CRA Market News – USA
By Christine Hogg
Mitchell International, Inc. recently released its fourth quarter Industry Trends Report for 2020. In this report, industry experts from across Mitchell predict and analyze the key trends that will impact 2021, providing insights that can help guide planning for organizations across the industry.
“The events of 2020 have caused some lasting changes throughout the property and casualty industry,” said CEO, Alex Sun. “This year the industry has taken major steps forward in embracing new digital technology that not only helped us manage through 2020, but also have set us up to be more successful in the years to come. I’m confident those changes will carry us forward into 2021 in positive and productive ways.”
This quarter’s Industry Trends Report captures what Mitchell predicts will be major focus areas for the industry in the coming year.
These predictions and insights are collected into two editions: the Casualty Edition and the Auto Physical Damage Edition. In addition to predictions for 2021, each edition will offer perspective on important trends and developments in the way organizations are managing and using data, including data democratization, continuous intelligence and cloud-based management.
The Casualty Edition: 2021 regulatory predictions for auto casualty and workers’ comp
In 2021, the auto casualty and workers’ compensation industries will continue to face pandemic-related challenges that will require adaptations and focus to address.
Within the Casualty Edition, Mitchell experts discuss the increasing effects of shortages of primary care physicians and delays in patient care. They also anticipate that next year, claims organizations will lean into automating the end-to-end claims process more than ever, that telemedicine will undergo both innovation and additional regulatory and security scrutiny and that we will see increases in certain types of workers’ compensation claims like ergonomic injuries and growing COVID-19 illness claims.
The Auto Physical Damage Edition: Five automotive trends to watch in 2021
COVID-19 is transforming the automotive industry and pushing organizations to reimagine how they do business.
In this edition, Mitchell explores five key automotive trends and predictions that will impact claims and collision repair in 2021. They include a shift from shared mobility back to personal vehicle ownership and dramatic increases in accident severity as vehicle systems become more interconnected.
Click here to read the full article.
In addition to this article, the Auto Physical Damage Edition highlights the challenges introduced to the claims and repair processes by electric vehicles, new technologies designed to streamline the repair workflow and the Q3 2020 used vehicle and average length of rental market conditions.
About the Industry Trends Report
Now in its 19th year, Mitchell’s Industry Trends Report influences 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 mpower.mitchell.com/industry-trends-reports.