San Diego, CA (Sept. 10, 2019) \u2013 Mitchell International, a leading provider of technology, connectivity and information solutions to the Property & Casualty (P&C) Claims and Collision Repair industries, has released its Industry Trends Report (ITR)<\/a> for the third quarter of 2019. In this quarter\u2019s report, Mitchell executives share insights on leveraging emerging claims technology to improve strategic decision-making. The report also looks at how current positive economic trends coupled with the growing cost and value of cars are increasing the frequency and cost of claims for repairing damage. Mitchell experts also identify key areas of the claims process where workflow technology has the potential to significantly improve performance.<\/p>\n In his latest article on humane automation, \u201cHow (Humane) Claims Automation Leverages Technology for Better Outcomes<\/a>,\u201d Mitchell CEO Alex Sun notes that insurance automation today can \u201cfree workers from rote tasks, providing them with more time to focus on human-centered work and complex decision making.\u201d He notes that automation of the claims process using artificial intelligence, business rules engines and predictive analytics can vastly increase the opportunity for improved outcomes.<\/p>\n Sun said, \u201cThe notion of \u2018humane automation\u2019 is that as claims organizations maintain and ramp up their investments in automation technologies, the focus on the benefits to people\u2014both employees and customers\u2014takes on ever greater importance. Automation,\u201d Sun observed, \u201cenables adjustors to quickly identify and focus on the most complex claims where human intervention is likely to have the greatest impact.\u201d<\/p>\n Sun is optimistic about the future of humane automation. \u201cAs the investment in claims technologies continues to accelerate, it\u2019s clear that humane automation remains at the heart of these improvements,\u201d Sun said. He noted that \u201cartificial intelligence is, indeed, artificial. It\u2019s still up to people to make better and more effective decisions.\u201d And, he added, \u201cIf automation can continue to be the catalyst for improved decision making in the claims process, then humane automation will be truly human.\u201d<\/p>\n Other articles by Alex Sun include:<\/p>\n The strong U.S. economy continues to have an impact on consumer behavior, driving patterns, and thus, the trajectory of auto collision repairs and auto physical damage claims. While the safety and electronic features of new vehicles can reduce claims frequency, these improvements can be expensive to repair.<\/p>\n In his article \u201cEconomic Trends Impacting Claims and Collision Repair<\/a>,\u201d Ryan Mandell, Director of Claims Performance, Mitchell Auto Physical Damage, identifies several economic trends: \u201cConsumers are buying higher-priced cars such as SUVs, which have become the vehicle of choice for more and more drivers. However, the cost of owning a car is moderating: lenders have extended the length of car loans to offer lower monthly payments, and gas prices have been dropping.\u201d<\/p>\n All these trends combined with a healthy economy result in consumers driving more miles. In April, miles driven increased 2.5 percent and in May, that increase was 1 percent. There is a direct correlation between miles driven and the frequency of auto claims. Consumers will likely continue to spend more on their vehicles and drive them more frequently and for longer distances.<\/p>\n Other articles in the auto physical damage edition<\/a> include:<\/p>\n Claims automation can provide many benefits to the insurance industry. According to a study by Deloitte, it could free up 54 million to 285 million adjuster hours annually,[1<\/a>]<\/sup> amounting to $1.7 to $8.9 billion in potential cost savings within five to seven years.<\/p>\n In \u201cThe Power of an Optimized Workflow Technology<\/a>,\u201d Shahin Hatamian, Senior Vice President \u2013 Product Development, identifies key areas where technology can contribute to these savings: claims triage and bill review engine business rules, among others.<\/p>\n The amount of time it takes for a claim to be triaged can have a lasting impact on the outcome of the claim. Hatamian noted that the Insurance Information Institute found that faster triage at the first report of injury for workers\u2019 compensation claims can reduce claim severity and lower the likelihood of litigation.[2<\/a>]<\/sup><\/p>\n Hatamian also notes that to achieve or maintain optimization, claims organizations should take another look at their business rules for their bill review processes to evaluate if any can be updated to reduce claim touchpoints and improve efficiency.<\/p>\n Other articles in the casualty edition<\/a> include:<\/p>\n Now in its 18th year, Mitchell\u2019s ITR 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 reports are available at www.mitchell.com\/news\/industry-trends-reports<\/a>.<\/p>\n 1. Deloitte Insurance Outlook: Shifting strategies to compete in a cutting-edge future<\/a>.<\/p>\n 2. Insurance Information Institute: Spotlight On Workers Compensation<\/a>.<\/p>\n About Mitchell International<\/b><\/p>\n Headquartered in San Diego, California, Mitchell 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. Mitchell integrates deep industry expertise into its workflow solutions, providing unparalleled access to data, advanced analytics and decision support tools. Mitchell\u2019s 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<\/a>.<\/p>\n Source: Mitchell International via Scott Public Relations Tags: automation<\/a>, Mitchell<\/a>, report<\/a>, trends<\/a> Read the original article at Insurance-Canada.ca <\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The Potential for \u201cHumane\u201d Automation; Current Economic Trends Affecting Collision Repairs; and the Impact of Workflow Technology San Diego, CA (Sept. 10, 2019) \u2013 Mitchell International, a leading provider of technology, connectivity and information...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16717"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=16717"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16717\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=16717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=16717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=16717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}How Humane Automation Leverages Claims Technology for Better Outcomes<\/strong><\/h4>\n
The Auto Physical Damage Edition: Economic Trends Impacting Claims and Collision Repair<\/strong><\/h4>\n
The Casualty Edition: The Power of an Optimized Workflow Technology<\/strong><\/h4>\n
About the Industry Trends Report<\/em><\/h4>\n
Notes<\/h4>\n
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