After Tesla and velai, new energy vehicle giant Byd Company Limited(002594) has also entered the insurance industry!
tianyancha information shows that on March 25, Byd Company Limited(002594) insurance brokerage Co., Ltd. was established in Shenzhen with a registered capital of 50 million yuan. The company is wholly controlled by Byd Company Limited(002594) Automobile Industry Co., Ltd
What are the intentions of large automobile enterprises aiming at this industry one after another? What good news will their entry bring to new energy owners?
Byd Company Limited(002594) “long planned”
Tianyancha information shows that the legal representative and chairman of Byd Company Limited(002594) insurance brokerage Co., Ltd. is Zhou Yalin.
According to the public information, Zhou Yalin joined Byd Company Limited(002594) in 1999 and is now the chief accountant of Byd Company Limited(002594) and serves as the chief financial officer of Byd Company Limited(002594) Electronics (International) Co., Ltd., the director of Shenzhen Byd Company Limited(002594) electric vehicle Investment Co., Ltd., the supervisor of Shenzhen Byd Company Limited(002594) International Financial Leasing Co., Ltd., and the director of Byd Company Limited(002594) Auto Finance Co., Ltd.
Before soldiers and horses move, talents go first. The positions of general manager and deputy manager of insurance company have been released, including general manager and deputy manager of insurance company.
In fact, this is not Byd Company Limited(002594) the first time to set foot in the insurance field. As early as 2018, Byd Company Limited(002594) officials proposed that UBI insurance service (usage based insurance) would be launched to realize the personalized pricing of premium.
Tianyancha information shows that in November 2021, Byd Company Limited(002594) established Guiyang Byd Company Limited(002594) Shengshi Xinjing Automobile Sales Service Co., Ltd., with a registered capital of 20 million yuan, and its business scope includes insurance agency and other businesses. However, from the perspective of the company’s attributes, it is more likely to be a part-time insurance agency.
However, it is not difficult to see that the layout of insurance business has long been in the business planning of Byd Company Limited(002594) The establishment of Byd Company Limited(002594) insurance brokerage company is a key step for it to enter the insurance industry.
“It is normal for automobile enterprises to enter the insurance industry. When automobile manufacturers develop to a certain scale, they will have the idea of connecting the upstream and downstream and expanding their business to more subdivided fields.” The relevant person in charge of a property insurance company said that in the ecological layout of Byd Company Limited(002594) in the future, relevant warranty, service and other packaging services may be launched to replace the conventional vehicle damage insurance.
why are car companies optimistic about insurance business
Byd Company Limited(002594) is not the first auto company to set up an insurance brokerage company. Tesla and velai have already joined the Bureau.
Tianyancha information shows that in January 2022, Weilai insurance brokerage Co., Ltd. was established in Hefei, Anhui Province, with a registered capital of 50 million yuan, which is wholly controlled by Weilai Holding Co., Ltd.
Earlier, in August 2020, Tesla incorporated Tesla insurance brokerage Co., Ltd. in Shanghai Free Trade Zone, with a registered capital of 50 million yuan, which was wholly owned by Tesla Motors Hong Kong Co., Ltd.
In addition, Xiaopeng automobile also registered and established Guangzhou Xiaopeng Automobile Insurance Agency Co., Ltd. in July 2018. Traditional car companies Guangzhou Automobile Group Co.Ltd(601238) , Saic Motor Corporation Limited(600104) , Geely Holding, etc. have successfully entered the insurance industry.
Why are car companies optimistic about insurance business? This is because, as an insurance business in the automobile aftermarket, it is an important starting point for the construction of the ecosystem of automobile enterprises.
So, what are the advantages of automobile enterprises in the layout of the insurance industry Shenwan Hongyuan Group Co.Ltd(000166) analysis shows that auto companies have three major advantages in the new energy auto insurance market:
one of the advantages of is that new energy vehicle enterprises can simplify the claim settlement process of new energy vehicles at this stage, the insurance company is short of new energy vehicle loss determination talents, so it is unable to determine the loss on site after the accident. It needs the intervention of new energy vehicle enterprises to determine the loss and settle the claim. Auto enterprises can improve the efficiency of the whole auto insurance claim settlement process by virtue of technical advantages.
the second advantage of lies in that auto companies can design innovative auto insurance products that better match risks and claims with the information advantages of big data and intelligent driving of insured vehicles, car companies can jointly launch personalized insurance products with insurance companies in the future.
the third advantage of is reflected in the monopoly of new energy vehicle enterprises on the sales of new energy vehicles with the rise of the direct marketing mode of new energy vehicles, car enterprises have direct contact with the buyers of new energy vehicle insurance, so as to directly obtain the owner information of new energy vehicle insurance.
new energy vehicle insurance rate change will be more accurate
When new energy vehicle enterprises enter the insurance industry, the most concerned topic of new energy vehicle owners is the impact on the premium of new energy vehicle insurance?
In recent years, with the rapid development of new energy vehicles, the overall loss ratio of new energy vehicles is higher than that of traditional fuel vehicles. In order to distinguish the vehicle insurance clauses between new energy vehicles and fuel vehicles, at the end of 2021, China Insurance Industry Association announced the exclusive clauses for commercial insurance of new energy vehicles (Trial), and the exclusive insurance products of new energy vehicles were also launched.
Some insiders believe that one of the most direct benefits of automobile enterprises’ direct participation in automobile insurance services is that they can launch a more accurate calculation method for the change of premium rate according to the driving behavior of drivers and vehicle accidents. Since automobile manufacturers have more driving behavior data, which provides a technical basis for differentiated pricing and risk control, it is possible to realize personalized automobile insurance products with one person, one vehicle and one price, which will greatly promote the development of new energy automobile insurance.
