Nov. 1, 2012—Mitchell announced the availability of its Industry Trends Report (ITR), offering industry-specific data driving trends in property and casualty.
Mitchell, a provider of technology, connectivity and information solutions to the Property & Casualty claims and collision repair industries, examined data from Q3, 2012 and added state-by-state data from Enterprise Rent-A-Car as a new feature.
The “Auto Physical Damage” portion of the report includes an article by Mitchell vice president of industry relations, Greg Horn, entitled “Are Rising Deductibles Driving Severity Trends?”
Horn analyzes data on collisions, repairs and claims, and examines the link between flat collision repair severity and the rise in deductibles in the past six years.
According to the article, consumers are opting for raised deductibles in an effort to cut expenses, but are then reticent to seek repairs for which they will shoulder more of the financial cost.
"While higher deductibles are good for the insurance industry since consumers carry more of the repair bill, this is not as positive for the repair shops or rental car companies, which are seeing less business,” Horn said in the article. “It’s important to examine whether there is a causal relationship here, or if other factors are influencing the severity trends.
“Our latest ITR explains our findings on which factors do and do not have the greatest influence on the rise in repairable severity.”
In the “Auto Casualty Edition,” there is an article by Mitchell's vice president of information management and client services Michele Hibbert-Iacobacci, which discusses the increasing challenges P&C insurance carriers face due to new or changing legislation.
Federal regulations and accountable care organizations require skilled navigation and following arduous processes for compliance and success, while maintaining a focus on quality and service. Carriers must stay informed and continuously analyze the impact of such initiatives on their policyholders and businesses.
The ITR also highlighted ongoing and emerging industry trends and key performance indicators for auto physical damage collision and casualty industries for over a decade.
The insights and perspective via several editions focus on the data-driven, technology-enabled innovations impacting the insurance claims handling marketplace.
The complete report is available on Mitchell's webiste.
First published in April 2001, Mitchell's ITR now reaches more than 33,000 collision and casualty industry professionals.
