New technologies and rising labor costs are putting pressure on auto insurance carriers and auto repairers by making repairs more costly and increasing repair times, trends that a new report asserts are “reshaping” the industries.
The bottom-line message: Newer vehicles being produced may be safer from cashes, and better at helping drivers avoid crashes, but the advanced technology is contributing to costlier repairs, higher claims costs and longer cycle times, according to CCC Intelligent Solutions Inc., a cloud operation serving the property/casualty insurance industry.
CCC’s latest report for Q1 2024 is based on information from