to care and the potential for significant cost reductions. Additionally, Haripko and Richardson present recommendations for payors seeking to successfully integrate Specialty Networks into their overall cost containment solutions.
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/.
