The exclusive insurance for new energy vehicles (hereinafter referred to as “new energy vehicle insurance”) was officially launched nationwide on December 27. At 0:00 on the same day, PICC Property Insurance signed the first new energy vehicle insurance. Meanwhile, Shanghai Insurance Exchange officially launched the new energy vehicle insurance trading platform on the 27th, and listed the new energy vehicle insurance products of 12 property insurance companies such as PICC Property Insurance, Ping An Property Insurance and CPIC property insurance.
For car owners, new energy vehicle insurance provides them with more effective and targeted insurance protection; For insurance companies, this is the most important incremental source of the auto insurance market. However, compared with the traditional auto insurance business, the new energy auto insurance business also has different risks. What changes will new energy auto insurance bring to consumers and auto insurance market?
the most important increment in the auto insurance market
Under the “double carbon” goal, the proportion of new energy vehicles in the production and sales of new vehicles continues to increase, which also means that there is a continuous incremental market for new energy vehicle insurance. Xie Fei, Senior Underwriter of China Re property insurance, told the Securities Daily that it is an inevitable trend for new energy vehicle insurance to take over the traditional oil vehicle insurance.
Zhang Lei, CEO of vehicle technology, told the Securities Daily that after the formal implementation of the exclusive insurance clauses for new energy vehicles, the overall protection of new energy vehicle insurance has been improved, and the premium has remained unchanged or decreased slightly. More importantly, the exclusive insurance of new energy vehicles will provide more effective and targeted insurance protection for new energy vehicle owners. In terms of insurance liability, it not only provides protection for the “three electricity” system, but also comprehensively covers the use scenarios of driving, parking, charging and operation of new energy vehicles; In terms of terms development, it not only considers the current mainstream technical route, but also leaves room for innovation for the new business status of the new energy vehicle industry. The launch of exclusive new energy auto insurance will help the new energy auto insurance market continue to flourish.
At the same time, he pointed out that in the short term, new energy auto insurance will help auto enterprises further break the data island, promote auto insurance innovation, and produce more flexible, accurate and differentiated auto insurance products. In the traditional model dominated by 4S store dealers, insurance companies form a data island. At the same time, fuel vehicles lack the characteristics of Internet of vehicles and Internet of things, so it is difficult to form a complete information transmission. New energy vehicles have the attributes of online, data and intelligence, and are an important scene for the reform and innovation of auto insurance in the future. For example, UBI auto insurance (usage based insurance) is the inevitable trend of auto insurance development. In the future, new energy vehicle companies can launch Personalized Vehicle Insurance Based on “mileage” or “duration” according to user attributes, driving habits and other dimensions, so that people can use vehicle insurance like “electricity”. In the future, innovative auto insurance may completely replace traditional auto insurance. At present, some fuel vehicles can also realize the functions of intelligent decision-making and human-computer interaction that intelligent networked vehicles can achieve. Through the accumulation of data such as driving behavior habits, the intelligent trend of fuel vehicles also helps to innovate auto insurance. This means that innovative auto insurance will become the mainstream of auto insurance in the future.
the loss ratio of new energy vehicle insurance may rise
There is no doubt that the market prospect of new energy vehicle insurance is huge, but for insurance enterprises, operating new energy vehicle insurance also has great challenges.
Li Xiaozhen, chief actuary of China Re property insurance, told the Securities Daily that compared with traditional auto insurance, the comprehensive compensation rate and comprehensive cost rate of new energy auto insurance are at a high level, and the compensation pressure of new energy auto insurance is large. For the exclusive products of new energy vehicle insurance launched by the industry this time, the regulatory authorities require that the additional fee rate shall not be higher than 15%, which means that compared with the current fee rate, the fee rate of exclusive products of new energy vehicle insurance will show a downward trend in the future. At the same time, according to the notes on the calculation and adjustment of benchmark pure risk premium table for exclusive products of new energy vehicle commercial insurance issued by the industry, in terms of rate, compared with the current benchmark premium of traditional automobile insurance, the benchmark premium of third-party liability insurance and vehicle damage insurance of new energy vehicles decreased by 0.8%, among which the benchmark premium of third-party liability insurance decreased by 0.1%, The benchmark premium of vehicle damage insurance decreased by 1.2%. Since the benchmark premium of new energy models below 250000 yuan only decreases but does not rise, and the rate of pricing surcharge decreases, the loss ratio of most new energy models may rise.
