Warranty costs reduced by 35% for the ‘long pause and short trips’ driving style for a Europe-based iconic automobile manufacturer due to accurate prediction of future claims for each driving style.
The Problem
Costs incurred due to warranty claims had a negative impact of almost 2.5% on the bottom line.
The Before State
Warranty claim predictions were based on an historical average computed across all categories of drivers.
The LatentView Solution
Driving styles were identified based on vehicle usage and historical warranty claims, which were then used to accurately predict future claims for each driving style.
The After State
Warranty costs reduced by 35% for the “long pause and short trips” driving style due to proactive ‘drive right’ message communicated to at-risk drivers.
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