SAN DIEGO, CA--(Marketwire - October 27, 2008) - Mitchell International, Inc., a leading
provider of information, workflow, and performance management solutions to
the collision claims and repair industries, today released the fourth
quarter 2008 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, "Are Estimates Finalized at the Vehicle
More Accurate?" by Mitchell's Vice President of Industry Relations, Greg
Horn, discusses the accuracy of vehicle repair estimates written at the
vehicle versus at the office. The feature includes the results of a recent
study conducted by Mitchell that examined the effectiveness of the
different claim appraising strategies.
"Exactly how to get the most accurate estimates has actually been a point
of discussion for most carriers who have long assumed that writing
estimates at the vehicle results in a more accurate estimate," said Horn.
"It is logical to assume that estimates written at the car would be more
accurate because any concerns or questions the estimator has can be
addressed immediately while at the vehicle. However, our data points to a
surprising conclusion that estimates written at the office using photos and
notes are actually more accurate."
Horn commented further, saying, "The most likely explanation for this
conclusion is that estimators are accurately capturing the estimate in a
preliminary estimate and waiting on additional information like policy
verification before they commit the estimate."
Other valuable points of interest in the current issue of Mitchell's ITR
include:
-- The average Actual Cash Value (ACV) of vehicles appraised for
Collision losses during Q3-2008 was $13,058, $1,118 less than in Q3-2007,
reflecting the lowered value of today's vehicle mix.
-- In Q3-2008, the average gross appraisal value for Comprehensive
coverage estimates processed through Mitchell servers was $2,301 compared
to $2,191 in Q3-2007. Applying the prescribed development factor of 3% for
this data set produces an adjusted value of $2,365, a $174 increase from
this same period last year.
Complete content is available in the latest Industry Trends Report, which
may be downloaded in PDF format by visiting
www.mitchell.com. First
published in April 2001, Mitchell's Trends Report has grown in both content
and circulation, now reaching more than 23,000 collision and casualty
industry professionals.
About Mitchell International, Inc.
Mitchell International (
www.mitchell.com) is a leading provider of
information, workflow, and performance management solutions to the property
and casualty insurance claims and collision repair industries. Mitchell
facilitates millions of electronic transactions between more than 25,000
business partners each month to enhance their productivity, profitability,
and customer satisfaction levels.
Contact Information: Contacts:
Jennifer Forman
Sr. Director, Marketing
800-854-7030
or
Kam Hashim
Boston Communications
617-292-7316