Artificial Intelligence: Ready to Simplify the Auto Claims Workflow
The P&C industry has been buzzing for a while about the emergence of “smart” technology entering the claims workflow—from natural language processing to machine learning and artificial intelligence, the frequent tech talk has left us all bracing for the new paradigm.
The Rise of the Electric Vehicle
As production and deliveries of the Tesla Model 3 continue to increase, more attention is being drawn to the growing trend towards vehicle electrification. Bloomberg New Energy Finance estimates that by the year 2040, 33% of the cars on the road worldwide will be electric vehicles (“EVs”).
Average Length of Rental for Repairable Vehicles: Q1 2018
Average Length of Rental for Repairable Vehicles: Q1 2018 Average Length of Rental (LOR) for Q1 2018 landed at 12.5 days in the United States, an increase of .4 days compared to Q1 2017. This represents a return to the consistent upward trends generated throughout 2015 and 2016 after a largely fat 2017 Once again, there was very little consistency between regions and states, suggesting that the quarterly result for the U.S. is not reflective of a genuine national trend.
Total Loss: Q1 2018
The chart below illustrates the total loss data for both vehicle age and actual cash value of total loss vehicles processed through Mitchell servers.
Mitchell Collision Repair Industry Data: Q1 2018
The initial average appraisal value, calculated by combining data from all first and third-party repairable vehicle appraisals uploaded through Mitchell systems in Q1 2018, was $3,166, $124 more than this same period last year. Continued development suggests a final Q1 2018 average appraisal value of $3,196
June 2018 Used Vehicle Market Conditions
Average wholesale used vehicle market prices registered their first year-over-year price decline since August 2014, continuing the general softening pattern seen since the impact of the hurricanes waned in late 2017. Retail used vehicle sales, including CPO sales, were strong, reflecting Spring, tax-season demand.
Advanced Technologies Reduce Complexity and Restore Lives
The renowned futurist Ray Kurzweil once said, “We won’t experience 100 years of progress in the 21st century—it will be more like 20,000 years of progress.” He is not alone in his thinking. By all accounts, we live in a time of unprecedented change, one that is driven by the exponential evolution of technology.
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