The report includes a deep dive into how data analytics are now embedded into most levels of insurance organizations, presenting both challenges and opportunities.
In this edition of the Industry Trends Report, Mitchell executives provide views on the most recent industry developments. Debbie Day, Executive Vice President and General Manager of Auto Physical Damage, delves into how advanced safety technologies can simplify the claims and collision repair processes, and how they also support better outcomes for the insured.
In this quarter’s Auto Physical Damage edition, Ryan Mandell, Director of Claims Performance at Mitchell, explains how data analytics have permeated most levels of insurance companies, creating new opportunities and challenges. One of these is making data accessible to stakeholders who have little experience in the field of data science, so their organizations can achieve the greatest value from both data and human resources. Insurers can take several steps to foster a culture that maximizes the effectiveness of data analytics at all levels. Mandell explains that insurers must “beware the interpretation gap trap. Even though the people working on a particular question may not be insurance analytics experts, it is still essential to understand the source of data and the methodology used to produce them.”
The latest report is packed full of key industry insights and useful information, including extensive collision repair and total loss data, rental data for repairable vehicles, and an in-depth look at the Canadian collision summary report.
Now in its 17th year, Mitchell's ITR reaches more than 30,000 collision professionals and provides meaningful visibility into data-driven trends in the collision repair market. The complete report is available at mitchell.com.
Headquartered in San Diego, California, Mitchell International, Inc. 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, visit mitchell.com.