Repair Costs Recover Post-Recession The average total cost of repair for vehicle appraisals in 2013 was $2,638, up 2.9 percent from 2012. This increase is consistent with the increases seen year-over-year since mid-year 2009 when repair costs flattened. To better understand the dynamics behind the change in average repair cost, in this article we will […]
Industry’s leading automotive claims and collision repair trends data comes to life through a detailed report, infographic and webinar series Chicago, IL April 9, 2014 – Staying ahead of industry trends and marketplace dynamics is critical to success, but it can be hard to keep up or even comprehend how all of the pieces fit […]
Changes within the demographics of the U.S. population will impact all aspects of society – whether it relates to changes in where people choose to live, what they do for a living or what they buy. Businesses are already seeing the impacts of a changing workforce and customer base – where four distinct generations (Generations […]
The collision repair industry has experienced a great deal of change over the last several years. The recession helped drive already flat-to-declining vehicle accident frequency down further, and more customers were opting not to have minor damage repaired. And with the average age of vehicles on the road in the U.S. at an all-time high, […]
When out in the field, your goals are clear –quickly capture information about the damaged vehicle and help the insured feel confident about the claims process. That isn’t easy when your hands are full of devices—cameras, phones and maybe even a laptop. And it doesn’t get any easier back in your office when you’re manually transferring […]
As consumers’ service delivery expectations continue to evolve, opportunities now exist for insurers to expand their repair shops network which provides not only an increased customer choice, but can also help to manage costs, reduce cycle times from First Notice of Loss (FNOL) through completion of vehicle repair. The industry is beginning to embrace all […]
The average consumer today has an auto accident once every seven to 10 years, offering auto insurer’s limited interaction with consumers outside of potential policy questions, bill time, and sometimes through other services such as banking. However, the real moment of truth for the insurer is at the time of an accident, making claims handling […]
The national industry average for repair costs so far in 2013 (through Q3) have risen nearly 3 percent from the same period in 2012, an increase consistent with those seen annually before the recession, where repair costs rose between 1 and 3 percent annually between 1997 and 2007. The numbers continue to build on the […]
Aging Fleet and New Vehicle Sales Interruption Lead to Distinct Trend The disruption in the pattern of 16-17 million new vehicle sales that coincided with the recession created a break in the historic sales cycle that essentially led to greater disparity within the vehicle fleet. With fewer new cars sold, the average age of vehicles […]
The insurance industry has seen a significant increase in both the frequency and cost of total loss claims over the last several years. This article will explore what’s behind these trends and discuss what to expect in the next 18-24 months. Download the full report