Mitchell International announced it has released its Industry Trends Report (ITR) for the fourth quarter of 2016. In this latest edition, experts discuss Mitchell’s annual P&C Conference, total loss trends and the state of the third-party auto claims market.
Both the Auto Physical Damage and Casualty editions of the ITR feature top trends from Mitchell’s P&C Conference held Oct. 17-19 in San Antonio, Texas. This year’s conference provided executives with the chance to discuss technology and social trends that are changing the way companies in the industry interact with one another and do business. Topics discussed include augmented reality and information security.
In the Auto Physical Damage Edition, Nate Raskin, senior manager of APD Analytics, highlights total loss trends. One key indicator of the upward trend in market values is the price of wholesale used vehicles. A combination of factors including high employment levels and job stability has been contributing to higher used car retail values. While market changes are out of insurance companies’ control, there are steps insurers can take to better manage total loss accuracy, particularly as it relates to revision activity.
The cost of third-party auto claims is quickly rising, leaving many insurance carriers struggling to keep up. The number of attorney-represented claims is growing, leaving adjusters with an increase in demand packages, which are often disorganized or incomplete, though they require a timely response. The resulting lost opportunities or inconsistencies can pose challenges for insurers. Norman Tyrrell, director of product management for Mitchell’s Casualty Solutions Group, highlights the need for the correct tools when dealing with third-party auto claims. In today’s competitive market, insurance companies can’t afford to leave costly problems unaddressed.
To view the complete report, visit www.mitchell.com/industry-trends-report.
