In this edition, Alex Sun, Mitchell’s president and CEO, weighed in on the company’s 70th anniversary milestone with past, present and future insights. He reflected on how Mitchell has changed over the years and explored what is to come.
Greg Horn, vice president of Industry Relations at Mitchell, demonstrated the importance of observing where claims fall on a natural distribution curve to glean key industry insights. For example, in today’s claims industry, more than 50 percent of claims have a gross severity of under $2,500. Keeping that dollar amount in mind, claims managers can explore the most cost-effective and accurate ways to process claims. Horn detailed a few of the business areas exposed when analyzing claims distribution, including the performance of direct repair shops, staff, independent appraisers and overall operational efficiency.
Horn will provide a deeper look into the findings, information and trends highlighted in this quarter's ITR during Mitchell’s webinar, “Industry Trends Live,” on June 16. To sign up for the webinar, visit go.mitchell.com/register.
First published in April 2001, Mitchell's ITR now reaches more than 33,000 collision and casualty industry professionals and provides visibility into data-driven trends in the P&C market. The complete report is available at www.mitchell.com/industry-trends-report.