Insights
A New Era of Performance Management
As McKinsey and Company stated in their 2017 study on performance management, “What gets measured, gets done.”1 Performance management is a critical aspect of success in any field of business, and this is especially true in the world of auto physical damage claims. Success comes in many forms in the claims industry, from managing costs to producing proper and safe repairs.
KPI Spotlight: Percentage of Repair for Individual Part Types
In our recent article, “Mitchell Collision Repair Industry Data: Q2 2018”, we discussed the importance of monitoring the overall percentage of parts repaired. While this is an important step to help ensure the correct decision-making behaviors are being put into practice by appraisers in the field, it is the first of many. The next step to improving performance in regards to overall percentage of parts repaired is to look at repair percentages for individual major component parts.
The Impact of Tariffs on the Automotive Claims Industry
There has been a significant amount of press coverage surrounding the potential imposition of a 25 percent tariffs on automobiles and auto parts imported to the United States from countries that have previously received “most favored nation” status, incurring tariffs of only 2.5 percent. The proposed tariff increase emerged as a response from the Trump administration to increasing globalization of the auto industry.
StateWatch: Fall 2018
11 MIN READ
Keep current with new legislation and its potential effect on your organization. This regulatory update is for informational purposes only, and provides some key highlights on state initiatives that may impact the services Genex provides.
StateWatch: Fall 2018
The FDA has approved a non-opioid, percutaneous electrical nerve field stimulator device as an aid to reduce opioid withdrawal symptoms during detoxification.
New Hazards and Opportunities for Insurers in the Internet of Things
According to the famous futurist Ray Kurzweil, “we won’t experience 100 years of progress in the 21st century—it will be more like 20,000 years of progress.” We are at an incredibly important moment in time—one that I believe historians will look back on as a pivotal time in the advancement of technology and in the way humans interact with it.
Off Patent Medications & Drug Patent Expiration: Quarterly Drug Update
Managing pharmaceutical decisions in a claim can greatly impact the outcome of that claim, from recovery time to costs. Therefore, close monitoring of pharmacy changes and compliance updates is vital. In our previous quarterly update, we took a closer look at the utilization of generic drugs and 'me-too' medications.
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