Sky Dome Risk Management Platform Leveraging AI and Machine Learning
The Upgrade’s biggest highlight is the company’s enhanced ability to identify and manage risk. The Sky Dome insurance anti-fraud model combines
static factors and dynamic variables such as a risk-rule engine and a personal injury database to identify anti-fraud behavior during claims settlements. Variables are screened through different algorithms and regression analyses. The product is
easy to operate, easy to deploy, and scalable.
“The Sky Dome integrated solution is revolutionizing the underwriting process, providing a
streamlined approach to risk mitigation and crafting policies more appropriately tailored to consumer needs, maximizing the value and satisfaction when purchasing a new vehicle,” said Lei Zhang, CEO of Cheche Technology. “Optimized pricing
and superior fraud detection not only drives efficiencies that boost the carriers’ bottom line, but ultimately reduces the total cost of vehicle ownership.”
While often difficult to detect initially, the Chinese auto industry continues to be plagued by claims fraud. Accounting for local risk characteristics in
different regions, the risk control model accurately identifies risks, helping insurance companies optimize pricing and loss ratios. The accuracy of a risk management model is highly dependent on the data quality it synthesizes, such as loss history
and the driver’s personal information.
“While the Comprehensive Reform of Auto Insurance has led to greater pricing flexibility, companies
don’t always have effective guidelines to enforce real-time precision pricing strategies. Sky Dome can derive price recommendations by region, enabling insurance carriers to manage pricing strategies better and launch promotions more
effectively,” continued Lei Zhang. “We are very encouraged by the initial reception to this innovative solution by many of China’s largest insurers. We plan to continue ramping up investments in artificial intelligence and big data
technology to drive the digitalization of insurance products, making them more efficient and accessible to consumers.”
An insurance company relying
strictly on its own resources is unlikely to deliver the most effective claims risk detection, but with the Auto Insurance Risk Management Platform, a company can accurately determine a risk score after predicting the exposure of the personal
passenger vehicle and its potential economic loss. Once driver, vehicle, and accident location data are processed, the platform can detect fraudulent group events in real-time, helping to correctly calibrate the accuracy of policy pricing,
underwriting management, and claims management.
Cheche Technology announced on January 30, 2023, that it had entered into a definitive business
combination agreement with Prime Impact Acquisition I (“Prime Impact”) (NYSE: PIAI), a publicly traded special purpose acquisition company, that will result in Cheche Technology becoming a publicly listed company. Upon closing, the
combined company will be listed on Nasdaq under the new ticker symbol CCG.
About Cheche Technology
Established in 2014 and headquartered in Beijing, China, Cheche Technology is a leading auto insurance technology platform, with a nationwide network of around
110 branches licensed to distribute insurance policies across 24 provinces, autonomous regions, and municipalities in China. Capitalizing on its leading position in auto insurance transaction services, Cheche Technology has
