Property & Casualty Management Systems

Mitchell Reports a Lower Total Loss Rate for Electric Vehicles

Retrieved on:

Wednesday, November 8, 2023

Service King Collision Repair, P&C, Property, OEM, Car, Collision, EV, ACV, Mitchell, Property & Casualty Management Systems, ICE, EVS, SAN, Insurance, Fireworks

SAN DIEGO, Nov. 8, 2023 /PRNewswire/ -- Mitchell, an Enlyte company and leading technology and information provider for the Property & Casualty (P&C) claims and Collision Repair industries, today released its latest trends report: Plugged-In: EV Collision Insights. This quarter's report examines total loss frequency for electric and ICE automobiles. In the U.S. and Canada from Q1 to Q3 2023, the EV total loss rate was 7.25% for models 2020 and newer. Luxury ICE automobiles manufactured over the same time period and with a comparable actual cash value (ACV) had a rate of 7.47% versus 8.49% for all ICE vehicles.

Key Points:

This quarter's report examines total loss frequency for electric and ICE automobiles.
In the U.S. and Canada from Q1 to Q3 2023, the EV total loss rate was 7.25% for models 2020 and newer.
Luxury ICE automobiles manufactured over the same time period and with a comparable actual cash value (ACV) had a rate of 7.47% versus 8.49% for all ICE vehicles.
In fact, even though an EV's lithium-ion battery significantly increases the likelihood of a total loss outcome, we do not see these automobiles declared total losses more often than ICE alternatives."

Hawthorn Bancshares, Inc. Announces Directorate Appointment

Retrieved on:

Friday, October 27, 2023

Knowledge, Principal, Property, CNA, Financial adviser, Senior, Wharton School of the University of Pennsylvania, CNA Financial, Property & Casualty Management Systems, University, Management, Economics

JEFFERSON CITY, Mo., Oct. 27, 2023 (GLOBE NEWSWIRE) -- Hawthorn Bancshares, Inc. (NASDAQ: HWBK), the parent company of Hawthorn Bank, announced today that Douglas T. Eden has been appointed independent, non-executive director to both Hawthorn Bancshares and Hawthorn Bank’s board of directors effective October 25, 2023.

Key Points:

JEFFERSON CITY, Mo., Oct. 27, 2023 (GLOBE NEWSWIRE) -- Hawthorn Bancshares, Inc. (NASDAQ: HWBK), the parent company of Hawthorn Bank, announced today that Douglas T. Eden has been appointed independent, non-executive director to both Hawthorn Bancshares and Hawthorn Bank’s board of directors effective October 25, 2023.
“We are pleased to welcome Mr. Eden to the board of directors and are confident that his experience and knowledge will expand the diversification of perspectives across our Board,” said Brent Giles, Chief Executive Officer of Hawthorn Bank and Hawthorn Bancshares, Inc.
Mr. Eden is currently the Principal and Investment Advisor Representative of Eden Capital Management, LLC based in Lakewood Ranch, Florida.
Mr. Eden earned his Bachelor’s Degree in Economics from The Wharton School of the University of Pennsylvania in 1992 and worked in the Property & Casualty Insurance Industry for 24 years serving as Senior Vice President with CNA Financial in Chicago, Illinois, Senior Vice President with The Main Street America Group in Jacksonville, Florida and Executive Vice President with Selective Insurance Company in Branchville, New Jersey.
Mr. Eden is an active investor, privately managing assets for more than 25 years and from 2012-2014 he served on the Investment Committee of the Main Street America Group with oversight of the Property & Casualty insurer’s $2 Billion investment portfolio.

COGNIZANT REPORTS THIRD QUARTER 2023 RESULTS

Retrieved on:

Wednesday, November 1, 2023

Total headcount at the end of the third quarter was 346,600, an increase of 1,000 from Q2 2023 and a decrease of 2,800 from Q3 2022.

