Designed to Help Industry Deliver Safe and Proper Repairs to Today's Increasingly Complex Vehicles
The chart below illustrates the total loss data for both vehicle age and actual cash value of total loss vehicles processed through Mitchell servers.
Each quarter, I round up and highlight some of my favorite articles written by Mitchell experts and let you know where we have been published outside of our mPower thought leadership website. This quarter, Mitchell was featured in PropertyCasualty360, where Senior Director of Product Management Rebecca Morgan partnered with Bill Morgan from Guidewire Software to discuss the value of systems integration.
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
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.
Medical expenses, now averaging well over 60 percent of average claims costs,1 represent a significant impact on an employer’s workers’ compensation total cost of risk. This trend isn’t going away soon, as this average is expected to climb even higher in the coming years. Contributing to the climb are expenses incurred for treatment that are unrelated to an injured workers’ injury.
The Latest Technology Trends, Industry Insights, Data And Analyses On The Property & Casualty And Collision Repair Industries.