Toronto, Ontario -- June 14, 2018 – Mitchell’s Q2 Industry Trend Report packed a serious punch for readers in the collision repair industry, warning them to avoid drastic business overhauls and to focus on making incremental improvements.
The report highlights the impact data analytics have on auto insurance claims and how they can provide helpful information to insurance companies and auto body shops if used in a responsible manner.
In the report, Ryan Mandel, Mitchell's claims performance director highlighted the need for business leaders to avoid adopting revolutionary re-organizational practices, "but rather focus on more granular goals.”
One of the more interesting developments produced by the analytics was the relationship between vehicle supplements and estimations. According to the data, the ratio of supplements to estimates increased 2.72 percent despite the number of estimates with a supplement remaining almost unchanged.
“The impact of “big data” analytics is often manifested by thousands—or more—of incrementally small improvements,” stated management and consulting company McKinsey and Company. “If an organization can atomize a single process into its smallest parts and implement advances where possible, the payoffs can be profound.”
It would appear that insurers and auto body owners could use this data to better improve the quality of repairs. When juxtaposing the supplement data it would suggest that estimates are being produced without a thorough vehicle inspection. The results point to the potential risk of automobile damages going unnoticed.
“Success in asking the right question(s) and making sure the data analyzed meaningfully inform the decisions at hand means nothing if data analysis is not followed by action,” Mandell said.
View Mitchell’s Q2 Industry Trend Report at mitchell.com/news/industry-trends-reports