Industry expected to face challenges this year due to COVID-19. The private U.S. property/casualty insurance industry had solid results in 2019, with increases in net income, underwriting gains, and policyholders’ surplus, but faces considerable challenges in 2020 as the effects of the COVID-19 pandemic unfold, according to Verisk (NASDAQ:VRSK), a data analytics provider, and the […]
IAA Reports Revenue Up 2.6% in First Quarter
IAA, Inc. (NYSE:IAA) reported consolidated revenues increased 2.6% to $366.6 million from $357.2 million in the first quarter of fiscal 2019 that ended March 29. First quarter revenue includes $2.4 million of revenue from DDI, which was acquired on July 31, 2019. Foreign currency movements had a negative impact of $0.4 million on revenue for […]
I-CAR Provides Update on Operations
The Inter-Industry Conference on Auto Collision Repair (I-CAR) provided an update on its operations in the wake of the coronavirus pandemic that forced the suspension of its live training and welding certification programs. In a nearly hour long presentation using YouTube Live yesterday afternoon, embedded below, John Van Alstyne shared the organization’s status, its continuing […]
Tokio Marine to Use Tractable AI for Auto Insurance Claims in Japan
Tokio Marine will use Tractable’s artificial intelligence (AI) solution that employs computer vision to look at photos of vehicle damage to process auto damage claims across its insurance operations in Japan. According to the announcement, Tokio Marine will use the AI to understand the full range of repair decisions available to it, including recommended repair, […]
Clearcover Partners with Snapsheet for Claims Management Platform
Snapsheet announced a new strategic partnership with Clearcover, an auto insurance startup. The collaboration between the two Chicago-based insurtech companies integrates Snapsheet’s claims management software to power Clearcover’s approach to auto insurance. Snapsheet’s software-as-a-service (SaaS) claims management platform provides engagement tools from electronic first notice of loss (eFNOL) to directly depositing payments into customers’ bank […]
September Automechanika Frankfurt Event Postponed Until Next Year
The bienniel event in Germany will now be held from September 14-18, 2021. Messe Frankfurt announced that due to conditions resulting from the corona pandemic and measures taken to stem its spread, the organization along with its customers, partners and supporting associations have agreed to postpone the Automechanika Frankfurt event that was originally scheduled to […]
Axalta Reports First Quarter Sales Down Due to COVID-19 Impact on Demand
Axalta Coating Systems Ltd. (NYSE:AXTA) announced net sales of $983.5 million in the first quarter ended March 31. Sales decreased 12.1% year-over-year, including a 2.1% negative foreign currency impact and negative 1.5% year-over-year impact from the sale of a China JV interest in Q2 2019. Constant currency organic net sales decreased 8.5% in the period, […]
Louisiana Insurance Commissioner Calls for Commercial Auto Insurance Premium Discounts
Louisiana Insurance Commissioner Jim Donelon has called upon commercial vehicle insurers to review their Louisiana policies and consider returning a percentage of premium to policyholders whose businesses have been impacted by the stay at home orders put in place as a result of the Coronavirus pandemic. Following these emergency declarations, many commercial fleet operators are […]
Women’s Industry Network Announces 2020 Scholarship Recipients
The Women’s Industry Network (WIN) announced the 11 recipients to receive the 2020 WIN College Student Tuition and Conference Scholarship Award. The scholarships are presented annually to deserving students enrolled in a post-secondary collision repair technology programs. Each recipient receives a $1,000 scholarship to continue their post-secondary education in collision repair and complimentary registration to […]
Traffic Volume Improved Week Ending May 1
The latest connected vehicle traffic volume data indicates that traffic volume increased again last week. According to the latest INRIX U.S. National Traffic Volume Synopsis covering the week of April 25 through May 1, travel continued to rebound, particularly personal travel. Nationwide personal travel improved levels last seen on Wednesday, March 25th, over five weeks […]
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