Insights
5 Ways to Use Visual Reporting Effectively to Improve Claim Outcomes
5 MIN READ
Insurance carriers who aren’t looking at visual performance reports on a regular basis could be missing out on major opportunities to improve their operations and to move toward more standardized and efficient processes.
Average Length of Rental for Repairable Vehicles: Q2 2017
Average Length of Rental (LOR) in the 2nd Quarter 2017 landed at 11.54 days, representing only a fractional rise of .07 days versus the 2nd Quarter of 2016. This is a continuation of the trend we began to see in the 1st Quarter of 2017 when the rate of increase dipped to a multi-year low of .2 days. As with Q1, there was very little consistency between regions and states which suggests that the flat U.S. number is not reflective of a true national trend.
Average Length of Rental for Repairable Vehicles: Q1 2017
The rate of average Length of Rental (LOR) growth declined in Q1 of 2017 for the first time in multiple quarters increasing only a modest .2 days from 11.9 to 12.1. In March, the number was flat, the first month without a year over year increase in more than two years. The data demonstrates very little consistency across and within regions, therefore there doesn’t appear to be a true U.S. trend.
Artificial Intelligence Gets Real: Three Ways AI Is Making Inroads in P&C Insurance Claims
Gartner named AI a top strategic trend for 2017, and according to a recent study by Accenture, 85 percent of insurance executives surveyed plan to invest significantly in artificial intelligence over the next three years. The value of AI applications in insurance is clear—it supports human decision making in a multitude of ways that could streamline the claims process, reduce fraud, and result in the better all-around outcomes for both claimant and insurance company.
Computer Vision: From Diagnosing Cancer to Transforming the Collision Claims Process
From the day Watson beat Ken Jennings at Jeopardy, artificial intelligence (AI) has captured our collective imagination. Just six years later, AI has gone from game show gimmick to one of Gartner’s 2017 Top Ten Strategic Technology Trends. Every day brings more news about the latest advancements, and verticals of all types are turning to it to help meet evolving customer needs and business demands.
Celebrating 70 Years of (m)Powering Better Outcomes in the P&C Claims Process
When Glenn Mitchell first founded the company, he used his technical knowledge, repair expertise, and ability to connect pieces of information in order to simplify complex processes. Ultimately, he created a better way of doing business and better outcomes for his customers.
Average Length of Rental for Repairable Vehicles: Q3 2016
Continuing a recent trend, U.S. Length of Rental (LOR) increased by .5 days in the third quarter versus the same period the previous year (11.4 to 11.9) powered by a surge in claims frequency and an escalation of complex repairs. The regional results are very similar to those from the second quarter with the Southwest nearly two days longer than the U.S. average at 13.8 days, an increase of 1.3.
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