J.D. Power, a global leader in data analytics and customer intelligence, announced that it has acquired the data and predictive analytics business of We Predict, the UK-based provider of global automobile service and warranty analytics.
We Predict’s software, which is used by auto manufacturers and suppliers to project future component failures and future warranty claims and costs, will be leveraged by J.D. Power to enhance its vehicle quality and dependability analytics, expand repair cost forecasting and provide critical valuation data.
“Robust data and powerful analytics that help manufacturers, suppliers and consumers better predict future repair costs are a key link in the auto industry value chain that will only become more important as fleets of new electric vehicles start rolling off the assembly line,” said Dave Habiger, president and CEO of J.D. Power.
“By augmenting our existing offerings with We Predict’s forecasting software, we will be able to deliver a more complete, detailed view of repair-related costs to better anticipate financial risk exposures.”
“As the automobile industry enters a phase of massive transformation in which electric vehicles and evermore complex technologies are rapidly becoming the norm, warranty claims and repair costs are a critical variable for manufacturers and suppliers to incorporate into their forecasting,” said Doug Betts, president of the global automotive division at J.D. Power.
“By incorporating We Predict’s comprehensive data and powerful analytics into our vehicle quality, dependability and valuation platforms, we will be able to create the industry’s most robust and accurate view of future warranty claims and repair costs.”
We Predict software uses machine learning and predictive analytics to develop detailed projections of future warranty claims and repair costs for the global automobile industry.
Drawing on a database of billions of service records, We Predict can accurately forecast true vehicle ownership costs, residual values, repair and warranty claims costs and more.
“J.D. Power invented the idea of using data and analytics to evaluate vehicle quality and dependability, so the opportunity to become a part of that team and bring our software and operational data into the offering is enormously exciting to all of us at We Predict,” said James Davies, We Predict CEO.
“The industry and consumers need accurate repair cost forecasting now more than ever and we look forward to being the leader in delivering those solutions.”
Davies will become vice president of repair analytics and data at J.D. Power. We Predict will become part of the global automotive division at J.D. Power. Ron Frey served as advisor to We Predict in the transaction.
About J.D. Power
J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies. J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business.