Mitchell International has released its Industry Trends Report (ITR) for the third quarter of 2016.
In this edition, Alex Sun, Mitchell’s president and CEO, discusses prominent technology and trends that are currently shaping the world and impacting the P&C industry. Additionally, experts provide an in-depth look at the findings in Mitchell’s Collision Parts Price Index and share the top qualities of an effective business workflow solution.
Celebrating 70 Years of Empowering Better Outcomes
In honor of the company’s 70th anniversary, Sun looks ahead at key technology and social trends impacting both insurers and collision repairers. Overarching trends that touch many dimensions of the insurance industry include technology transformation, machine learning and digital consumer engagement. In addition to speaking to these industry-wide trends, Sun also weighs in on the trends specifically impacting the auto casualty, workers’ compensation and auto physical damage industries.
The Auto Physical Damage Edition
Nine years ago, Mitchell created the Mitchell Collision Parts Price Index (MCPPI) to track the inflationary trends of the most replaced collision parts. Today, the annually updated MCPPI includes the top 20 most replaced parts on collision estimates split out by country of origin and part type. In this edition, Greg Horn, vice president of Industry Relations at Mitchell, discusses key insights gleaned from the current index and compares the findings to those of years past. Unique to this year’s index, Mitchell has added the break out of General Motors, Toyota and Ford nameplate parts to benchmark the impact of pricing and price-matching programs on OEM parts.
Horn provided a deeper look into the findings, information and trends highlighted in this quarter’s ITR during Mitchell’s webinar, “Industry Trends Live.” A recording of the webinar is available upon request.
The Casualty Edition
As no two payors are the same, the business workflow solutions they utilize shouldn’t be either. Shahin Hatamian, vice president, Product Management and Strategy at Mitchell, emphasizes the need for insurers and third-party administrators to hone in on tailored workflow solutions that suit their individualized business needs. Despite the priorities and rules unique to each business, Hatamian shares five qualities of an effective business solution workflow that users can benefit from.
This edition of the ITR includes two additional features from Mitchell’s industry experts. Greg Gaughan, vice president and general manager of Out of Network Solutions and Joshua Dickerson, director of Product Management of Out of Network Solutions, analyze traditional bill review procedures and explain how specialty bill review can help insurers achieve better results. Norman Tyrrell, director of Product Management, and Jackie Payne, vice president of Medical Management Services, discuss the current state of third-party claims and a few recommended methods to better contain the associated costs.