Claim Counts Recover The collision repair industry has experienced a great deal of change over the last several years. The Great Recession drove already flat-to-declining vehicle accident frequency down further, while high unemployment rates led to further declines in overall U.S. miles driven. In 2014, however, the industry saw claim frequency rise to levels last […]
A recall was issued by NHTSA recently for 7.8 million vehicles that are equipped with defective and potentially deadly Takata airbags. Many of the vehicles included in the Takata air bag recall date as far back as vehicle model year 2000. With the average age of vehicles on the road in the U.S. over 11 […]
Bain & Company recently published a study on Customer Loyalty in P&C Insurance which explored the challenges and opportunities surrounding customer acquisition and retention for property and casualty carriers. The premise is that most carriers are good at winning new customers or keeping the ones they have, but few do both well. And, with younger […]
The National Highway Traffic Safety Administration (NHTSA), recently released a study that highlights the economic toll and societal impact on motor vehicle crashes. Among the points made is the growing use of technology to help reduce accidents and drive distraction. For more in depth analysis, check out CCC’s annual Crash Course Report, where our own Susanna […]
Originally featured on CollisionWeek.com The U.S. finalized new fuel economy standards in August 2012, that require each manufacturer’s fleet to achieve average fuel economy of 54.5 miles per gallon for cars and light-duty trucks by model year 2025. These standards extended the requirement already in place for a manufacturer’s vehicles by model year 2016 to […]
Fuel Economy Standards Drive Change The U.S. finalized new fuel economy standards in August 2012, that require each manufacturer’s fleet to achieve average fuel economy of 54.5 miles per gallon for cars and light-duty trucks by model year 2025. These standards extended the requirement already in place for a manufacturer’s vehicles by model year 2016 […]
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 […]
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 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 […]
A great deal is being written today about ‘big data’ and the ‘power of analytics’, whether it’s in the movie “Moneyball” or talked about as part of the added sophistication in this year’s political campaigns. There are numerous market dynamics that are driving the need for companies to use data and business analytics to drive […]