Key Points:

Total headcount at the end of the third quarter was 346,600, an increase of 1,000 from Q2 2023 and a decrease of 2,800 from Q3 2022.
Voluntary attrition - Tech Services on a trailing-twelve-month basis, declined to 16.2% from 19.9% in Q2 2023 and 29.2% in Q3 2022.
In October 2023, the Company declared a quarterly cash dividend of $0.29 per share, a 7% increase year-over-year, for shareholders of record on November 21, 2023.
Cognizant intends to build a consortium of partners, which then will help employ individuals who are upskilled through the Synapse initiative.

Mazda and Mitchell Renew Collision Network Agreement and Introduce Program Enhancements

Retrieved on:

Wednesday, November 1, 2023

Cloud, Mazda North American Operations, Service King Collision Repair, P&C, Property, OEM, Collision, Mitchell Red Cloud Jr., Plaque, Mitchell, Property & Casualty Management Systems, Network, SAN, Satellite navigation device

SAN DIEGO, Nov. 1, 2023 /PRNewswire/ -- Mitchell, an Enlyte company and leading technology and information provider for the Property & Casualty (P&C) claims and Collision Repair industries, and Mazda North American Operations (MNAO) today announced that they have signed a contract renewal. Under the terms of the contract, Mitchell will continue to serve as program administrator of the Mazda Collision Network in the United States. The Network, launched in 2021, gives vehicle owners access to certified facilities specially equipped to deliver proper and safe Mazda repairs.

Key Points:

Under the terms of the contract, Mitchell will continue to serve as program administrator of the Mazda Collision Network in the United States.
Following last year's release of the Mazda Collision Network online facility locator , the vehicle manufacturer added program information to its MyMazda mobile app.
Certified Mazda Collision Network shops can use Mitchell Cloud Estimating to generate damage appraisals and view integrated, category-level Mazda repair procedures.
The latest OEM program enhancements also allow participating facilities to upload estimates and access Mazda repair information when using a third-party collision estimating solution.

American Modern’s Agent Perspectives Report Reveals Independent Insurance Agents’ Views on Key Issues Shaping Personal Lines Property & Casualty Marketplace

Retrieved on:

Thursday, October 26, 2023

American Modern Insurance Group, Inc ., a leading specialty insurance organization and a Munich Re company, today issued a report on key issues shaping the personal lines Property & Casualty marketplace based on results of a recent survey of independent insurance agents across the United States.

Key Points:

American Modern Insurance Group, Inc ., a leading specialty insurance organization and a Munich Re company, today issued a report on key issues shaping the personal lines Property & Casualty marketplace based on results of a recent survey of independent insurance agents across the United States.
View the full release here: https://www.businesswire.com/news/home/20231025553036/en/
American Modern’s 2023 Agent Perspectives Report reveals agents’ views on a variety of topics, including consumer insurance demand, generational differences, and talent acquisition.
“This study uncovers valuable insights from experienced independent insurance agents who are on the frontlines of our industry,” said Andreas Kleiner, President and Chief Executive Officer, American Modern.
“Their perspectives highlight important factors shaping the personal lines Property & Casualty marketplace, including technology, data security, generational change, and the economy.”
Generational differences.

insured.io Study of 250,000 Insurance Consumers Reveals that Omnichannel Carrier Portals Can Increase Retained Premium by 25 Percent

Retrieved on:

Wednesday, October 11, 2023

ID, Organization, Data analysis, Property & Casualty Management Systems, Software as a service, Insurance, Record, Policy, P&C, Mobile phone, Online shopping

insured.io analysis found that multiple service channels, outbound messaging, and personalization can boost retained premium by millions.

Key Points:

The behavioral study found that those who use multiple service channels are 25% more likely to renew their policies than those who do not.
The study also uncovers many ways for carriers to make incremental improvements in customer retention rates.
The longitudinal study includes two years of data collected from insured.io's SaaS platform, which hosts 250,000 clients of 21 US carriers.
The records were analyzed in September 2023 by an independent data scientist specializing in insurance data analysis.

Seek Now Sets New Standard for Insurance Inspection with Groundbreaking Insurtech Solution: Seeker 360™ Services

Retrieved on:

Thursday, October 5, 2023

Technology, Professional Services, Insurance, Other Technology, Investment, Now, Property & Casualty Management Systems, Property, P&C

Seek Now, Inc. ("Seek Now"), a pioneering insurtech platform dedicated to serving the Property & Casualty (P&C) insurance industry, proudly introduces its latest suite of inspection offerings, Seeker 360™ Services.

