Technology has changed the way that humans interact with one another and their surroundings, and how they choose who to do business with. Digital devices have become an ingrained part of everyone’s lives, with 88 percent of U.S. adults using the internet; 77 percent owning a smartphone; and 51 percent owning a tablet as of 2017. And, data from comScore reveals that by the end of CY 2016, mobile devices accounted for 87 percent of total digital minutes in the U.S.
Increases in auto claim frequency have been a topic of great interest to all in our industry. Numerous factors such as the following have been central to returning automotive claim frequency back to pre-recession levels. An in-depth look specifically at miles driven data helps us understand why claim frequency continues to rise, but is rising at a slower rate than what we saw in 2014-2016.
Despite a number of severe convective storm events across the U.S. in the first eight months of this year, overall economic and insured losses were trending below losses from prior years.
The transformation of a vehicle to an IoT device is happening. The vehicle is being transformed from a mostly mechanical object to a fully wired, connected electronic object.
Our theme for Crash Course 2017 was “It’s Happening”, and a quick review of some of the hot issues so far this year underscore just how quickly our landscape is being transformed. Whether it is a growing trend to offer consumers the ability to submit a claim via a mobile app and photos, growing concerns re: cybersecurity, or new vehicle technology underscoring the need to access OE repair procedures, the industry is having to adapt to these changes quickly.
Over the last three years, the average number of days from the date the vehicle is brought into the shop to the date it is picked up or “keys to keys” (using a 24 hour / 7 day measurement), has grown from 9.26 days to 9.85 days.
In order to understand the challenges facing our industry today, I thought it might be interesting to look at one specific vehicle that made the headlines when introduced, and continues to be among the top-selling vehicles in the U.S. every year – the 2015 Ford F150.
Coming on the heels of a year where U.S. motor vehicle fatalities exceeded 40,000 for the first time in nearly a decade, and at the close of the month the National Safety Council deemed Distracted Driving Awareness Month, there has been a great deal of media coverage of the dangers of distracted driving.
Challenges for the auto industry continue to grow - near term automakers must make significant investment to meet the fuel economy standards of 54.5 mpg by 2025, continue to expand globally, and meet growing consumer demand for more features and safety technologies.
Our theme for CCC’s 2017 Crash Course is “It’s Happening”. In our report this year we look at how rapidly changing technology is driving change for the consumer, the vehicle, the insurer, and the repairer.
Each play a key role in the automotive insurance and collision repair businesses, and each is responding to technology in unique ways, driving change throughout the automotive ecosystem.
Technology has changed the way that we all interact with one another and our surroundings, and even how we choose which companies to do business with. Digital devices have become an ingrained part of everyone’s lives, with 92 percent of U.S. adults owning a cell phone (includes smartphones); 73 percent owning a desktop/laptop computer; 68 percent owning a smartphone, and 45 percent owning a tablet as of 2015.