Mitchell's Third Quarter 2020 Industry Trends Report Explores P&C Trends in the Age of COVID-19
SAN DIEGO, CA—Mitchell International, a leading provider of technology, connectivity and information solutions to the property & casualty claims and collision repair industries, today released its third quarter Industry Trends Report for 2020. The report shares important data-driven trends impacting the property and casualty industry, along with expert insights, opinions and guidance that can help businesses navigate this year's new environment.
"We're starting to see important new patterns emerge as we move into the second half of 2020," said President and CEO Alex Sun. "Understanding and responding to these trends will be critically important as we move forward. While the needs of our clients and the people they serve are the significant drivers of new innovations and technologies, we continue to see an accelerated pace of adoption driven by COVID-19 and we expect to see new needs arise as the year continues."
Throughout this quarter's report, Mitchell experts share insights important to the industry, including new vehicle repair trends based on an analysis of diagnostic scanning data, complications introduced by automobiles with Advanced Driver Assistance Systems (ADAS), the challenges of the insurance industry workforce's most experienced adjusters thinking about retirement and the impact of COVID-19 on healthcare employee workers' compensation claims. Alex Sun also shares an overview of Extended Reality (XR), as more than 35% of all businesses are predicted to adopt and use some kind of extended reality technology in the next three years.
All of these insights are collected into two editions: the Auto Physical Damage Edition and the Casualty Edition, each with their own lead article.
The Auto Physical Damage Edition: Cracking the Code: What DTCs Tell Us About Vehicle Repair Trends
Using data from more than 2 million scans performed by Mitchell Diagnostics on collision damaged vehicles, this edition begins by analyzing what the Diagnostic Trouble Codes (DTCs) reveal about new trends in automotive repair. For example, scans showed that luxury vehicles from several manufacturers produce the most fault codes while Honda, Mazda and Hyundai produce the least. This is true even when analyzing 2018-20 models, most of which come standard with ADAS. These new and complex ADAS-equipped automobiles require calibrations for a variety of sensors and cameras, sometimes extending keys-to-keys cycle time and increasing repair costs. Understanding the trends and performing diagnostic scans both before and after a repair is critical to proper, safe and efficient restoration of the vehicle to its pre-accident condition.
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In addition to this article, the Auto Physical Damage Edition dives deeper into the training and tools needed to repair vehicles with ADAS. It discusses the value partners bring to transforming the claims journey, the importance of measuring and monitoring performance metrics, and the Q2 2020 used vehicle and average length of rental market conditions.
The Casualty Edition: The Insurance Workforce: How to Maintain Knowledge & Set New Employees up for Success
The insurance industry workforce has been going through a significant demographic change over the past few years, and COVID-19 has accelerated the industry's need to adapt. Experienced adjusters are approaching retirement age (this demographic will increase by 4.5% over the next five years), but younger workers are less likely to remain with one organization long enough to gain the skills needed to be effective replacements. Article author Rebecca Morgan recommends five changes the insurance industry can make today to manage this shifting workforce, especially amidst the pandemic.
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Other articles in the Casualty Edition take a closer look at therapeutic alternatives, discuss the effect of COVID-19 on workers' compensation technology, share tips to better manage remote workforces as working-from-home policies stretch into 2021, and analyze workers' compensation data that shows the impact of COVID-19 on the healthcare industry and its people.
About the Industry Trends Report
Now in its 19th year, Mitchell's Industry Trends Report reaches more than 30,000 collision and casualty industry professionals and provides meaningful visibility into data-driven trends in the P&C and collision repair markets. The complete reports are available at mpower.mitchell.com/industry-trends-reports.
For further collision repair and property casualty industry updates and perspectives, follow Mitchell on Twitter @Mitchell_Intl, @MitchellClaims, @MitchellRepair, @MitchellPBM and on LinkedIn.
About Mitchell International
Headquartered in San Diego, California, Mitchell International, Inc. delivers smart technology solutions that simplify and accelerate claims handling, repair processes and pharmacy transactions, driving more accurate, consistent and cost-effective resolutions. Mitchell integrates deep industry expertise into its workflow solutions, providing unparalleled access to data, advanced analytics and decision support tools. Mitchell's comprehensive solution portfolio and robust SaaS infrastructure connect its customers in ways that enable tens of millions of electronic transactions to be processed each month for more than 300 insurance providers, over 65,000 pharmacies and 30,000 collision repair facilities, as well as countless other Property & Casualty industry supply partners across the Americas and Europe. For more information, please visit Mitchell.com.