LONDON - We Predict is the developer of an innovative cost forecasting system called Indico that enables automotive manufacturers to better control their warranty expenses. Taking huge historical sales and warranty claim data sets and processing them with cutting edge actuarial analytical techniques, Indico produces high accuracy warranty claim forecasts that identify emerging product and service issues at a causal part level.
Rob Murdoch, Manager of Warranty & Technical Services at Mazda Canada, said; “The accuracy of Indico has been impressive. Indico reporting has been deployed to our Field staff and issues identified by Indico are discussed in the dealership. Claim irregularities that have been identified and reported have shown significant declines. That’s all the proof you need to know that Indico is finding problems.
“Mazda already has some excellent dealer analysis tools; however Indico takes reporting to the root of the issue and allows us to realize additional savings. From the evidence that we have seen savings of 8-15% of total warranty spend are definitely achievable with Indico.”
James Davies, Director of We Predict, said car dealerships are being forced to take extreme measures to create extra revenue and making unnecessary warranty claims is an easy option. With automotive warranty costs topping US$35 billion annually, an 8% reduction in annual costs could see savings approaching US$3bn a year.
“In these difficult times neither dealerships nor manufacturers want to be involved in the attempt to recover these excess costs. It is imperative that manufacturers enable their audit departments to identify emerging issues at individual dealers quickly. This way they can prevent dealer overspend in a fair, focused and consistent way.
“By allowing for model mix and vehicle age at the casual part level this reporting perfectly complements standard industry measures of cost per VIN serviced and repairs per thousand. Light touch implementation means that we have minimised the level of input required by Mazda to action the data.
“Nobody else is approaching this problem in this way. We’re expecting more world class automotive companies to sign up to this new service in the coming months,” he said.
About We Predict Ltd.
We Predict, a Microsoft BizSpark company, is based in the Welsh Assembly Government funded Technium Swansea Innovation Centre for high technology businesses. It provides predictive warranty analytics to some of the worlds largest automotive manufacturers.
www.WePredict.co.uk
Contact: James Davies, tel: +44(0)8451-305-521, e-mail jdavies@wepredict.co.uk
Source: We Predict Ltd
Contact: James Davies, tel: +44(0)8451-305-521, e-mail jdavies at wepredict.co.uk
Related Press Releases
World Distribution Report on Automotive Oil Change & Lubrication Shop LinesSeptember 12th, 2009 Bharatbook.com pleased to announce a new report on "World Distribution Report on Automotive Oil Change & Lubrication Shop Lines" into its market report catalogue for reselling. The World Distribution Report on Automotive Oil Change & Lubrication Shop Lines ( http://www.bharatbook.com/Market-Research-Reports/World-Distribution-Report-on-Automotive-Oil-Change-Lubrication-Shop-Lines.html ) describes the distribution (and by implication the marketing and sales) of Products.
Frost & Sullivan: Innovative Business Models - Key to Offset Initial High Investment for Electric Vehicle ConsumersSeptember 9th, 2009 LONDON -
- Frost & Sullivan to Host Analyst Briefing on Electric Vehicle Business Models, on Thursday, 17 September 2009, at 3:00pm BST
The biggest barrier to broader consumer acceptance of the electric vehicle is the prohibitive cost of lithium ion battery technology, which still represents up to 50 per cent of the entire vehicle cost. Until prices are brought down by economies of scale, the automotive industry will have to find new and innovative ways to offset the high initial investment costs in order to attract more consumers.
Fisker Karma Emissions, Economy Estimated at 83g CO2/km, 3.5L/100kmSeptember 7th, 2009 IRVINE, California -
- With Photo
- Stylish plug-in hybrid sedan cleaner, more efficient than today's best
The Fisker Karma plug-in hybrid electric vehicle will emit just 83g CO2/km and have an economy rating of 3.5L/100km, according to SAE methodology measuring emissions for plug-in hybrids. (Photo: www.newscom.com/cgi-bin/prnh/20090908/LA71461 )
(Logo: www.newscom.com/cgi-bin/prnh/20070905/LAW009LOGO )
Making its German debut at the Frankfurt Motor Show next week, the four-door Karma will be one of the cleanest, most fuel-efficient cars in the world, but will still offer world-class style and performance.
The 4th Market Stock Market Lottery Celebrates One Year of SuccessSeptember 3rd, 2009 LONDON - On Monday 7th September, The 4th Market Stock Market Lottery celebrates one year of success and continues to provide an exciting new way to 'play' the stock market each day
Over the past twelve months, The 4th Market Stock Market Lottery (found at www.the4thmarket.com) has provided UK investors with a daily dose of excitement and light relief amidst some of the most turbulent stock market conditions in recent history. By blending the thrills of the UK stock market with the simplicity and big money prizes of a lottery, The 4th Market game has proved to be popular amongst both experienced investors and stock market virgins alike.
Diageo Profits Leap Proves no Case for Destroying Scottish JobsAugust 26th, 2009 LONDON - Reacting to the release today by drinks giant Diageo of its yearly results, which reveal a leap in operating profits of 10 percent to GBP2,443 billion, Len McCluskey, assistant general secretary of Unite, said: "Even in a global recession, Diageo can pull in billions of pounds in pure profit. Surely now Diageo's claims that it must cut Scottish jobs to reduce costs can be seen once and for all for what they are - about short-term greed, not long-term need.
