BEIJING, March 27,
2024 /PRNewswire/ -- Cheche Group Inc. (NASDAQ: CCG)
("Cheche" or the "Company"), China's leading auto insurance
technology platform, today announced that Lei Zhang, Founder and
co-CEO of Cheche Group, delivered a speech at the recent China
EV100 Forum encapsulating the state of the industry and sharing his
expectations for the future. China EV100 is a non-profit policy and
academic research institution, focused on the field of electric
vehicles across disciplines, industries, sectors, and ownership. It is regarded as China's
primary third-party think tank in the field of electric
vehicles.
The 2024 China EV100 Forum was held from March 15th to the 17th in
Beijing, focused on consolidating
and expanding the advantages of new energy vehicle ("NEV")
development. The Forum attracted industry leaders, experts, and
scholars, such as Wang Chuanfu,
Chairman of BYD; Wang Jun, President
of Changan Automobile; An Conghui, President of Geely Holding Group
and CEO of ZEEKR Intelligent Technology Holding Limited; Li Bin,
Founder, Chairman and CEO of NIO; He Xiaopeng, Chairman and CEO of
Xpeng Motors; Yu Chengdong, Managing Director of Huawei; CEO of
Consumer BG and Chairman of Smart Car Solutions Business Unit;
Yu Kai, Founder and CEO of Horizon;
Zhou Daoxu, Director of the Financial Security Research Center;
Wan Gang, Chairman of the China
Association for Science and Technology, and others convened to
discuss the development trends and challenges of the NEV industry.
Remarks frequently underscored the complex and at times conflicting
relationships among car makers that challenge them to
simultaneously compete and collaborate.
During his keynote speech, Mr. Zhang addressed the current
status and development trends of the NEV insurance market, noting
that, according to Soochow Securities, the number of NEVs in
China is estimated to reach 36.9
million by 2025, with insurance premiums reaching RMB186.5 billion. He went on to say, "The rapid
development of NEVs has made auto insurance one of the largest
expenses for consumers after the cost of the vehicle. The annual
expense is much higher than the costs of charging and maintenance,
and as a result, auto makers are increasingly focused on
alternatives to strategically deploy insurance. Many auto makers,
such as NIO and BMW, have established insurance brokerage
companies, with BYD actually acquiring an insurance company. The
established insurance companies, in turn, attach great importance
to the NEV business and have ramped up investment in science and
technology. Top leaders such as PICC, Ping
An, China Pacific (CPIC),
among others, have set up an independent science and technology
entity to conduct special research on insurance for NEVs."
Mr. Zhang went on to illustrate how intelligently connected cars
have transformed insurance into an integrated comprehensive service
that provides charging, maintenance, 5G network, video and
audio-visual subscriptions. Gone are the days of it being a simple
financial product. The popularity of autonomous driving has also
ushered in new challenges in the division of accident liability.
These changes have prompted insurance companies, auto makers, and
technology companies to invest significant resources into research
and innovation.
He expects auto insurance directly sold by auto makers to drive
change in three major ways. Through direct selling of auto
insurance, auto makers will be able capture 35% of the
accessories/spare parts sales income from aftermarket services,
versus 20% with the old model. Direct auto insurance will not only
bring front-end commission income to auto makers with insurance
licenses, but it will help to increase the rate of back end working
hours and spare part costs. And third, repair claims will be
seamlessly initiated at the time of impact, ensuring the accident
vehicles are fixed within the auto maker's authorized network.
Cheche's self-developed cornerstone system, its core auto
insurance transaction platform, has direct links to both auto
makers and insurance companies, expanding the digital insurance
capabilities of manufacturers. Car owners can apply for insurance
independently through the auto maker's app or through the vehicle's
display, which greatly reduces the need
for intermediate entities and improves the convenience and
efficiency of insurance.
Through digital services, Cheche provides auto makers
comprehensive and personalized insurance solutions, including new
car insurance, one-click renewal, smart claims, and other services.
Cheche works with insurance companies to simplify the process off
initiating a claim. Car owners need only to click on the mobile app
or vehicle display to complete the claim application, improving
settlement efficiency. Embedded SaaS functions enable features such
as one-click insurance to transmit audio and video data of the
accident scene in real time so that the car owner is swiftly
apprised of the assessed cost.
He concluded that collaboration from all parties is necessary to
strengthen the industry, foster innovation, and pave a successful
path forward to ensure the continued appeal and sustainable
development of NEVs.
China EV100 will continue to hold a series of industry
conferences and conduct research focused on automotive industry
policy, cutting-edge technology, supply chain issues, and
cross-border integration throughout the year. These results will
provide valuable insight and help to guide the continued
development of China's NEV industry.
About Cheche Group Inc.
Established in 2014 and headquartered in Beijing, China, Cheche is a leading auto
insurance technology platform with a nationwide network of around
110 branches licensed to distribute insurance policies across 25
provinces, autonomous regions, and municipalities in China. Capitalizing on its leading position in
auto insurance transaction services, Cheche has evolved into a
comprehensive, data-driven technology platform that offers a full
suite of services and products for digital insurance transactions
and insurance SaaS solutions in China. Learn more at
https://www.chechegroup.com/en.
Cheche Group Inc.:
IR@chechegroup.com
Crocker Coulson
crocker.coulson@aummedia.org
(646) 652-7185
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SOURCE Cheche Group Inc.
