New car-making forces are gradually entering the insurance brokerage market.Blue Whale Insurance has noticed that after Xiaopeng Motors, Tesla, Weilai, and BYD have successively tested the insurance industry, Li Auto recently completed the acquisition of an insurance brokerage company and officially entered the insurance intermediary market.
Under the direct sales model, fast-growing new energy car companies are anchoring the insurance pivot, cutting into a horizontal enrichment of after-market services, rights and interests packaging, and improving customer viscosity; vertically relying on data, and cooperating with insurance companies for new energy In the forward-looking development path of risk protection expansion in the automotive field.
Li Auto has entered the insurance market and has obtained a license, but the business development is still to be prepared
According to the information from Tianyancha, a few days ago, Yinjian Insurance Brokerage Company changed its shareholders. The original shareholder, Beijing Yinjian Investment Company, withdrew from the list of shareholders, and the new car Hejia Financial Technology (Jiangsu) Co., Ltd. held 100% of the shares.At the same time, many senior executives of Yinjian Insurance Brokerage, including the chairman, manager, many directors, supervisors, and financial leaders, have all completed the "exchange".
It is understood that Yinjian Insurance Brokers was established in March 2016 with a registered capital of 50 million yuan and was registered in Beijing.The original shareholder, Beijing Yinjian Investment Company, formerly known as Beijing Asia Pacific Taxi Company, was established in 1998 with a registered capital of 600 million yuan.
What deserves more attention is the new shareholder of the insurance brokerage company.
According to public information, Chehejia Financial Technology (Jiangsu) is wholly-owned by Beijing Chehejia Information Technology Co., Ltd., and the brand of Beijing Chehejia is the new energy vehicle manufacturer Ideal Auto.Obviously, this marks that Li Auto has officially obtained an insurance broker license.
In this track, before the ideal car, there were a number of pioneers.As early as July 2018, Xiaopeng Motors established Guangzhou Xiaopeng Automobile Insurance Agency Co., Ltd. In 2020, Tesla established an insurance brokerage company. In January this year, Weilai invested 50 million yuan to register and establish Weilai Insurance Brokers.Only 2 months later, BYD Insurance Broker's application and registration was approved by the State Administration for Market Regulation.
Although the layout rhythm and entry method of the new car-making forces are slightly different, it is obviously the general trend to anchor the insurance field.
"New energy car companies tend to sell directly, and it is difficult to build channel resources such as traditional 4S stores to obtain insurance qualifications one by one. Therefore, they usually adopt an insurance brokerage company as a bridge to cooperate with insurance companies, but this also means that in the Insurance brokerage companies lack the right to speak.” A person in charge of the financial business of a new energy vehicle company proposed that obtaining insurance brokerage qualifications can directly communicate with insurance companies, which has advantages in cost coordination and product optimization, and can obtain national Sex license, to achieve national development.According to the person, the new energy car company where he is located is also planning to deploy the insurance market in the future.
However, the person also reminded that although Li Auto has obtained an insurance broker license, it still needs to be filed with the regulatory authorities to expand its business in various places, and it will take some time.
New forces entering the game take advantage of data advantages, aiming at full-dimensional risk protection
As of the end of 2021, the number of new energy vehicles in the country is 7.84 million. According to statistics from the China Association of Automobile Manufacturers, in the first quarter of 2022, the production and sales of new energy vehicles will continue to grow rapidly, exceeding one million units, a year-on-year increase of 1.4 times, and the market share reached 19.3%.The rapid development of the new energy vehicle market also puts forward requirements for the pace of development of new energy vehicle insurance.
However, unlike traditional auto insurance, due to the rapid development of new energy vehicles, insurance companies are relatively lack of relevant data on new energy auto insurance, which also causes difficulties in accurate pricing and design of products.Since then, the price increase of new energy auto insurance premiums has sparked heated discussions in the industry several times.
And this is exactly the advantage of new energy vehicle companies.Under the direct sales model, OEMs hold a large amount of on-board data, vehicle behavior data, etc., and cooperate with insurance companies to design products based on the data in hand. At the same time, in terms of pricing, they can leverage the data to balance the risks of insurance companies, which is conducive to product cost control , to benefit consumers.
For new energy car companies, the value of entering the insurance industry is obviously not limited to building channels for auto insurance sales.
Regarding the future layout path of insurance brokers, the person in charge of the financial department of the aforementioned new energy vehicle company pointed out to Blue Whale Insurance that what is more critical is to obtain more cooperation with insurance companies to develop new energy vehicles after obtaining the insurance intermediary license. Various insurance opportunities.
From a longer-term perspective, based on the development and change of new energy vehicles, along with changes in customer base, new energy vehicle insurance is also facing a broader and considerable prospect.
"For example, at present, new energy vehicles mainly adopt the L2-level driver assistance system. In the future, it will be further iterated to the L4-level driver assistance system, and the driver's participation will be reduced. In the future driving scenarios, they will inevitably face different risk protection requirements. Property. New types of insurance in different directions such as insurance and liability insurance will be created on demand. For direct insurance companies, due to the lack of relevant data, the progress of innovation in new types of insurance is slow,” said the person in charge of the financial department of the aforementioned new energy vehicle company. According to the introduction, at present, it can be seen that some new power manufacturers are cooperating with direct insurance companies to conduct data modeling to optimize auto insurance products, such as third-party liability insurance, battery extended warranty products, chip shortage insurance, etc.The purpose is to build industrial insurance for new energy.
From another perspective, focusing on the automotive after-service market, insurance is also a part that cannot be ignored.
According to the "White Paper on Co-construction of China's New Energy Auto Insurance Ecosystem" disclosed by iResearch recently, auto insurance is the first service product that consumers come into contact with when purchasing a car. In the past, auto sales terminals were mainly controlled by dealers, so auto dealer channels have also become auto insurance. The most important sales channel.The rigid demand and stickiness of auto insurance allow dealers to control the entrance of car owner services, thereby expanding auto aftermarket businesses such as auto maintenance, claims repair, and auto finance.Usually, the profit margin of the automotive after-service market is much higher than that of the automotive manufacturing process, so the profit value created by it often accounts for 50-60% of the entire automotive industry chain, but the participation of car companies is very limited under the traditional service model.
This is also the market targeted by new energy car companies. "From the perspective of customer experience, more personalized insurance products will also provide consumers with a better experience." According to industry analysts, car companies intend to combine auto insurance with Equity services, such as car washing, scratch repair, lost keys, etc., are packaged, and services are bound to form a brand effect and achieve a competitive advantage.At the same time, along with the R&D and design of personalized new insurance types, in the service package, there is a more comprehensive risk protection for different models.
At present, new energy vehicle companies are scrambling to enter the insurance market, which is different from the competition of traditional insurance companies in the market. Insurance intermediaries under the "new forces" may focus more on how to achieve their own empowerment.How to achieve high-quality development of new energy auto insurance business?Ernst & Young recently put forward suggestions in the report, "The first is the layout in terms of top-level design, including the business strategy and business model of the new energy auto insurance economy, and the second is the construction of five core capabilities, including customer channels, after-sales service, financial actuarial side, and organizational operations. System construction, as well as the construction of collaboration capabilities on the insurance company side, finally need to focus on data strategy and technology empowerment."
It will take time to test whether the new force in car manufacturing can become a new force in new energy auto insurance.
(Editor in charge: Guan Jing)
