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Total Loss Trends Emerge Amidst the Pandemic
Every industry has been impacted by actions taken to control the spread of COVID-19, including the automotive industry. Growing unemployment, coupled with a pivot to remote working, has changed consumer priorities and curtailed car-buying habits. The decline in miles traveled has also resulted in less wear and tear on vehicles, thereby reducing the replacement rate. Additionally, like many other manufacturers, some automakers temporarily closed or repurposed plants to produce ventilators and personal protective equipment. They also closed dealer showrooms to protect employees and the public. Amidst the COVID-19 response, these and other changes in market dynamics are giving rise to new emerging total loss trends.
Networks Support Telemedicine for Continued Care
Workers’ comp injuries are unique because they typically require face-to-face visits with medical professionals to evaluate, diagnose and treat. When a provider’s office is closed it can significantly impact an employee’s ability to return to work. As injured workers faced temporary office closures, postponed surgeries and cancelled therapy appointments, we knew that as a workers’ compensation provider network we had to be innovative and lead the charge for their care.
Reduce In-Person Interactions and Improve Efficiency with Virtual Claims
In March, Ryan Mandell, director of Claims Performance for Mitchell’s Auto Physical Damage business unit, identified the market drivers converging to make the concept of claims virtualization a reality.
COVID-19 Ripple Effect on Auto Insurance Market
After months of sheltering in place, it should come as no surprise that claims volumes are down. COVID-19 has impacted markets around the globe, and has produced ripple effects in the auto insurance market that are influencing many aspects of the claims ecosystem—from the global supply chain to workflows to the car parc itself. So what does this mean for collision repair and the claims industry as a whole? Three early indicators have already emerged that could have a long-lasting impact.
The Self Insurer: Work Comp's Virtual Touch
By Bruce Shutan, The Self Insurer
What COVID-19 Is Teaching Us About Mental Health
Pandemic anxiety, depression and isolation gives us a taste of what employees face in overcoming a work injury