Topical creams are becoming part of the mix of pain treatment options as doctors look for alternatives to addictive opioids.
After a strong start to 2020 in January and February, the COVID-19 crisis wiped out gains in wholesale prices in virtually all categories.
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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.
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.
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.
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.