The insurance field has ushered in heavy “players”! Following Tesla, Weilai also set foot in the field of insurance brokerage recently.
Weilai insurance brokerage Co., Ltd. has been officially established. The company is 100% controlled by Weilai Holding Co., Ltd.
What changes will this new power of car building make in the new energy auto insurance track?
new forces of car making enter the game
According to tianyancha data, Weilai insurance brokerage Co., Ltd. was established on January 19 with a registered capital of 50 million yuan. Its registered address is located in Hefei, Anhui Province. Its business scope includes insurance brokerage business, insurance agency business and insurance concurrent agency business
source: tianyancha
Many car companies have been involved in the insurance industry, including traditional car companies and new energy car companies. For example, Zhongcheng insurance initiated by Guangzhou Automobile Group Co.Ltd(601238) , Shanghai automobile group insurance sales company under Saic Motor Corporation Limited(600104) and Guangzhou Xiaopeng automobile insurance agency under Xiaopeng automobile. In August 2020, Tesla also established an insurance brokerage company in Shanghai, which is 100% controlled by Tesla Motors Hong Kong Co., Ltd.
In October 2021, Tesla CEO Elon Musk announced the launch of UBI’s new auto insurance products (insurance based on usage and premium, pricing based on the owner’s individual driving data rather than the law of large numbers relied on by traditional insurance). Elon Musk said on twitter that it is possible to expand the auto insurance business to New York in 2022.
Shenwan Hongyuan Group Co.Ltd(000166) securities analyst Ge Yuxiang believes that auto enterprises have obvious advantages in the new energy auto insurance market, including that new energy auto enterprises can simplify the claim settlement process of new energy vehicles and design innovative auto insurance products that better match the vehicle risk and claim settlement. “The rise of the direct marketing mode of new energy vehicles makes car enterprises directly contact the buyers of new energy vehicle insurance, so as to directly obtain the owner information of new energy vehicle insurance.”
\u3000\u3000 “Auto insurance has the property of rigid demand and stickiness. It is the first link in the service chain, thus becoming the entrance for auto enterprises to serve car owners. Under the current background of de intermediation and the reconstruction of the relationship between” people, cars and factories “of new energy vehicles, auto enterprises are expected to face end consumers directly on the basis of direct selling mode and automobile networking. In the future, vehicle delivery is only the starting point for auto enterprises to create value, and will be the next step.” Continue to focus on auto insurance services, and auto enterprises can develop more service systems such as after car ecology and owners’ rights and interests. ” According to the white paper on Ecological co construction of China Shanxi Guoxin Energy Corporation Limited(600617) auto insurance.
three challenges
On December 27, 2021, Shanghai Insurance Exchange launched the new energy vehicle insurance trading platform, and listed the first batch of new energy vehicle exclusive insurance products of 12 property insurance companies, including PICC Property Insurance, Ping An Property Insurance and CPIC property insurance, to provide support for the landing service of new energy vehicle exclusive insurance products.
China Securities News · China Securities Taurus reporter noted that since the new energy vehicle insurance was officially launched, some new energy vehicle insurance increased significantly. The relevant person in charge of a property insurance company in Beijing said, “At present, first, insurance companies lack the original pricing data of new energy vehicles, and the pricing may be high in the initial stage for the sake of business efficiency; second, some new energy vehicles have immature technology, high accident rate and high compensation rate, and most auto insurance companies will increase the pricing for the sake of cost; third, the cost of supporting equipment of new energy vehicles is high, which increases the compensation to a certain extent Pay the cost. “
In this regard, Cui Dongshu, Secretary General of the passenger Federation, also sent a document saying, “The introduction of new energy vehicle insurance is a good thing. However, the cost increases on the high side, and the fuel money saved by using new energy vehicles may have to be used for insurance, which makes new energy vehicles seem not cost-effective, forming a phenomenon of” affordable “, which is not conducive to the promotion of new energy vehicles. Therefore, automobile enterprises should establish their own insurance varieties, the industry should have more accurate insurance calculation, and the state should also support insurance Reasonable subsidies for insurance costs. “
From this point of view, the entry of auto enterprises into auto insurance is the general trend, but there are still challenges. The white paper on Ecological co construction of China Shanxi Guoxin Energy Corporation Limited(600617) auto insurance pointed out that whether it is a traditional large auto enterprise or a new force in auto manufacturing, the entering auto insurance industry will face many pain points. First of all, there are some difficulties for automobile enterprises to obtain the necessary business license for carrying out automobile insurance business; Secondly, the direct selling mode requires car enterprises to have a fully functional online system, which not only has high construction cost and long time cycle, but also has complex connection with the insurance system; Third, auto insurance has the characteristics of localization. The nationwide offline service network is its tentacle to ensure user service, which needs long-term accumulation.
close cooperation towards win-win
At present, the new energy vehicle insurance market is in the early stage of development and has high growth certainty, so it has attracted “Heroes competing for deer”. However, for both auto and insurance companies, the best way to “win-win” in the field of auto insurance may be cooperation.
“Whether it is a century old traditional car enterprise or a new force in car manufacturing, they do not have experience in the auto insurance industry. They need to spend a lot of manpower and financial resources to join this track.” The white paper on China Shanxi Guoxin Energy Corporation Limited(600617) auto insurance ecological co construction suggests that if auto enterprises want to seize the first opportunity in the auto insurance market, they also need to complement the advantages of competent service providers and win-win cooperation.
In Ge Yuxiang’s view, insurance companies need to return to the car ecology and cut into the development of the new energy vehicle industry chain. “With the development of new energy vehicles and the continuous expansion of relevant risk factors, power batteries, charging piles, intelligent assisted driving, automotive value-added services, battery extended warranty, etc. all put forward higher requirements for the formulation of terms and risk pricing ability of insurance companies. While improving the boundary of risk guarantee ability of insurance companies, it is necessary to improve the service ability of the industry.”
