San Diego, CA – Mitchell International recently released its fourth quarter Industry Trends Report for 2020. In the report, industry experts from across Mitchell predict and analyze the key trends that will impact 2021, providing insights that can help guide planning for organizations across the industry.
“The events of 2020 have caused some lasting changes throughout the property & casualty industry,” said CEO Alex Sun. “This year the industry has taken major steps forward in embracing new digital technology that not only helped us manage through 2020, but also have set us up to be more successful in the years to come. I’m confident those changes will carry us forward into 2021 in positive and productive ways.”
This quarter’s Industry Trends Report captures what Mitchell predicts will be major focus areas for the industry in the coming year. These expert predictions and insights are collected into two editions: the Casualty Edition and the Auto Physical Damage Edition. In addition to predictions for 2021, each edition will offer perspective on important trends and developments in the way organizations are managing and using data, including data democratization, continuous intelligence and cloud-based management, which are analyzed by Alex Sun in his article, “Your Information Foundation: Key Trends in Big Data.”
The Casualty Edition: 2021 Regulatory Predictions for Auto Casualty and Workers’ Comp
In 2021, the auto casualty and workers’ compensation industries will continue to face pandemic-related challenges that will require adaptations and focus to address. Within the Casualty Edition, Mitchell experts discuss the increasing effects of shortages of primary care physicians and delays in patient care. They also anticipate that next year, claims organizations will lean into automating the end-to-end claims process more than ever, that telemedicine will undergo both innovation and additional regulatory and security scrutiny and that we will see increases in certain types of workers’ compensation claims like ergonomic injuries and growing COVID-19 illness claims.
Mitchell experts also caution that in 2021 we may see continuing concerns in the pharmacy system, including escalating drug costs and a growing opioid crisis that has led to an estimated 18% increase in overdoses in 2020, though mostly from synthetic drugs. Fraud, which costs $30 billion each year, should also remain top of mind right now for carriers, since the changes caused by the pandemic have altered previous patterns, making fraud harder to detect.
View the free report: Mitchell Q4 2020 Industry Trends Report: Casualty Edition.
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