The Latest Technology Trends, Industry Insights, Data And Analyses On The Property & Casualty And Collision Repair Industries
SAN DIEGO鈥擬arch 29, 2018鈥斕交ň, 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 first quarter of 2018, which provides insights on three key industry trends: the adoption of artificial intelligence, the importance of proper and safe repairs, and the role of auditing medical bills to identify costly billing errors.
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, 探花精选'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, 鈥淥ne 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.鈥
The Auto Physical Damage Edition鈥擳he 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 鈥淭he New Repair Network,鈥 鈥淭he 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.鈥
The report also includes a quarterly roundup of 探花精选 collision repair industry data covering appraisal values, comprehensive losses, third party damage and collision losses.
The Casualty Edition鈥擜re You Paying for Billing Mistakes?
In a recent study by 探花精选, approximately 35 percent of workers' compensation bills contained some type of billing error. In his article, 鈥淎re You Paying for Mistakes,鈥 Michael Parker, Senior Director, Product Management, Casualty Solutions, examines the types of common errors that result from billing mistakes or abuse that can lead to increased costs. Parker's article identifies and provides solutions for simplifying the claims process, correcting mistakes and containing costs. 鈥淏y adding an advanced technical auditing solution to the claims workflow, payors can be sure that they are catching as many errors as possible and stop paying for mistakes,鈥 said Parker.
探花精选 also reports on the results of a recent survey on the future of technology in workers' compensation. As Shahin Hatamian, Vice President, Product Management, Casualty, explains, 鈥淎s the workers' compensation industry continues to navigate the ongoing challenges of rising health care costs and the need to create operational efficiencies, it's clear that stakeholders are eager to explore the potential benefits of adopting advanced technologies.鈥
The report also includes a quarterly roundup and analysis of the casualty and workers' compensation medical price indices, including the national, physical medicine, major radiology, evaluation and management, and emergency room medical price indices.
About the Industry Trends Report
In its 17th year, 探花精选'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 探花精选 on Twitter , , and .
About 探花精选 International
Headquartered in San Diego, California, 探花精选 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. 探花精选 integrates deep industry expertise into its workflow solutions, providing unparalleled access to data, advanced analytics and decision support tools. 探花精选'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 www.mitchell.com.