April 12, 2018—On April 9, Mitchell released its Industry Trends Report (ITR) for the first quarter of 2018, which provides insights on two key industry trends: the adoption of artificial intelligence and the importance of proper and safe repairs.
Here's a preview of the contents of the report.
Insurers Lead in AI Investment: Where Are They Investing and Why?
As the insurance industry grapples with the opportunities and disruption presented by artificial intelligence and other transformational technologies, Mitchell’s CEO, Alex Sun, writes about how the practical implementation of AI is helping insurers gain operational efficiencies. In his article, Sun shares a vision for technology as a way to simplify the complexities of navigating the property & casualty insurance and repair ecosystems. Sun writes, “One of the most exciting things about artificial intelligence, and many other forward-looking technologies, is how the power of data will bolster human decision making in order to simplify the inherent complexities and uncertainties of restoring people’s daily lives.”
The Auto Physical Damage Edition – The New Repair Network
As vehicles become increasingly sophisticated, and evolve from simple modes of transportation to complex computer networks on wheels, new vehicles are leveraging advanced technologies and materials to make driving safer. As cars evolve, they fuel the need for a more dynamic and flexible approach for their repair networks.
As Jack Rozint, vice president, repair sales & service, APD solutions, states in his article “The New Repair Network,” “The bar is rising for the entire collision repair industry to focus first on accurate identification of all the necessary steps to repair both the structural components of a vehicle and to restore its electronic systems and software to original condition, ensuring proper and safe repairs.”
The report also includes a quarterly roundup of Mitchell collision repair industry data covering appraisal values, comprehensive losses, third party damage and collision losses.
About the Industry Trends Report
In its 17th year, Mitchell's ITR now 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 report is available at www.mitchell.com/industry-trends-reports.
