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The Shift in Mobility Patterns
Just two years ago, some experts predicted the end of private vehicle ownership and the growth of shared mobility or Mobility as a Service (MaaS). Then came COVID-19. Three trends have emerged, however, that are shaping mobility鈥檚 鈥渘ext normal鈥 and promising to have a long-lasting impact on the collision repair and auto insurance industries.
AI and Its Impact on Automotive Claims
For more than six decades, innovators have attempted to unlock the full potential of artificial intelligence (AI). That dramatic growth has only accelerated over the last year due, in part, to the pandemic and a 鈥渘ew reality鈥. According to one report, 87% of carriers are now spending in excess of $5 million annually on these technologies, which is more than in the banking and retail sectors.
Average Length of Rental for Repairable Vehicles: Q1 2021
Overall U.S. LOR for Q1 2021 remained stable compared to Q1 2020, with an increase of only 0.1 days. Since COVID鈥檚 impact on 2020 LOR was most evident in April鈥檚 increases, we may see a larger difference when analyzing LOR next quarter.
Episode 3: The Changing World of Automotive Recycling
In this episode, Ryan welcomes Jeff Helget, vice president of operations at B and R Auto Wrecking. Together they explore how the automotive recycling industry is adapting to growing vehicle complexity, the pandemic鈥檚 impact on the supply chain, and changes in method of inspection including virtual and automated estimating.