From RPA to Cobots: Automation in Insurance and Collision Repair
The potential impact of automation on the Property and Casualty and collision repair industries has become an increasingly hot topic - presenting challenges and opportunities for claims and insurance professionals. The following is a roundup of three must-know types of automation that have the potential to transform the entire ecosystem, as well as one potential pitfall to be aware of as the world becomes more algorithm dependent.
Safety Rules and Public Sentiment Impede Self-Driving Cars
It may seem that the advancement towards self-driving cars started just a few years ago when the first Tesla with Autopilot rolled off the assembly line. Believe it or not, the “driverless dream” began not long after the birth of automobiles.
How Diagnostics Improve the Auto Insurance Claim Process
Fifty years ago all that you needed to fix a dented vehicle was a hammer and dolly. Flash-forward to today. With an excess of 75 computers and 100 sensors and cameras in complex vehicles, even the most basic collision repairs are more complicated and costly than ever before.
Top Six Benefits IoT Offers the Automotive Claims Industry
Just one poor claims experience will lead more than 30 percent of customers to switch carriers within a year of the incident. How can insurers improve satisfaction during the claims process, make customers’ lives easier and reduce churn?
Average Length of Rental for Repairable Vehicles: Q4 2018
Average Length of Rental (LOR) for Q4 2018 landed at 12.7 days in the United States, an increase of .3 days compared to Q4 2017. This is a departure from the flat year-over-year results in Q2 and Q3. Once again, there was very little consistency between regions and states, suggesting the quarterly result for the U.S. is not reflective of a genuine national trend.
OEM Efforts to Promote Environmental Stewardship
According to the Environmental Protection Agency (EPA), transportation contributes 27% of all greenhouse gas emissions in the United States. Much of this pollution comes as a result of carbon monoxide (CO) and nitrous oxide (NOx) emissions in addition to other hydrocarbons and particulate matter. With the potential for an increase in Corporate Average Fuel Economy (CAFE) requirements looming on the horizon, automakers have been focused on improving the fuel efficiency of their fleets with increasing commitments to electric vehicle production.
Current Used Vehicle Market Conditions: Q4 2018
Average wholesale prices in December fell on a year-over-year basis for the second month in a row and for the seventh time in 2018, supporting our expectation of general price softening due to supply growth. Supply growth is increasingly concentrated in the truck segments, which consequently saw greater price softening in December than did cars.