Trending News from Mitchell International Inc.
Mitchell Announces Secure Blockchain Solution for Sharing Information Among Collision Industry Partners
Industry’s blockchain solution would link insurers, vehicle manufacturers, repairers, suppliers, and other industry participants.
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n a January 2018 announcement, Mitchell International, Inc. (Mitchell), a leading provider of technology, con- nectivity and information solutions to the Property & Casualty (P&C) claims and Collision Repair industries, report- ed it will soon release a secure solution for sharing data among users within the collision repair and insurance claims in- dustry. Mitchell’s new solution will pro- mote and foster the flow of collision data among trusted industry partners, using blockchain technology to provide a highly secure, distributed and advanced encrypted-data exchange between stake- holders.
“Data security has never been more important than it is today, and given the large number of existing systems and partner dependencies, limited efforts have been made to address the risks as- sociated with estimating information saved in either EMS or BMS formats and stored in thousands of decentralized locations,” explained Olivier Baudoux, Vice President of Global Product Strate- gy at Mitchell. “Although data have been transmitted over the network through se-
cure protocols for many years, EMS and BMS standards have no inherent encryp- tion mechanism to protect information saved everyday on local computers across the industry. Blockchain is an ideal solu- tion, one where stakeholders enroll to become trusted partners and agree to share data through an open and secure framework. We are working with indus- try partners, suppliers, repairers, OEMs and insurance carriers to encourage the adoption of this technology across our industry.”
Blockchain is a continuously grow- ing list of records, referred to as blocks, which are linked and secured using cryp- tography (source: Wikipedia). By design, blockchains are inherently resistant to modification. Mitchell is proposing a collision-centric blockchain community that is a secure yet simple way to share data among trusted industry partners. The technology allows for a simplified, open and distributed ledger that is trans- parent, verifiable and self-administered by the community. As a trusted partner, a company will be able to validate and add to the chain.
“Blockchain technology enables the creation of transactional records that can- not be edited or erased – only appended. These records are shared with mul- tiple participants in the network and is typically managed by a peer-to-peer network all adhering to a protocol for validating new blocks. In the complex automotive industry with multiple stakeholders involved in the
design, production, distribution, marketing, selling, financing and servicing of vehicles, blockchain technology is on the brink of fundamentally changing the way companies conduct business. Within the industry, blockchain provides a path for network participants to record the complete history of a motor vehicle. As this new technology advances in the automotive industry, ARA will con-
tinue to urge parts suppliers, manufacturers, government regulators, consumer groups and others to all work together to pool collective resources to promote consumer safety while supporting a vibrant and quality parts market.” Michael E. Wilson, CEO ARA, November-December 2017 Automotive Recycling Magazine
AUTOMOTIVE RECYCLING • March-April 2018 ,
“The ideas of a single entity controlling the data and a single server system being used to ensure security are outdated and do not fit the distributed environment of vehicle repair and collision claims,” add- ed Ravi Nemani, Senior Vice President of Product Delivery at Mitchell. “Block- chain, on the other hand, is a modern and more robust method for enabling efficient data exchange in a highly se- cure environment.”
Mitchell will demonstrate partner inte- grations and new technology, including further details of its blockchain imple- mentation, to attendees of its January 17, 2018 Program Freedom Experience in Palm Springs, Calif. Mitchell’s Freedom Experience event will be held at the Palm Springs Convention Center and is open to Mitchell partners, customers and others attending the Collision Industry Conference Annual Meeting.
Mitchell International, Inc. delivers smart technology solutions that simplify and acceler- ate claims handling and repair processes, driv- ing more accurate, consistent and cost-effective resolutions. Mitchell integrates deep industry expertise into its workflow solutions, providing unparalleled access to data, advanced analyt- ics and decision support tools. Mitchell’s comprehensive solution portfolio
and robust SaaS infrastructure connect its customers in ways that enable tens of millions of electronic transactions to be processed each month for more than 300 insurance compa- nies, over 30,000 collision repair facilities and countless other Property & Casualty industry supply partners across the Americas and Eu- rope. For more information, please visit www.
mitchell.com.
Rebecca Janzon, Mitchell International Inc., can be reached at rebecca.janzon@mitchell. com or (760) 500.8077.
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