CCC Intelligent Solutions Inc. announced March 14 the availability of its annual Crash Course report, which identifies trends impacting the P&C insurance economy, a multifaceted industry advancing the future of personal mobility and safer roadways.
The report delivers insights on the convergence of economic, social and technological shifts reshaping driving behaviors, vehicle ownership, automotive insurance and claims handling, collision repair and more.
Crash Course 2023 is the 28th edition of CCC’s industry-leading report, which draws insights from the more than $100 billion in transactions processed annually through CCC’s solutions by its 30,000 customers, which include automakers, insurers, collision repairers, lenders, parts suppliers and more. The report draws from the company’s decades of experience and information derived from more than 280 million claims-related transactions, 50 billion driving miles of driving data, and millions of bodily injury and personal injury protection (PIP)/medical payments (MedPay) casualty claims.
“Macroeconomic trends like inflation, supply chain constraints and labor shortages are putting pressure on an industry that is simultaneously managing through major advancements in vehicle technology, including the growing popularity of advanced driver safety systems (ADAS) and EVs,” said Jason Verlen, CCC’s vice president, product marketing. “Together these factors are shifting insurability and repairability models and related cost and service dynamics. To advance, participants across the ecosystem are unifying around the consumer and leveraging technology with the shared aim of getting drivers back on the road safely, efficiently and affordably.”
Verlen continued, “This year’s Crash Course explores these factors and more, providing data and analysis on the industry’s path forward. We’ve subtitled our report ‘The Era of Experience’ as businesses across the industry navigate the balance between automation, AI and the human touch, to facilitate richer, more personalized consumer experiences with their customers.”
Key topics covered in Crash Course 2023 include:
- Shifts in consumer driving behaviors and the changing nature of auto accidents, resulting in more severe vehicle damage and bodily injury.
- The impact of labor shortages on vehicle repair and medical treatment costs, claim and repair resolution times, and consumers’ experiences with the overall claims process.
- Growing consumer interest in new vehicle technology---ADAS and EVs---and the benefits and subsequent increases in repair complexity.
- Increasing proliferation of advanced technology---AI, mobile, cloud and the Internet of Things---embedded in claims and repair processes to temper the effects of macro trends and user experiences.
- A view into what’s next for the operational future of automakers, insurers, repairers and other ecosystem providers.
In addition to macro trends and topics, CCC Crash Course 2023 also includes industry-level detail on claims frequency and severity, parts costs and utilization, total loss trends and more.
Download the full report here.
Source: CCC Intelligent Solutions Inc.
Abby Andrews