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The report includes a deep dive into how data analytics are now embedded into most levels of insurance organizations, presenting both challenges and opportunities.
Mitchell announced it has released its Industry Trends Report (ITR) for the second quarter of 2018. The report includes a deep dive into how data analytics are now embedded into most levels of insurance organizations, presenting both challenges and opportunities. It also includes an exploration of how utilization review and precertification can help reduce unnecessary medical expenses – while also providing strong medical options for recovery.
Advanced Technologies Reduce Complexity and Restore Lives
As technology becomes more deeply integrated into the property and casualty and collision repair industries, and with it, the casualty, workers’ compensation and collision claims processes, not only is it reducing complexity and improving efficiency, it’s also helping insurers as they go about the business of restoring people’s lives after an accident or injury.
In this edition of the Industry Trends Report, Mitchell executives provide views on the most recent industry developments. Debbie Day, executive vice president and general manager of Auto Physical Damage, delves into how advanced safety technologies can simplify the claims and collision repair processes, and how they also support better outcomes for the insured. Nina Smith, executive vice president and general manager of Casualty Solutions, explores the powerful place and purpose technology has in the claims process as a tool to both simplify complexity and restore people’s lives after an injury. Dave Torrence, executive vice president and general manager of Pharmacy Solutions, makes a compelling case for how technology is providing essential visibility into opioid prescribing and how it can help prevent abuse.
The Auto Physical Damage Edition: Everyday Insurance Analytics
In this quarter’s Auto Physical Damage edition, Ryan Mandell, director of Claims Performance at Mitchell, explains how data analytics have permeated most levels of insurance companies, creating new opportunities and challenges. One of these is making data accessible to stakeholders who have little experience in the field of data science, so their organizations can achieve the greatest value from both data and human resources. Insurers can take several steps to foster a culture that maximizes the effectiveness of data analytics at all levels. Mandell explains that insurers must “beware the interpretation gap trap. Even though the people working on a particular question may not be insurance analytics experts, it is still essential to understand the source of data and the methodology used to produce them.”
To view Mitchell’s Industry Trends report, visit https://www.mitchell.com/news/industry-trends-reports.