Insights
Economic Trends Impacting the Collision Repair Industry in 2019
While new vehicle sales numbers have cooled from the records of the previous couple of years, the strength of the US economy continues to have an impact on consumer behaviors, driving patterns, and thus, the trajectory of the auto claims and collision repair industries. The adoption of advanced driver assistance systems (ADAS) in a larger percentage of the car parc has been predicted to decrease accident frequency, but Mitchell data shows an increase of 4.4% in non-comprehensive claims in the first half of 2019 compared to the previous year.
Current Used Vehicle Market Conditions: Q2 2019
Average wholesale prices in July were flat relative to June and remained up on a year-over-year basis largely on the price strength and growing share of truck-segment sales. CPO sales continue to buoy off-lease vehicle prices.
The Power of an Optimized Workflow: Automation, Customization and Solution Integration
6 MIN READ
This is the fifth article in a seven-part series that highlights how technology and solution integration can result in improved claim outcomes. Claims automation can provide many benefits to the insurance industry. For example, implementing claims automation could free up 54 million to 285 million adjuster hours annually, amounting to $1.7 billion to $8.9 billion in cost savings within five to seven years, according to Deloitte.
Embracing Technology: Old School vs. New
3 MIN READ
The learning curve difference for adopting technology is skewed among four generations: Millennials, Gen Xers, Baby Boomers and the Silent Generation. The three older categories are still skimming the surface of how to use technology to positively impact their lives. Think about the Silent Generation – our Baby Boomer parents whose exposure to cell phones began in their sixties. I know it took my parents months to figure out how a new phone works.
Auto Casualty Glossary of Terms and Definitions
1 MIN READ
The auto casualty industry and pharmacy benefit management can be complex. Looking to learn more? Download our Auto Casualty Glossary of Terms to increase your knowledge of common industry terms such as fee schedule and peer review.
Workers' Compensation Glossary of Terms and Definitions
Are you new to the workers' compensation industry or want a refresher on common industry terms? Download our Workers' Compensation Glossary of Terms to learn the definitions of terms such as prior authorization and pharmacy benefit management.
Top 5 Opioid Medication Trends in 2018
1 MIN READ
Overall, 2018 showed favorable trends for opioid use with declines in both utilization and cost. Understanding the top opioid medications being filled and impacting spend can help guide decision-making and aid in identifying opportunities for intervention particularly through formulary controls, utilization management strategies, and through insight into regulatory changes and juris-specific rule application.