In response COVID-19, numerous state departments of insurance and other regulatory agencies have issued bulletins and notices setting forth mandatory and voluntary steps for insurers to take or consider to better accommodate policyholders. Many of these measures involve claim-related practices, and the majority require or request that insurers show flexibility to accommodate insureds experiencing hardship […]
After a car accident, we might find ourselves in an emergency room, dressed in an exam gown and covered by a thin blanket on a hospital gurney. In that moment we have no way to speed through a doctor’s evaluation, diagnostic testing, or clinical treatment. There’s no steering wheel to grab on to and no […]
By Kenna Henn and W. Scott Palmer, AIS, a CCC Company While the world is coping with the economic fallout due to a pandemic from a novel virus, the implications of an economic downturn to insurance claims — and more specifically auto injury claims — are not novel. Previous economic downturns, especially the Great […]
Industry-wide repairable appraisal counts saw further recovery in June 2020 versus June 2019, with counts down across all loss categories only -25.7 percent versus -34.5 percent in May 2020. Overall, Q2 2020 repairable appraisal counts were down -35.0 percent, with every state registering a decline from Q2 2019, despite several states such as South Dakota […]
Automotive finance lenders have been feeling the impacts of COVID-19 on day-to-day business operations. Call duration is up. Resources remain stretched. And while lenders prioritize calls with concerned customers, insurance carriers wait on hold, delaying what is already a time-consuming total loss process. As the world begins to open again, lenders should evaluate whether their […]
Auto lenders may not receive notice of a total loss until days or weeks after an incident, extending cycle times for what is already a time-consuming, multi-touch, and manual claims process. But with CCC Total Loss Care – Lienholder Portal, lenders can receive earlier notice of total loss from participating insurers, helping them proactively […]
COVID-19 is dramatically changing driving behavior nationwide. While claims and miles driven are decreasing, one thing has increased – drivers’ appetite for risk. The reduction in U.S. daily trips taken and miles driven resulted in 65 percent less miles traveled in April 2020 versus January 2020. Speeding during COVID-19 increased by 27 percent. In […]