Troy’s JD Power buys UK firm’s predictive analytics business
JD Power, a global data analytics and customer intelligence company in Troy, has acquired the data and predictive analytics business of We Predict, a UK-based provider of automotive services and warranty analytics. United. The terms of the contract are not disclosed.
We Predict’s software, which is used by automakers and suppliers to predict future component failures and future warranty claims and costs, will be leveraged by JD Power to improve the quality and reliability analysis of its vehicles, expand repair cost forecasts and provide critical valuation data.
“Solid data and powerful analytics that help manufacturers, suppliers and consumers better predict future repair costs is a key link in the automotive industry’s value chain that will only grow in importance as fleets of new electric vehicles will start rolling off the assembly line,” said Dave Habiger, president and CEO of JD Power.
“By supplementing our existing offerings with We Predict’s forecasting software, we will be able to provide a more comprehensive and detailed view of repair costs to better anticipate financial risk exposures.”
We Predict software uses machine learning and predictive analytics to develop detailed projections of future warranty claims and repair costs for the global automotive industry. Drawing on a database of billions of service records, We Predict can accurately predict the true costs of vehicle ownership, residual values, repair and warranty claim costs, and more.
“JD Power pioneered the idea of using data and analytics to assess vehicle quality and reliability, so the opportunity to be part of this team and integrate our software and operational data into the offering is extremely exciting for all of us at We Predict,” said James Davies, CEO of We Predict. “Industry and consumers need accurate repair cost predictions more than ever and we look forward to being the leader in providing these solutions.”
Davies will become vice president of analytics and repair data at JD Power and We Predict will become part of the global automotive division.
“As the automotive industry enters a massive transformation phase in which electric vehicles and increasingly complex technologies are rapidly becoming the norm, warranty claims and repair costs are a critical variable that manufacturers and suppliers need to factor into their forecasts,” says Doug Betts. , president of the global automotive division at JD Power.
“By integrating We Predict’s comprehensive data and powerful analytics into our vehicle quality, reliability and valuation platforms, we will be able to create the industry’s strongest and most accurate view of future vehicle claims. warranty and repair costs.