Happy Wednesday! In this week's Big I Buzz, we are sharing a reminder to renew your complimentary ACORD forms and why totaled auto losses are hard to pinpoint this year. 

Renew Complimentary ACORD License

ACORD charges agents, brokers and carriers an annual End User License (EUL) fee for the use of its forms, and licensing for them must be renewed annually.

Thanks to your IIAW membership, members with annual property & casualty gross revenue of less than $50 million receive a complimentary license to use ACORD forms.

Crucially, all IIAW members who utilize a complimentary license still must renew their license each year. Click here to learn more.

Why Totaled Auto Losses Are Hard to Pin Down This Year

The landscape of total auto losses within the insurance industry is a complex picture. With the rise of AI-powered photo estimating tools in recent times, questions have emerged about their potential correlation with increased totaled vehicles. However, while these AI tools indeed enhance efficiency, experts suggest that the determinants of total losses are more economically driven than technologically influenced. Factors such as vehicle values, longer loan terms leading to older cars in the insurance pool, escalating repair costs due to tech-integrated components, and soaring new vehicle prices play a substantial role in total loss determinations. While AI tools expedite the claims process, offering prompt assessments and reducing expenses, the data indicates a multifaceted scenario, with total loss frequencies fluctuating over time due to diverse variables. Despite the integration of AI, insurers remain cautious, often choosing to review AI-generated estimates manually. The future seems poised for further AI integration, potentially leading towards a streamlined, automated claims process, yet the intricate relationship between technological advancement and total losses in the auto insurance realm persists as a subject of ongoing exploration and analysis. Read more here. 

For more news, check out the Action News section of our weekly e-newsletter, Big I Buzz. If you aren’t subscribed, click  here  to add your email to our emailing list.