It is also necessary to track and observe the changes in the risk status of new energy vehicles in the future, for example, whether the relatively high accident frequency and maintenance cost will change with the progress of technology and society. From the perspective of consumers, the premiums of most new energy auto insurance policies will show a downward trend, which fully reflects the stage goal of “reducing prices, increasing insurance and improving quality” of this comprehensive auto insurance reform. Li Xiaozhen added.
He further pointed out that if only from the perspective of the upper limit constraint of the 15% additional cost rate, compared with the leading large enterprises, small and medium-sized insurance enterprises do not have an advantage in the cost rate. Since the comprehensive reform of auto insurance, the concentration of auto insurance business has indeed gathered to the head insurance enterprises. If small and medium-sized insurance enterprises want to develop in the market, they must take a unique road of differentiation. There is no place for the homogeneous positive competition with head insurance enterprises. Therefore, small and medium-sized insurance enterprises must have stronger innovation ability and ability to grasp new opportunities, take the lead in seeing and grasping business opportunities, establish a high degree of characteristic and differentiated access threshold or even access wall, and try to ensure that their products and businesses will not be quickly copied by the same industry.
resolve the contradiction between high growth and high compensation
The development trend of new energy vehicle insurance is irreversible, but the high growth of new energy vehicle insurance market and the high loss ratio of business seem to form a pair of contradictions. How to solve this problem?
Xie Fei believes that we can start from four aspects: first, the wider popularization of new energy vehicle insurance; second, insurance companies and drivers have a clearer understanding of the overall risk; third, the whole spare parts circulation system can be effectively constructed; fourth, the continuous development of new energy vehicle road coordination technology.
Zhang Lei put forward three suggestions. First, through the construction of digital claim settlement system and the application of claim settlement data, new energy vehicle enterprises and insurance companies can establish a transparent closed-loop solution; Second, we can explore effective ways to reduce accident rate and compensation rate by means of ADAS, driving behavior data and intelligent assisted driving; Third, we can effectively reduce the compensation rate from the performance end of maintenance by means of self operated maintenance network and franchise maintenance network of new energy vehicle enterprises, standardized parts management and logistics.
Zhang Lei also pointed out that after the rise of the direct marketing mode of new energy, the rights of car ordering, delivery and insurance began to return to car enterprises. Compared with the traditional auto insurance model which relies on 4S stores and other channels, the biggest difference between the direct sales model of auto enterprises is that the relationship between auto enterprises and users has been reconstructed. In the past, the automobile sales terminal was mainly controlled by dealers, and the automobile dealer channel was the most important sales channel of automobile insurance, which was particularly prominent in the sales scenario of new automobile insurance. The relationship between automobile enterprises and users often ended at the time of vehicle delivery, and users have always been in the hands of dealers. Under the direct marketing mode of new energy vehicle enterprises, the rigid demand attribute of vehicle insurance can help vehicle enterprises establish connections with users in multiple scenarios such as insurance, accident, renewal, maintenance and claim settlement. Car companies and users have more contacts and more frequent interaction, and their relationship is more direct and flat. Auto insurance has become a super entrance for auto enterprises to control owner service, reshape the relationship between the two, and move from sales to user life cycle management. This will greatly enhance the sense of access and belonging of users, build a user-centered service closed loop, and the user first is the survival law penetrating various industries, which will also have a long-term and profound impact on the new energy vehicle insurance market.
(Securities Daily)
