Technology has changed the way that humans interact with one another and their surroundings, and how they choose who to do business with. Digital devices have become an ingrained part of everyone’s lives, with 88 percent of U.S. adults using the internet; 77 percent owning a smartphone; and 51 percent owning a tablet as of […]
Increases in auto claim frequency have been a topic of great interest to all in our industry. Numerous factors such as the following have been central to returning automotive claim frequency back to pre-recession levels. An in-depth look specifically at miles driven data helps us understand why claim frequency continues to rise, but is rising […]
Despite a number of severe convective storm events across the U.S. in the first eight months of this year, overall economic and insured losses were trending below losses from prior years. To check out the rest of the series visit CCC’s YouTube channel. Download the full PDF here. Watch Here
The transformation of a vehicle to an IoT device is happening. The vehicle is being transformed from a mostly mechanical object to a fully wired, connected electronic object. Even the driver now is shifting into passenger mode, with telematics offering the ability to reach consumers more often and in many new ways. To check […]
Strategize to Get the Most out of UBI Programs Several well-meaning experts in this space have written about the unsustainability of usage-based insurance (UBI) programs due to high costs and low returns. They argue that when you add up all of the acquisition, technology, and administrative expenses, as well as premium discounts or other incentives, […]
Our theme for Crash Course 2017 was “It’s Happening”, and a quick review of some of the hot issues so far this year underscore just how quickly our landscape is being transformed. Whether it is a growing trend to offer consumers the ability to submit a claim via a mobile app and photos, growing […]
Data, Information, and Knowledge – The Trinity of Enterprise Value Based on the fundamental premise that data, information, and knowledge, are three intricate, indispensable, and interdependent elements, hyperscale systems – distributed computing environments that efficiently scale from a few servers to thousands of servers – are being built to unearth its untapped business values with unprecedented […]
Change Brings Innovation We know that the collection, storage, and use of huge amounts of data will have a profound effect on the automotive insurance industry, as well as OEMs and collision repairers. Collectively, we do ourselves no favors by pretending massive change doesn’t exist, or hoping someone else will figure it out. Together, all […]
Over the last three years, the average number of days from the date the vehicle is brought into the shop to the date it is picked up or “keys to keys” (using a 24 hour / 7 day measurement), has grown from 9.26 days to 9.85 days. As the data in this first table illustrates, […]
In order to understand the challenges facing our industry today, I thought it might be interesting to look at one specific vehicle that made the headlines when introduced, and continues to be among the top-selling vehicles in the U.S. every year – the 2015 Ford F150. Changes to its design and content, and subsequent impact […]