Mitchell announced it has released its Industry Trends Report for the fourth quarter of 2018. The report explores how intelligent automation is changing the nature of work in insurance, collision repair and beyond. It also provides insights into key industry trends, including how to manage performance in a technology-shocked industry and the power of integration and automation in humanizing the claims process.
How Intelligent Automation is Changing the Nature of Work in Insurance, Collision Repair and Beyond
In this edition of the Industry Trends Report, Mitchell CEO Alex Sun discusses the significant implications artificial intelligence (AI) technology will have on the property and casualty and collision repair industries. Sun dives deep into the far-reaching implications AI technologies will have for businesses, explaining that “as AI becomes increasingly ubiquitous, it will allow knowledge workers to spend less time on repetitive tasks and more on the higher value, human ones that drive better outcomes.”
Sun also discusses the increased productivity that will result from the utilization of robotic process automation (RPA), as well as the augmented human intelligence that will result from intelligent automation. When speaking about the productivity gains that could result from artificially intelligent personal assistants, Sun notes that if “knowledge workers in the claims ecosystem could automate repetitive tasks by using a combination of simple and intelligent RPA, they would enjoy a significant increase in productivity. Better yet, they could use that time on tasks that require a human touch: making personal connections, providing consultations, being empathetic – things that drive different behaviors and actions and can truly help improve outcomes and restore injured people’s lives.”
The Auto Physical Damage Edition: Managing Performance in a Technology-Shocked Industry
The Industry Trends Report has kept readers up-to-date on the effects the increasing complexity of today’s vehicles will have on collision repairs – especially the need for pre- and post-repair scanning and the advantages of Mitchell Cloud Estimating and integrated repair procedures. But what about the effects of technological advancements on the performance of repair shops and their expert staff? In his article, “Managing Performance in a Technology-Shocked Industry,” Ryan Mandell, director of performance consulting for Mitchell, suggests ways to implement an effective performance management strategy. He then explains that “collision repair facilities, OEMs and insurance carriers…share a common goal that just so happens to also be important: to restore customers’ lives after a challenging event has taken place. The customer should ultimately be at the heart of an effective performance management strategy.”
Mandell goes on to recommend four primary steps to implementing an effective performance management strategy: embrace competition, distill KPIs down to the most impactful, measure KPIs that inform behaviors and create visibility into goals.
The latest Industry Trends Report also includes Mitchell’s rental data for repairable vehicles and current used vehicle market conditions.
The complete report is available at www.mpower.mitchell.com/industry-trends-reports.