Top Trends in the Auto Casualty Insurance Industry - Mitchell Experts Provide Insights
There are always shifts and trends insurance carriers should be watching out for in the auto casualty industry– especially nowadays with factors like changing regulations, more expensive medical costs and increasing accident severity. Here are some of the top trends Mitchell’s auto casualty experts are seeing in the market that are influencing the industry most today.
Using an Advanced Medical Bill Review Platform to Improve Third Party Outcomes
5 MIN READ
Some auto casualty insurance carriers’ workflows are missing a key part of an end-to-end third party solution – an advanced medical bill review platform. Though bill review is traditionally thought of as a specifically first party or workers’ compensation solution, it can also make an impact on third party claims.
Using Data Analytics to Optimize Insurance Claims Management
For insurance carriers, finding ways to capitalize on the growing volume and velocity of information being generated and collected in their claims systems and operational databases is a critical challenge. Today’s overabundance of data can be an asset. However, without the professional expertise to turn this disparate data into actionable optimization and measurable intelligence, the data is powerless.
Our Improved Insurance Compliance Software Helps Users Make the Right Decisions
Property and Casualty insurance carriers have a daunting task when it comes to handling injury claims within the rapidly evolving world of regulatory compliance. As requirements constantly evolve, the number of insurance policies and injury claims an insurer/payor services in each jurisdiction can create an abundance of complex and often-confusing set of rules and regulations to follow.
Learn About The Auto Casualty Medical Price Index in 2017
2 MIN READ
The National CPI for All Services, as reported by the Bureau of Labor Statistics in August 2017 is 120.9, which reflects a 1.7 percent decrease since Q1 2017.
5 Ways to Use Visual Reporting Effectively to Improve Claim Outcomes
5 MIN READ
Insurance carriers who aren’t looking at visual performance reports on a regular basis could be missing out on major opportunities to improve their operations and to move toward more standardized and efficient processes.
Artificial Intelligence Gets Real: Three Ways AI Is Making Inroads in P&C Insurance Claims
Gartner named AI a top strategic trend for 2017, and according to a recent study by Accenture, 85 percent of insurance executives surveyed plan to invest significantly in artificial intelligence over the next three years. The value of AI applications in insurance is clear—it supports human decision making in a multitude of ways that could streamline the claims process, reduce fraud, and result in the better all-around outcomes for both claimant and insurance company.
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