Enterprise Rent-A-Car contributes to the ITR with its own article including factors impacting the ‘length of rental’ from the first quarter of 2013 to the first quarter of 2014 in both the U.S. and Canada. Factors analyzed include weather, economy, repair shop conditions and processes, and parts availability. In the U.S., the Northeast led the country with the highest length of rental at 13 days with winter storms severely impacting mild winter states, while Canada’s rental length remained high but consistent as the majority of the country dealt with severe ice and snow during the winter season.
Readers will also find data concerning the most common and costly car repairs over the past five years, ranging from catalytic converters to front and rear bumpers. J.D. Power & Associates supplements these facts with actual cash value trends of used cars.
Mitchell also offeeds an Industry Trends Live webinar for the Auto Physical Damage edition of the report. Greg Horn provided a deeper look into the trends, information, and studies highlighted in the 2014 second quarter ITR on May 7, 2014.
The Casualty edition
The latest casualty edition focuses heavily on the use of technology and analytics. “Analytics: Present and Future Applications,” written by Ed Olsen, senior business process consultant at Mitchell, focuses on the use of analytics to streamline claims processes for P&C professionals by developing benchmarks, establishing plans of action, detecting fraud, and optimizing workflows.
“If done right, analytics greatly improves customer satisfaction by allowing prompt resolution of legitimate claims while improving claim outcomes by assigning the best resource to handle a claim,” said Olsen. “That’s revolutionary for our industry.”
Addressing a cutting-edge topic in the world of analytics, the ITR and the accompanying Technology Impact article highlights the ways predictive analytics technology can be used to enhance the decision-making process within an organization.
In line with previous Mitchell trend reports, this 2014 Q2 Edition includes an updated Medical Price Index, along with recent state regulatory changes. According to the data, both evaluation and management and major radiology services showed double-digit price growth over the past year.
First published in April 2001, Mitchell’s ITR now reaches more than 33,000 collision and casualty industry professionals and provides meaningful visibility into data-driven trends in the P&C market.