Mitchell announced it has released its Industry Trends Report (ITR) for the fourth quarter of 2015. The ITR’s two editions address timely concerns of the auto physical damage and casualty industries. Featured articles for Q4 2015 include “Parts Use and Seasonality,” “Reporting – Insight, Impact and Trends” and “Benefits of Specialty Networks.”
The Mitchell ITR determines and assesses emerging industry trends, while comparing current market data to historical figures. This information helps P&C insurers and body 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.
A Mitchell webinar, “Industry Trends Live,” on the Auto Physical Damage edition of the report will take place on Nov. 17th. Horn will provide a deeper look into the trends, information and studies highlighted in this quarter’s ITR. To sign up for the webinar, visit go.mitchell.com/register.
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 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.
