After Tesla, BYD, Weilai, Xiaopeng and other new energy car companies have fully deployed the insurance intermediary market, Ideal Auto has been a little late, but it has also achieved this long-cherished wish.

Tianyancha information shows that Yinjian Insurance Brokerage Co., Ltd. has recently changed its shareholders, and the new controlling shareholder is Ideal Auto.

At present, the sharp rise of new energy vehicle insurance is quite controversial, and new energy vehicle companies accelerate the deployment of insurance intermediaries as an important measure for them to extend the service chain and strengthen the control of costs and risks.

Li Auto wins insurance broker license

According to the information from Tianyancha, the shareholder of Yinjian Insurance Brokerage Company has changed. The original shareholder, Beijing Yinjian Investment Company, has withdrawn from the list of shareholders, and Chehejia Financial Technology (Jiangsu) Co., Ltd. will hold 100% of the shares. At the same time, many senior executives of Yinjian Insurance Brokerage, including the chairman, manager, directors, supervisors, and financial leaders, have all completed the replacement.

Yinjian Insurance Brokers was established in March 2016 with a registered capital of 50 million yuan. 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.

The new shareholder is the new energy vehicle manufacturer Ideal Auto. According to public information, Chehejia Financial Technology (Jiangsu) is wholly-owned by Beijing Chehejia Information Technology Co., Ltd., and Beijing Chehejia is the carrier of Ideal Automobile Company.

That is to say, through the acquisition of Yinjian Insurance Brokerage Company, Li Auto has won the insurance brokerage license.

In fact, as early as 2012, the China Insurance Regulatory Commission issued a document to encourage and support auto companies to invest in the establishment of insurance agents and insurance brokerage companies, or to cooperate with existing insurance agents and insurance brokerage companies, and insurance agents and insurance brokerage companies will coordinate the development of automobile Insurance business, and promote the professional operation of auto insurance agency insurance business.

In this field, new energy vehicle companies have made frequent moves in recent years.

According to public information, Guangzhou Xiaopeng Automobile Insurance Agency was established in July 2018, Tesla Insurance Broker was established in August 2020, NIO Insurance Broker and BYD Insurance Broker were established in January and March 2022, respectively.

New opportunities in the new energy auto insurance market

When traditional auto insurance becomes saturated, the new energy auto insurance market has high expectations.

According to the “New Energy Vehicle Industry Development Plan (2021-2035)”, by 2025, the sales of new energy vehicles will reach about 20% of the total sales of new vehicles. According to data calculations, by 2035, it is expected that the annual premium of new energy auto insurance in the whole industry will increase to about 200 billion yuan.

Shenwan Hongyuan analyst Ge Yuxiang predicts that the scale of new energy auto insurance premiums will reach 154.3 billion yuan in 2025, accounting for about 15.7% of the total auto insurance premiums; it is expected that the scale of new energy auto insurance premiums will reach 1,279 billion yuan in 2030, accounting for the proportion of total auto insurance premiums. About 31.3%.

Industry insiders generally believe that compared with traditional insurance companies, new energy vehicle companies have obvious advantages in terms of vehicle travel data, and it is easier to monitor the risk of users’ vehicle behavior. If car companies set up insurance institutions, they can save risk management costs and intermediary fees. At the same time, insurance can be used to enhance the connection with users, so as to expand more comprehensive services and achieve a closed-loop service.

On June 2, Cheche Technology founder and CEO Zhang Lei said at a media event that China’s pure electric vehicles will continue to rise in terms of new car sales and ownership, and there will be a huge blue ocean market in the next 5 to 10 years. In this process, new energy auto insurance will become the entrance for the entire car company to serve car owners. With auto insurance as the starting point for services, it can expand the relevant system of auto ecological services.

Zhang Lei pointed out that there will be three major changes in the development process of the new energy vehicle industry, which will also bring new opportunities.

Specifically, the three main changes include:

First, the cost structure, the cost of new energy vehicles is very different from that of fuel vehicles. For example, the battery of its engine and fuel vehicles are completely two concepts;

Second, the entire electric drive system and some electronically controlled devices have different cost structures for fuel vehicles;

Third, for example, some risks caused by spontaneous combustion and collision of charging piles and batteries of electric vehicles are also different from traditional fuel vehicles.

At the same time, these changes present three opportunities:

First, the China Banking and Insurance Regulatory Commission promulgated the exclusive auto insurance clauses for new energy vehicles, which is precisely to break some pain points of new energy vehicle risk protection and bring new opportunities for incremental development for the entire industry;

Second, in terms of the scope of protection, it has added all the risk protection for vehicle damage to the body, as well as some special protections for new energy vehicles in terms of battery energy storage systems, motors and drive systems;

Third, the risk of spontaneous combustion in driving, parking, charging and operation, including the risk of batteries, is also covered by the insurance clauses of auto insurance. In addition, the relevant exemptions have been clarified and the relevant depreciation coefficients have been improved. The losses caused by external grid failures during battery decay and charging are also covered by new energy vehicle auto insurance.

In addition, the above-mentioned people also said that new energy vehicles will drive the intelligent development of the automobile industry, because the Internet of Things brought by the automobile industry, including the data of the Internet of Vehicles, is also changing the pricing model, risk characteristics and claims experience of auto insurance.

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