Mitchell announced the launch of the new, all-digital Industry Trends Report (ITR). The ITR is Mitchell’s quarterly publication that has highlighted ongoing and emerging industry trends and key performance indicators for auto physical damage collision and casualty industries for more than a decade. The first quarter 2012 ITR delivers insights and perspective to the industry via several editions focused on the data-driven, technology-enabled innovations impacting the insurance claims handling marketplace.
The Auto Physical Damage edition of the ITR features the article, "A Look at What Is Influencing Alternate Parts Usage" written by Mitchell’s Vice President of Industry Relations Greg Horn. In this article, Horn analyzes an issue key to the collision repair industry because of its impact on automotive claim severity: What does the future hold for alternate (aftermarket and recycled) and OEM vehicle parts sales?
"To determine the possible future direction of parts sales, we analyzed a number of factors influencing parts use, such as new vehicle sales and sales performance for each of the parts types by vehicle model year," said Horn. "Parts use has increased in the aggregate due in large part to the aging U.S. car fleet. Looking to the future, the decrease in new vehicle sales since 2008 will definitely impact both parts demand and supply, but which will be greater, and which parts supply channel mechanism will benefit most, the aftermarket or the OEM?"
The inaugural 2012 ITR Casualty Edition feature article is, "Claims Fraud: Addressing Six Key Challenges to Empower Accelerated Claims Success," by Mike Mahoney, a senior director of product marketing with Mitchell. In this article, Mahoney offers an analysis of the fraud challenges facing claims organizations and outlines a best-practices approach to combating fraud effectively via the appropriate combination of people, process and technological change.
"To address claims fraud, organizations must examine their traditional methods of fraud detection and claims handling and embrace sophisticated data analytic capabilities," said Mahoney. "Integrating advanced technologies into standard claims handling processes in ‘real time’ across the life of the claim will empower insurers to proactively detect fraud while accelerating prompt, effective and accurate claims handling."