Mitchell International has released its third quarter Industry Trends Report for 2020. The report shares important data-driven trends impacting the property and casualty industry, along with expert insights, opinions and guidance that can help businesses navigate this year’s new environment.
“We’re starting to see important new patterns emerge as we move into the second half of 2020,” said Alex Sun, president and CEO of Mitchell International. “Understanding and responding to these trends will be critically important as we move forward. While the needs of our clients and the people they serve are the significant drivers of new innovations and technologies, we continue to see an accelerated pace of adoption driven by COVID-19 and we expect to see new needs arise as the year continues.”
Throughout this quarter’s report, Mitchell experts share insights important to the industry, including new vehicle repair trends based on an analysis of diagnostic scanning data, complications introduced by automobiles with advanced driver-assistance systems (ADAS), the challenges of the insurance industry workforce’s most experienced adjusters thinking about retirement and the impact of COVID-19 on healthcare employee workers’ compensation claims. Alex Sun also shares an overview of extended reality (XR), as more than 35% of all businesses are predicted to adopt and use some kind of extended reality technology in the next three years.
DTCs and Vehicle Repair Trends
Using data from more than 2 million scans performed by Mitchell Diagnostics on collision-damaged vehicles, this edition begins by analyzing what the diagnostic trouble codes (DTCs) reveal about new trends in automotive repair. For example, scans showed that luxury vehicles from several manufacturers produce the most fault codes while Honda, Mazda and Hyundai produce the least. This is true even when analyzing 2018-20 models, most of which come standard with ADAS. These new and complex ADAS-equipped automobiles require calibrations for a variety of sensors and cameras, sometimes extending keys-to-keys cycle time and increasing repair costs. Understanding the trends and performing diagnostic scans both before and after a repair is critical to proper, safe and efficient restoration of the vehicle to its pre-accident condition.
Click here to read the full article, “Cracking the Code: What DTCs Tell Us About Vehicle Repair Trends.”
In addition to this article, the Auto Physical Damage Edition dives deeper into the training and tools needed to repair vehicles with ADAS. It discusses the value partners bring to transforming the claims journey, the importance of measuring and monitoring performance metrics, and the Q2 2020 used vehicle and average length of rental market conditions.
Now in its 19th year, Mitchell’s Industry Trends Report 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 here.