Key Points:

Seek Now, Inc. ("Seek Now"), a pioneering insurtech platform dedicated to serving the Property & Casualty (P&C) insurance industry, proudly introduces its latest suite of inspection offerings, Seeker 360™ Services.
Seeker 360 Services leverage high-definition, immersive property walkthroughs, complete with detailed embedded damage and condition photos, comprehensive notes, and automated measurements.
Furthermore, Seeker 360 Services can also be seamlessly extended to handle interior damage from Wind & Hail claims, with the option to upgrade to Seek Now's popular Solo Inspection or Ladder Assist offerings.
“We take immense pride in introducing Seeker 360 Services to both our existing and new clients, and eagerly anticipate its broader utilization within different segments of our customer base."

Offshore Windfarm Hollandse Kust Zuid Inaugurated

Retrieved on:

Friday, September 29, 2023

Today, Dutch King Willem-Alexander jointly with the board members of Vattenfall, BASF, and Allianz officially inaugurated the offshore wind farm Hollandse Kust Zuid 1-4.

Key Points:

Today, Dutch King Willem-Alexander jointly with the board members of Vattenfall, BASF, and Allianz officially inaugurated the offshore wind farm Hollandse Kust Zuid 1-4.
View the full release here: https://www.businesswire.com/news/home/20230929518869/en/
Inauguration Hollandse Kust Zuid wind farm.
Hollandse Kust Zuid will not only contribute to reducing BASF’s carbon footprint but will also help meet local businesses' and households' demand for fossil free electricity.”
“Hollandse Kust Zuid plays an important role in our transition toward net zero.
Two offshore substations connect Hollandse Kust Zuid to the Dutch grid.

Gradient AI Study: AI Reduces Legal Involvement in Workers’ Compensation Lost-Time Claims by 15%, Saving Insurers Millions

Retrieved on:

Wednesday, September 20, 2023

“This study reaffirms that AI is a valuable tool in managing these claims, especially in avoiding costly legal fees and time-consuming litigation.

Key Points:

“This study reaffirms that AI is a valuable tool in managing these claims, especially in avoiding costly legal fees and time-consuming litigation.
Legal involvement is a major cost driver in casualty claims, particularly in the context of lost time claims.
To better understand the efficacy of AI models trained on industry data lakes, Gradient AI conducted a comprehensive study on workers’ compensation claims.
15% Reduction in Legal Involvement: Gradient AI's researchers found that lost-time workers' comp claims involving lawyers cost 3x more than claims without legal involvement and lasted nearly 2x as long.

Mitchell Named a Global Leader in Cloud Computing for Innovative, AI Powered Appraisal Review Solution

Retrieved on:

Wednesday, September 20, 2023

Cloud, Software as a service, Intelligence, Property, P&C, Software, Collision, Cloud computing, SAN, Artificial intelligence, Property & Casualty Management Systems, AI, Mitchell, Service King Collision Repair, Mobile phone

SAN DIEGO, Sept. 20, 2023 /PRNewswire/ -- Mitchell, an Enlyte company and leading technology and information provider for the Property & Casualty (P&C) claims and Collision Repair industries, today announced that it received a 2023 Stratus Award for Cloud Computing from Business Intelligence Group. The organization's annual awards program seeks to identify the companies, products and people offering unique solutions that take advantage of cloud technologies.

Key Points:

The organization's annual awards program seeks to identify the companies, products and people offering unique solutions that take advantage of cloud technologies.
Mitchell's recent innovation— Mitchell Intelligent Review —won in the Software as a Service (SaaS) product category.
To date, Mitchell Intelligent Review has been used by North American insurers to analyze appraisals and supplements totaling more than $2 billion.
Additionally, through patented technology, Mitchell Intelligent Review generates an AI confidence score and can be customized to suppress results that fall below a carrier-assigned certainty margin.