Mitchell announced it has released its Industry Trends Report (ITR) for the first quarter of 2019. The impact of 5G wireless, automobile design changes that are good for the environment, and how technology can improve claims outcomes are among the topics addressed in the report.
The Advent of 5G
In “5G: What Do High-flying Predictions Mean for the Property and Casualty and Collision Repair Industries?” Mitchell President and CEO Alex Sun explains how 5G – the fifth generation of wireless capabilities – is set to turbocharge communications and the Internet of Things. 5G could bring information to mobile phones 600 times faster than today’s speeds. And, it can enable connections of up to one million devices per square kilometer, as compared to the 2,000 to 10,000 devices per square kilometer provided by 4G.
Simply put, 5G may result in a massive increase in connected devices that respond almost instantly – impacting connected cars, healthcare sensors, thermostats and other devices.
“5G has significant implications for the entire auto physical damage ecosystem,” said 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.”
With 5G, connected cars will have vastly enhanced capabilities to interact with car-to-car and car-to-infrastructure networks. The time required to charge electronic vehicles should be reduced, making these cars more practical for long-distance driving. The safety and operability of autonomous cars may likewise be significantly improved.
In healthcare, 5G can put the Internet of Things into hyperdrive, for much more sophisticated remote monitoring of patients, improved safety and a more personalized approach to care. 5G can also drive the development of super-precise robots for remote and/or more accurate performance of surgeries and other procedures. Read the entire report to learn how tomorrow’s innovations may come faster than expected.
OEMs Innovate for Environmental Impact
With transportation contributing to 27 percent of all greenhouse gas emissions in the U.S., automobile manufacturers are continually striving to upgrade manufacturing and engineering standards to reduce these emissions. In the article, “OEM Efforts to Promote Environmental Stewardship,” Mitchell Director of Claims Performance Ryan Mandell shares how carmakers are making a positive impact on the environment with these innovations:
- Stepping up production of electric vehicles, with GM committed to bring 20 new electric vehicle models by 2023 as part of their vision of zero emissions
- Using aluminum for vehicle construction to reduce average gross vehicle weights to improve fuel economy, and lower energy consumption required 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
The latest Auto Physical Damage Industry Trends Report also includes Mitchell’s “Six Questions with Olivier Baudoux on Automation in Claims and Collision Repair.” Read the entire Auto Physical Damage Industry Trends Report.
Now in its 18th year, Mitchell’s ITR reaches more than 30,000 collision and casualty industry professionals and provides meaningful visibility into data-driven trends in the P&C and collision repair markets. The complete reports are available at www.mitchell.com/news/industry-trends-reports.