Mitchell International, Inc., a provider of information, workflow, and performance management solutions to the property/casualty claims and collision repair industries, has released the second quarter 2010 edition of its Industry Trends Report (ITR)--the company's quarterly publication that highlights industry-related trends, news items, and statistics.
This edition's quarterly feature, "Deductibles Are on the Rise as Policyholders Reach Further Into Their Pockets to Look for Savings," by Mitchell's vice president of industry relations, Greg Horn, delves into insurance deductible data from 2003 through 2009 for collision and comprehensive (excluding glass-only) losses. Horn's analysis brings a trend to light: Comprehensive deductibles are rising at a 160 percent faster rate than collision deductibles.
The study also shows European nameplate vehicle owners consistently choose higher deductibles more than other nameplates origins, likely in an effort to lower their monthly premiums in a still-struggling economy.
"Mitchell data shows a growing number of consumers are opting for higher comprehensive deductibles as their vehicles age, more so than collision deductibles," says Horn. "Vehicle owners are more willing to absorb more of the financial impact of a potential comprehensive claim vs. the risk of a possible collision claim. This also falls in line with the trend identified in our previous ITR of drivers completely dropping their first-party coverage on older vehicles and causing more new vehicles to shift into insurers' first-party coverage pool--more than was the case prior to the recession."
The ITR's additional feature, "Managing the Customer Experience Is Key to Surviving in a Down Market and Growing in the Long-term," by Jason Bertellotti, Mitchell's vice president of repair solutions, discusses the intricacies of managing the customer experience, which has become a strategic imperative for repairers' survival during the prolonged market slump. Based on millions of customer surveys, AutocheX, Mitchell's provider of customer experience management solutions, has identified vital aspects of customer service that can make or break loyalty initiatives.
Complete content is available in the latest "Industry Trends Report," which may be downloaded in PDF format by visiting www.mitchell.com.
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