What will happen to new energy car insurance in the future when Weilai spends 50 million yuan to set up an insurance brokerage company?

New energy car companies are betting on their insurance broker licenses.

Recently, Weilai Insurance Brokerage Co., Ltd. was established with a registered capital of 50 million yuan, including insurance brokerage business, insurance agency business and concurrent insurance agency business, according to APP.

The background of the industry is that on December 27, 2021, the China Insurance Industry Association New Energy vehicle Commercial Insurance exclusive Clause (trial) was officially launched, requiring all new energy vehicles to be covered by new energy vehicle insurance.

Correspondingly, new energy car companies have laid out and bet on their insurance broker licenses in advance. As early as August 2020, Tesla set up an insurance brokerage company in Shanghai.

According to an analysis by a senior person in the property insurance industry, "the focus behind Weilai's move is that new energy car companies attach more importance to new energy car companies than traditional car companies, and that new energy car companies winning their own license plates can achieve the opening of sales models and car insurance service packages. The deeper reason is that users can be firmly grasped in the hands of users through car insurance to create a closed loop of service."

According to the Financial Associated Press reporter, for their own models, Lulai has already cooperated with a number of insurance brokerage companies and third parties. Take the car insurance package of "Weilai Automobile" as an example. Lailai provides after-sales maintenance, scratch repainting, door-to-door service, maintenance and other services for car owners. After insurance, users can complete the daily maintenance to repair to the purchase of surrounding products on the app of Lai Automobile.

New energy car companies are speeding up to seize the super entrance of auto insurance, the big cake of hundreds of millions of market scale, how will the traditional insurance industry deal with it? Will the new energy car insurance bring about a great change in the whole car insurance?

Behind the storm of Tesla's car insurance skyrocketing

Recently, the most eye-catching thing that has attracted a lot of attention from new energy car insurance is the controversy that Tesla's car insurance price skyrocketed by 80 per cent. After the launch of the new energy car insurance, some owners of Tesla Model Y complained that the insurance fee was 8278 yuan on December 23 last year, but after the new energy car insurance was launched on December 27, the insurance cost soared to more than 14000 yuan, an increase of as much as 80 per cent.

Although in fact, not all car owners have such a large increase in new energy car insurance, but behind the controversy is the controversy and doubt about the new energy vehicle insurance itself.

Behind the Tesla premium price storm is a game between car companies and insurance companies. Take Tesla as an example, from technology, accessories to maintenance, due to the creation of a complete closed loop, the after-sales cost of the insurance company has risen. Coupled with the fact that the maintenance of the three electricity system and the traditional mechanical parts is a completely different field, the insurance company has even less control over the after-sale maintenance.

Not only that, the current high compensation rate of the new energy line is also a headache for insurance companies. According to the above-mentioned industry insiders, "the compensation rate of new energy vehicles is higher than 80%."

According to the Ministry of Industry and Information Technology, sales of new energy vehicles in China exceeded 1.2 million in the first half of this year, and the penetration rate also rose to 9.4 percent, which means that one in ten car buyers choose new energy vehicles.

According to the data of the China Automobile Association, the sales of new energy vehicles reached 2.99 million from January to November in 2021, with outstanding achievements. On this basis, according to iResearch data, it is estimated that the annual sales of 3.268 million vehicles, accounting for 12.3% of car sales.

In addition, with reference to the development vision that new energy vehicle sales account for about 20% in 2025 in the New Energy vehicle Industry Development Plan (2021-2035), China's new energy vehicle sales are expected to break through the 7 million mark in 2025, with a CAGR of 39.8% from 2020 to 2025.

With the gradual expansion of the new energy vehicle market, the demand for new energy vehicle insurance is increasing, which may become an important subdivision track in the future. Data show that in the first half of this year alone, the premium income of PICC new energy vehicles was 4.03 billion yuan, an increase of 60% over the same period last year.

Auto insurance will become the entrance under the change.

In the huge blue ocean market, the new energy automobile insurance market is still in the early stage of development. Because of its high growth certainty and relatively low threshold, many participants pour in.

According to a report of iResearch Consulting, the cost structure of new energy vehicles is quite different from that of traditional fuel vehicles, so there are great changes in risk structure and risk cost of new energy vehicles.

The core power system of the new energy vehicle is composed of battery, motor and electronic control, which replaces the engine, gearbox and other devices of the fuel vehicle, so the protection of the core components of the traditional automobile insurance is no longer suitable for the new energy vehicle.

In addition, the scope of liability in the traditional car insurance clause can not cover the specific risk factors faced by new energy vehicles, including battery failure, charge failure liability and so on, so it will be difficult for new energy vehicle owners to claim after the risk.

At the same time, for insurance companies, the frequency and compensation rate of new energy vehicles are higher than those of traditional fuel vehicles, and the use of traditional car insurance products is not conducive to the healthy development of the car insurance industry in the long run.

In this context, there are two major changes worthy of attention. First, the relationship among people, cars and factories is being reconstructed, and second, car insurance will become the entrance for car companies to serve car owners.

According to the analysis of Zhang Lei, CEO of car technology, "New energy vehicles have brought about the rise of the direct business model, which has brought car booking, delivery, insurance and rights back to the hands of car companies, and user cycle data have fed them back, changing the traditional service model centered on 4S stores. Car companies are directly connected with users to enhance user stickiness and brand loyalty through car owner service ecology. car enterprises move from simple vehicle manufacturing to one-stop service such as sales, after-sales service, financial service, claim settlement and maintenance, and second-hand car replacement. Due to the reduction of the maintenance frequency of new energy vehicles, the rigid demand of car insurance and the high frequency of claims provide an important grasp for car companies to build a car owner service ecology. "

Zhang Lei also said that the era of new energy vehicles is not only an era for users to return to car companies, but also an era to reshape car insurance products. Cars will make use of their own technology accumulation and service network to help new energy companies share the opportunities and dividends for the development of "new energy car insurance".