VMT Ecopack Group Awarded by Frost & Sullivan for Outstanding Growth Strategy LeadershipAugust 13th, 2009 LONDON -
The 2009 Frost & Sullivan Growth Strategy Leadership of the Year Award is presented to VMT Ecopack Group in the European automotive packaging market. (Logo: www.newscom.com/cgi-bin/prnh/20081117/FSLOGO)
"The commitment to reduce the logistics costs of its customers through innovative packaging solutions is the primary reason for the success of VMT Ecopack Group," notes Frost & Sullivan Research Analyst Archana Rajagopalan.
Frost & Sullivan Accolade Underlines VMT Ecopack Group's Growth Strategy LeadershipAugust 10th, 2009 LONDON -
The 2009 Frost & Sullivan Growth Strategy Leadership of the Year Award is presented to VMT Ecopack Group in the European automotive packaging market. (Logo: www.newscom.com/cgi-bin/prnh/20081117/FSLOGO)
"The commitment to reduce the logistics costs of its customers through innovative packaging solutions is the primary reason for the success of VMT Ecopack Group," notes Frost & Sullivan Research Analyst Archana Rajagopalan.
Canadian Solar to Offer Six Year Product WarrantyJune 23rd, 2009 TORONTO -
Canadian Solar Inc. ("the Company", "Canadian Solar" or "we") (Nasdaq: CSIQ) today announced it would offer a six year warranty on module material and workmanship, extended from two years previously.
Semcon - Development Partner for Concept Car in GermanyMay 5th, 2009 GOTEBORG, Sweden - A German automotive manufacturer has chosen Semcon as its development partner in a pilot study for a new concept car. The combined order for 2009 amounts to around SEK 50 million and the first phase of the project will run for the duration of the year.
Magna Confirms Involvement in Potential Opel TransactionMay 3rd, 2009 AURORA, Canada - Magna International Inc. (TSX: MG.A, NYSE: MGA) today confirmed that it is in talks with Opel, General Motors and German government officials regarding potential alternatives for the future of Opel, which could include Magna taking a minority stake in Opel.
Related News
Chrysler drops lifetime powertrain warranty in favor of 5-year transferable offerAugust 19th, 2009 Chrysler cuts powertrain warranty to 5 yearsAUBURN HILLS, Mich. — Chrysler Group LLC said Wednesday that it is dropping its lifetime powertrain warranty in favor of a 5-year, 100,000-mile guarantee.
Federal Trade Commission suing companies to halt auto warranty 'robo-calls'May 14th, 2009 FTC suing companies to halt warranty 'robo-calls'WASHINGTON — Federal regulators are filing suits against several companies they say are behind a national wave of spam "robo-calls" that warn people their auto warranties are expiring and offer new service plans. The Federal Trade Commission says it has asked a federal court in Chicago to halt the illegal telemarketing campaign of "Your Car Warranty Has Expired." Officials say as many as 1 billion of the nuisance calls have been made to Americans.
NY AG sues home warranty company, claims it cheated consumers nationwideApril 27th, 2009 NY AG sues home warranty company for fraudALBANY, N.Y. — The New York attorney general says a New York City-based home warranty company cheated customers in at least 32 states out of hundreds of thousands of dollars.
Fitch downgrades rating of TRW Automotive on weakness in auto marketJune 30th, 2009 Fitch downgrades TRW AutomotiveNEW YORK — Fitch Ratings on Tuesday lowered its issuer default rating on TRW Automotive Inc. and its parent company, TRW Automotive Holdings Corp., to B- from B on concerns about continued weakness in the auto market.
New York's Schumer seeks federal investigation into 'warranty about to expire' phone spamMay 10th, 2009 NY's Schumer asks for probe into phone spamNEW YORK — A New York senator is asking for an investigation into the spam phone calls pitching bogus car warranties that many Americans receive several times a day. Sen. Charles Schumer says the scam artists are using random call generators allowing them to contact people who are on the "do not call" list.
IHS analyst says auto industry recovery won't be a quick 1August 14th, 2009 On the Call: IHS Global Insights analystsWhile it appears that the U.S. auto industry may have hit bottom, it won't recover from its woes quickly, an analyst for IHS Global Insight said Thursday.
GM, Chrysler vehicle buyers get government warranty in CanadaApril 8th, 2009 TORONTO - Canada Tuesday followed the US in unveiling its own package to back warranties for vehicles sold by the sinking General Motors and Chrysler in a bid to calm buyer fears. The government will spend about $185 million under the warranty plan for the auto sector which is the backbone of the Canadian economy and employees hundreds of thousands of people.
Federal Trade Commission suing companies to halt auto warranty 'robo-calls'May 14th, 2009 FTC sues cos. to halt auto warranty 'robo-calls'WASHINGTON — Federal regulators filed suits Thursday against several companies they say are behind a national wave of spam "robo-calls" that warn people their auto warranties are expiring and offer new service plans.
Separate financing arm for auto components manufacturers: MinisterSeptember 2nd, 2009 MUMBAI - Union Heavy Industries Minister Vilasrao Deshmukh Thursday said the government is examining setting up of a separate financing arm for auto components manufacturers. We are looking to set up a separate financing arm for auto components manufacturers, Deshmukh told reporters at the sidelines of the annual conference of Automotive Components Manufacturers Association (ACMA).
'1,800 jobs could go at Jaguar Land Rover'January 17th, 2009 LONDON - Up to 1,800 jobs are under threat at Jaguar Land Rover (JLR) factories in Britain if workers do not agree to a pay freeze and a major new round of cutbacks, a newspaper reported. The report in the Birmingham Post, which serves a region where JLR is a major employer, comes amid protracted discussions between the government and the automotive sector for short-term government loans to help carmakers tide over a slump in demand.
