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News & info News

New energy car companies are pushing auto insurance

日期: 2022-03-15
浏览次数: 0

Recently, the State Administration of Market Supervision officially approved 'BYD Insurance Brokerage Co., Ltd.', which caused heated discussion in the industry. After Tesla, Tucki and Weilai, this is another automobile enterprise that has set foot in the insurance field. The reporter learned from the visit that with the expansion of the number of new energy vehicles, new energy vehicle enterprises are accelerating their entry into the insurance field.

The industry believes that new energy car companies enter the insurance industry through cooperation with traditional insurance companies, mainly to obtain resources, build an ecological closed loop and improve user stickiness. This move may trigger the 'catfish effect', forcing traditional insurance companies to accelerate innovation.

Enterprises gather together to set up insurance brokerage companies.

On March 2nd, the State Administration of Market Supervision issued the Announcement of Enterprise Name Declaration and Registration of the General Administration of Market Supervision, and BYD Insurance Brokerage Co., Ltd. was officially approved. Previously, Guangzhou Automobile Group, SAIC Group, Geely Group and other car companies have already entered the insurance industry. In recent years, new energy car companies including Tesla, Xpeng Motors, Weilai, BYD, etc. have accelerated their entry into the insurance industry.

The reporter logged into a car buying platform and learned that a brand of new energy vehicle costs about 280,000 yuan, and the total cost includes the bare car price, necessary expenses and commercial insurance. In addition to the necessary expenses such as traffic insurance, the commercial insurance section also introduced three package combinations of 'the cheapest', 'the most cost-effective' and 'the most comprehensive', with prices of 7806 yuan, 8206 yuan and 8277 yuan respectively. Among them, the optional compensation amount of third party liability insurance ranges from 50,000 yuan to 5 million yuan.

'From the product point of view, there is not much difference between the auto insurance sold by car insurance brokerage companies and the auto insurance of traditional insurance companies. They are all chosen according to individual needs. The main difference lies in price and follow-up services.' An insurance salesman told reporters.

New energy car companies cut into the insurance industry in order to obtain resources and improve user stickiness.

Why have car companies started to set up their own insurance brokerage companies? In this regard, a salesman of a traditional insurance company told reporters that this means that car companies can cooperate with insurance companies by acting as agents for the products of various insurance companies, so as to insure the vehicles produced by the car companies. Especially for new energy vehicle enterprises, both sides have mutual benefit and win-win points, and can also cooperate to solve various claims problems of new energy vehicles.

The industry believes that the reason why new energy car companies cut into the insurance industry is that auto insurance is an important part of the ecological construction of new energy car companies. Car companies can turn car owners into auto insurance users, rely on their own big data and other technical support, cooperate with insurance companies in product design and research and development, and take advantage of insurance companies' offline channels to improve users' stickiness and tap the aftermarket value.

An insurance industry official told reporters that the new energy vehicle set up an insurance brokerage company, cooperated with insurance companies, and provided car owners' service packages including auto insurance, etc. Actually, it is also for building better services for its own customers, and at the same time, it is conducive to expanding more repair resources.

Traditional insurance companies' new energy auto insurance products are 'not popular'

During the visit, many salesmen of traditional insurance companies said that the promotion of new energy auto insurance is not optimistic at present. Some insurance salesmen said that due to the high promotion cost of new energy auto insurance in some parts of China, the promotion enthusiasm of salesmen of traditional insurance companies is not high.

The salesman of an insurance company analyzed that although the number of new energy vehicles is increasing and the premium is higher than that of fuel vehicles, at present, the new energy vehicles with less than 150,000 yuan are mostly used in the market, and the payout ratio, risk rate and maintenance cost are relatively high, so the industry is facing greater underwriting loss pressure.

The entry of new energy car companies into the insurance field may trigger the 'catfish effect', forcing traditional insurance companies to accelerate innovation. According to Ping An Securities analysis, for new energy car companies, in the highly concentrated auto insurance market, it is necessary to form differentiated advantages in terms of pricing and services before they can get a piece of the cake; For traditional insurance companies, with sufficient experience, channels and talent reserves, grasping the data and risk characteristics of new energy vehicles and achieving accurate pricing is an important part of both offensive and defensive. In addition, leading insurance companies have obvious scale effect, stronger channel and cost control ability and comparative advantages.

Some institutions predict that by 2025, China's new energy auto insurance premium will reach 154.3 billion yuan, and it is estimated that the premium will reach 1,279 billion yuan in 2030. It is understood that at present, traditional insurance companies will evaluate new energy vehicle owners' portraits, driving habits and other aspects through big data analysis, screen out high-quality customers, and set up new energy project teams, etc., to study the relevant orientation and concept of pure new energy vehicle industry.

In December last year, insurance association of china officially released 'Exclusive Terms of Commercial Insurance for New Energy Vehicles in insurance association of china (Trial)', which expanded the coverage on the basis of traditional commercial auto insurance terms; Clear the scope of exemption from liability; Fully consider the characteristics of battery attenuation, re-define the depreciation rate of new energy vehicles; According to the characteristics of new energy vehicles, four exclusive additional insurances including power grid and charging pile were customized.

The data shows that in 2021, the insurance industry realized the original premium income of 4.49 trillion yuan, a slight decrease of 0.79% year-on-year. Among them, the property insurance business realized the original insurance premium income of 1.17 trillion yuan, a year-on-year decrease of 2.16%.

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