Total Loss: Q4 2017
Total loss data for both vehicle age and actual cash value of total loss vehicles processed through Mitchell servers.
Mitchell Collision Repair Industry Data: Q4 2017
The initial average appraisal value, calculated by combining data from all first and third-party repairable vehicle appraisals uploaded through Mitchell systems in Q4 2017, was $3,151. Continued development suggests a final Q4 2017 average appraisal value of $3,184, which represents an increase of $67 compared to the same quarter last year.
Canadian Collision Summary: Q4 2017
The average gross initial appraisal value, calculated by combining data from all first and third party repairable vehicle appraisals uploaded through Mitchell Canadian systems in Q4 2017, was $4,184, a $43 increase from Q4 2016. Factoring for development yields an anticipated increase to $4,229.
Insurers Lead in AI Investment
In a recent study of 13 different verticals, the insurance industry invested more on artificial intelligence (AI) than any other industry—on average, $124 million per company surveyed. Of the 54 insurance companies that participated, about half were in North America, and about half were in the property and casualty industry. While the greatest areas of investment were security and customer service, investments were made across multiple business functions, including everything from human resources to sales.
The New Repair Network
The repair network of today is not your grandfather’s or your father’s repair network; in fact it may not even be your older brother’s repair network. Vehicles are becoming more sophisticated with every new model that rolls off the production line. They’re no longer merely a mode of transportation—they’re complex computer networks on wheels.
Motor Vehicle Markets Q4 2017
We recap the motor vehicle markets trends from Q4 2017, highlighting the best-selling U.S. cars, trucks, and current used vehicle market conditions.
Artificial Intelligence: 7 Tips for Success
News and predictions about how artificial intelligence will shape the insurance industry are popping up almost every day. The infographic below highlights seven tips for working with artificial intelligence, including limitations, opportunities and emerging trends that you should keep in mind to better position yourself (and your company) for success.