Mitchell officially released its Industry Trends Report (ITR) for the first quarter of 2019 on March 12.
Some of the topics addressed in this report are the impact of 5G wireless, automobile design changes that are good for the environment, and how technology can improve claims outcomes.
Advent of 5G
In his report 5G: What Do High-flying Predictions Mean for the Property and Casualty and Collision Repair Industries? Mitchell President & CEO Alex Sun elaborates on the impact of 5G—the fifth generation of wireless capabilities—on communications and the Internet of Things. He believes that 5G will bring about a massive surge in connected devices that respond instantly. This will impact connected cars, healthcare sensors, and thermostats among other devices.
“5G has significant implications for the entire auto physical damage ecosystem,” notes Sun. “As the number of sensors in vehicles increases, the data they produce may collect details of collision damage, which in aggregate can help manufacturers improve vehicle designs, carriers price coverage appropriately and collision repair facilities accomplish proper and safe repairs.”
5G will enhance the capabilities of connected cars to interact with car-to-car and car-to-infrastructure networks. Additionally, electronic vehicles would become more practical for long-distance driving if their charging time was reduced. 5G could also have a significantly positive effect on the safety and operability of autonomous vehicles.
The entire report is available here: 5G: What Do High-flying Predictions Mean for the Property and Casualty and Collision Repair Industries?
The Auto Physical Damage Industry Trends Report
Automobile manufacturers are consciously working towards upgrading their manufacturing and engineering standards to reduce greenhouse gas emissions.
In his article OEM Efforts to Promote Environmental Stewardship, Ryan Mandell, Mitchell Director of Claims Performance, explains how OEMs are trying to bring about a positive impact on the environment with their innovations:
- Stepping up production of electric vehicles—GM is committed to bring 20 new electric vehicle models by 2023 to drive forward its vision of zero emissions
- Use of aluminum in vehicle construction to reduce average gross vehicle weights. This helps improve fuel efficiency, and lowers energy consumption needed in the manufacturing process
- Finding longevity in second-life applications for high voltage electric vehicle (EV) batteries
- Transforming the grounds around their facilities to nurture local wildlife
Mitchell’s “Six Questions with Olivier Baudoux on Automation in Claims and Collision Repair” is also included in the latest Auto Physical Damage Industry Trends Report.
The entire report is available here: Auto Physical Damage Industry Trends Report.
How Smart Automation Produces Excellent Claims Results
In The Power of Technology: Six Ways to Improve Casualty Claim Outcomes, author Shahin Hatamian, Mitchell Vice President of Product Management, points out, “Technology-powered automation for claims processing pays off primarily in two areas: efficiency and consistency.”
Technological advancements currently available can help claims organizations in further enhancing their automation strategies, such as increasing straight through processing rates, depending on their individual efficiency goals. As per the article, consistent decisions can be made through automated rules that incorporate best practices. It also helps in bringing key insights to the surface for the attention of adjusters.
Besides improving outcomes and efficiency, automation can also enhance the user experience for adjusters. With the data produced through automated systems, it is possible to make informed decisions and map out areas where corrections are needed. Users are able to compare their experience and results across the industry thus offering insights into performance. Claims organizations may be able to harness technology to achieve better outcomes by following the six tips provided by Hatamian, asserts Mitchell.
The entire report is available here: Casualty Industry Trends Report.