Cheche Group teams up with brokerage to boost NEV insurance services
Cheche Group teams up with brokerage to boost NEV insurance services | Insurance Business Asia
Motor & Fleet
Cheche Group teams up with brokerage to boost NEV insurance services
Partnership aligns with firm’s expansion plans
Motor & Fleet
By
Roxanne Libatique
Cheche Group Inc (Cheche or CCG), an auto insurance technology platform in China, has announced a strategic alliance with Beijing Anpeng Insurance Broker Co, Ltd, a subsidiary of Beijing Automotive Group Co, Ltd (BAIC Group).
This partnership is intended to strengthen Cheche’s engagements with new energy vehicle (NEV) manufacturers in China.
Beijing Anpeng manages the insurance operations for BAIC Group’s vehicle brands, which include ARCFOX, Beijing Automotive, Beijing Hyundai, Beijing Benz, and Beijing Off-road. As one of China’s leading auto manufacturers, BAIC Group produces and markets vehicles through its brands and joint ventures.
“Cheche’s new partnership with BAIC Group is particularly noteworthy given BAIC Group’s composition, which includes both NEV and traditional vehicles under its umbrella. The strength of our reputation in the NEV space has been rewarded with a blended customer base,” said Lei Zhang, founder, CEO, and chairman of Cheche. “In the future, the company is going to attach great importance to insurance business opportunities with both traditional and NEV manufacturers.”
Cheche aims to expand its service offerings to include contract management, insurance operation services, and insurance product design, alongside system agreements.
The partnership is already underway, with ARCFOX’s service system launching as a direct-sales channel. The system for Beijing Automotive is expected to cover 200 dealerships by the end of the year, and Beijing Hyundai’s service system is projected to cover 100 dealerships by year-end.
Cheche Group partners with NIO Insurance Broker
In another strategic move, Cheche has partnered with NIO Insurance Broker Co, Ltd, a subsidiary of NIO Inc (NIO).
China’s motor insurance market outlook
China’s motor insurance market is forecasted to grow at a compound annual growth rate of 5.4%, with gross written premiums expected to increase from CNY 912.2 billion (US$127.4 billion) in 2024 to CNY 1,125.7 billion (US$158.9 billion) by 2028, according to GlobalData.
The data and analytics firm predicts a 5.2% growth in 2024, driven by rising vehicle sales, increased demand for NEVs, and regulatory changes.
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