Latest report looks at how the insurance industry is using artificial intelligence, the impact of scanning and diagnostics for auto collision repairs and how integrated solutions improve workers’ compensation outcomes
SAN DIEGO — (June 13, 2017) – Mitchell, a leading provider of technology, connectivity and information solutions to the Property & Casualty (P&C) claims and Collision Repair industries, today released its Industry Trends Report (ITR) for the second quarter of 2017. In this edition, Mitchell executives take a look at how artificial intelligence (AI) is being used in the insurance industry, the use of scanning tools for complex auto body repairs and how an optimized provider network strategy can help the workers’ compensation journey.
How the Insurance Industry Is Using AI
An estimated 85 percent of insurance executives are planning to invest significantly in artificial intelligence over the next three years according to a recent study by Accenture. With that, AI is poised to significantly alter the insurance industry in a multitude of ways, including streamlining the claims process, reducing fraud and improving outcomes for both the claimant and the insurance company.
Mitchell executives share their vision for AI in the P&C claims industry in the areas of computer vision, machine learning and natural language processing.
The Auto Physical Damage Edition
Collision repair used to be about sheet metal and headlamp and bumper replacement; now it revolves around sophisticated parts and electronics. Today’s repairers must be prepared to fix a computer on wheels. Due to the complexity of these systems, scan tools are useful to determine what systems should be reset or recalibrated. Currently, there are four options for repairers to scan a vehicle before and after repairs to ensure systems are working properly:
- Take the car to the dealership
- Call a mobile service provider
- Use an aftermarket tool to complete the repairs in-house
- Leverage a remote service to connect to an OEM tool via the Internet
In this ITR article, Mike Lawlor, Vice President, APD Strategy and Partnerships, discusses repair safety concerns, OEM position statements and how collision repair facilities can manage the diagnostic portion of repairs in order to help ensure safety, reduce cycle time and properly document diagnostic procedures.
The Casualty Edition
From the moment an injury occurs, to the day an injured worker returns to work, the journey a workers’ compensation claim takes can be complex. It involves numerous parties, technologies and diverse jurisdictional requirements.
In this article, Rebecca Morgan, Senior Director, Product Management, Mitchell Casualty Solutions, discusses the lifecycle of a workers’ compensation claim from point of injury to return to work while showcasing how integrated solutions bring additional savings to insurers and improve outcomes for all stakeholders involved.
About the Industry Trends Report
First published in April 2001, 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.
For further collision repair and property casualty industry updates and perspectives, follow Mitchell on Twitter @Mitchell_Intl, @MitchellClaims, @MitchellRepair, @MitchellPBM and LinkedIn.
About Mitchell International
Headquartered in San Diego, California, Mitchell International, Inc. delivers smart technology solutions that simplify and accelerate claims handling and repair processes, 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 companies, over 30,000 collision repair facilities and countless other Property & Casualty industry supply partners across the Americas and Europe. For more information, please visit www.mitchell.com.
Source: Mitchell International