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Mitchell to Present to Society of Insurance Research on Leveraging Auto Physical Damage and Bodily Injury Claims Data
Insurers Can Use Data as a Valuable Tool to Remain Competitive in Changing Marketplace
| Source: Mitchell International
SAN DIEGO, CA--(Marketwire - March 3, 2008) - Mitchell International will present to the
Society of Insurance Research (SIR) during the SIR's Product/Claim Summit
on March 11th in San Antonio, Texas. Senior Director, Information Services,
Jamison Day, and Executive Vice President and Founder of Mitchell Medical,
Thomas McCarthy, will share insight with insurers on leveraging claims data
and turning it into Business Intelligence to gain insight into overcoming
current economic and industry-wide trends affecting the Claims
organization.
One recent study conducted by Mitchell reinforces that the current trend of
a flattening to slightly declining portion of total losses has been
occurring in the industry over the last few years. Changes in vehicle mix,
moving towards vehicles with lower underlying total loss rates, have driven
the drop.
Mr. Day noted: "Business Intelligence is a hot buzzword these days and,
at Mitchell, we'd like to think we're playing a part in understanding how
we can leverage those new technologies and approaches in our industry. We
have been helping executives in the Claims organization make sense of data
and trends for years now. At this conference, we're trying to highlight
some examples where we can use Claims data for generating insights and
trends that may also be interesting and helpful for the underwriting side
of the house."
The Company has also studied the effects of several other trends that will
likely continue into the future, such as the use of aluminum body parts and
the dramatic growth of hybrid vehicle sales. In both cases, the Company
saw increases in average repair costs.
"If the overarching market trends continue into the future, we expect the
underlying trends in claims to continue -- something the underwriting
organizations may want to weigh as they think about future pricing," said
Day.
Mitchell Medical will also present its own set of trend analysis and
results at the conference. Tom McCarthy will address how inflation in the
cost of medical care is impacting auto bodily injury claim severity.
McCarthy will also share information with insurers on how they can combat
this phenomenon and effectively control costs using a comprehensive medical
management system.
"It is critical for insurers to be aware of the importance of streamlining
cost controls and improving performance," said McCarthy. "If insurers
understand just how important a total medical management system is to the
injury claims process, they will be better able to serve their customers by
efficiently handling the review process."
About Mitchell International, Inc.
Mitchell International (www.mitchell.com) is a leading provider of
information, workflow, and performance management solutions to the
automotive insurance claims industry, serving carriers, collision repair
facilities, and other commercial participants in the physical damage and
auto-related medical claims markets. Mitchell facilitates millions of
electronic transactions between more than 16,000 business partners each
month to enhance their productivity, profitability, and customer
satisfaction levels.
About the Society of Insurance Research
The Society of Insurance Research was founded in 1970 to provide a forum
for the free exchange of ideas in all areas of insurance research. It has
expanded to marketing and planning, as well as research. The Society has
since grown to include representation from any different organizations;
insurance and non-insurance companies, government agencies, institutions of
higher education, and trade associations. For more information, please
visit the SIR's website at www.sirnet.org.