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Mitchell Examines Parts Price Inflation in Latest Industry Trends Report

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Mitchell has announced the availability of its Industry Trends Report (ITR) for the third quarter of 2012. Mitchell’s quarterly publication has served the auto physical damage collision and casualty industries with emerging industry trend highlights and key performance indicators for more than a decade.  
 
The Auto Physical Damage edition of the third quarter 2012 ITR features the article, "Parts Price Inflation is on the Move: Mitchell’s Collision Parts Price Index Tracks Its Source" by Mitchell’s vice president of industry relations, Greg Horn. The Mitchell Collision Parts Price Index (MCPPI) is comprised of a market basket of the 20 most frequently replaced collision parts, giving collision repairers and auto claims insurers an unmatched ability to compare auto parts price trends from 2003 through 2012 (YTD).  
 
"In this edition of the Mitchell Industry Trends Report, we explore a new metric, empowering the collision repair and auto claims industries with key insight into how price inflation impacts parts selection and, therefore, the severity of the average auto claim estimate," said Horn. "The MCPPI shows that the top 20 parts all experienced some price inflation, but domestic price matching stabilized OEM parts selection between 2010 and 2012, while recycled parts took share from remanufactured and aftermarket parts. We expect that higher value European parts inflation will spur aftermarket production."
 
The third quarter 2012 ITR Casualty Edition feature article, "Out-of-Network Negotiation — The Best Kept Secret of Injury Claims Medical Cost Management," by Greg Gaughan, vice president and general manager for Mitchell’s NHQ Negotiation Services, examines how insurers can best integrate medical cost management solutions into their injury claims handling processes.

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Gaughan noted, "Insurers can more effectively manage the costs of medical care related to the handling of injury claims with tiered voluntary provider networks and out-of-network negotiation solution providers, delivering superior medical care and increased satisfaction to the injured party, while helping to control rising medical costs."
 
He added, "An optimized multiple tier environment can deliver up to a 44 percent improvement in medical injury claims payouts compared to standard provider networks, a substantial claims cost containment opportunity that no insurer can afford to pass up as medical cost inflation continues to soar."


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Complete content is available in the latest Industry Trends Report, which may be downloaded by visiting www.mitchell.com. Follow the conversation on Twitter – #IndustryTrendsReport.

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