Qilu Evening News Qilu one-point reporter Wang Yun
In addition to subsidies, who can save new energy vehicles? Undoubtedly, new energy vehicle insurance is a policy.
On December 14, the China Insurance Industry Association and the China Actuaries Association successively issued the "Exclusive Clauses of the China Insurance Industry Association for Commercial Insurance of New Energy Vehicles (Trial)" and the "Benchmark Pure Risk Premium Table of Commercial Insurance of New Energy Vehicles (Trial)".
Compared with traditional motor vehicle commercial insurance, the Exclusive Clause clearly stipulates that it not only provides protection for electric drive, battery and electronic control system, but also comprehensively covers the use scenarios of new energy vehicles driving, parking, charging and operation, and the problem of "spontaneous combustion" is also clearly stipulated.
What about the price? Among the existing existing new energy vehicle insurance policies, nearly 80% of the new energy vehicle premiums are flat or declining, and only 20% of new energy vehicles face increases. New energy vehicles with a car price of less than 250,000 yuan are insured with car damage insurance, and the premium only drops and does not rise.
New rules are out, changes to. What's behind this exclusive car insurance?
New energy vehicles big "potential" and small "city"
According to data released by the Ministry of Public Security, as of the end of June this year, the number of new energy vehicles in the country reached 6.03 million, accounting for 2.06% of the total number of vehicles. According to data from the China Automobile Association, in the first 11 months of this year, the production and sales of domestic new energy vehicles in China reached 3.023 million units and 2.99 million units respectively, an increase of 1.7 times year-on-year, and sales have exceeded the annual expectations. The penetration rate of the new energy vehicle market in November was 17.8%, and the continuous growth continued to be higher than that of the previous month, the penetration rate of new energy vehicle passenger cars reached 19.5%, and the cumulative sales penetration rate of new energy vehicles increased to 12.7% from January to November this year. It is expected that the sales of new energy vehicles this year are expected to reach 3.4 million units, an increase of 1.6 times year-on-year. It is expected that the sales of new energy vehicles will reach 5 million units next year, an increase of 47% year-on-year.
The team of Ge Yuxiang, a financial analyst at Shenwan Hongyuan Securities, predicts that by 2025, the sales volume of new energy vehicles will exceed 10 million, reaching 10.46 million, with a total of 35.65 million.
It is worth noting that traffic insurance data shows that in 2021, China's pure electric vehicle individual users accounted for 46%, and leasing and leasing accounted for 35%. Individuals do not exclude personal purchases, but the most optimistic estimate is that individual users account for about 40% of the purchases, while Beijing and Shanghai, the two restricted cities, are the regions with the largest number of individual purchases.
On December 14, the 2022 China Auto Market Development Forecast Summit was held, and Li Bingyang, director of the market data room of China Automobile Data Co., Ltd., unveiled the real new energy vehicle consumption market, "In the fuel vehicle market, the A-class car market has always been the main consumer goods, and the proportion of personal consumption is basically 91%; but in the field of new energy vehicles, 95% of the A00-level market is personal consumption, and only 56% of the A-level market is personal consumption, and the future new energy vehicle market wants to make a qualitative leap. It must occupy a major consumer position in the A-segment car market. ”
In addition to captive insurance, what else do new energy vehicles need?
The "New Energy Vehicle Industry Development Plan" proposes that by 2025, the proportion of domestic new energy vehicle sales will reach about 25%. According to this calculation, domestic new energy vehicle sales need to maintain a compound annual growth rate of more than 30% from 2020 to 2025. Based on a conservative estimate of the total auto market of 25 million vehicles, 25% means 5.25 million new energy vehicles.
Data is a linguistic expression of the market, but we still have to think: if there is no policy dividend, how much impulse is there to buy new energy vehicles? In the era of stock competition in the automobile market, how can new energy vehicles divide the cake from the hands of fuel drivers? If overseas brands enter the market on a large scale, what will be the industrial structure of new energy vehicles adjusted?
At the 2022 China Automotive Market Development Forecast Summit, Chen Bin, executive vice president of the China Machinery Industry Federation, said that to ensure the sustainable development of new energy vehicles, we must not only pay attention to vehicle manufacturing, but also pay more attention to the supply of upstream products, especially to establish a stable and safe and controllable industrial chain and supply chain for the supply of power battery raw materials as soon as possible. It is understood that as the most important part of the new energy vehicle three-electric system, the battery can reach 40% of the vehicle cost, and the battery is also one of the important factors that cause accidents in new energy vehicles.
In the process of the development of new energy vehicles, China has basically built an independent and controllable supply chain system, but some core materials, chips, equipment, etc. are still subject to people, such as cobalt and nickel resources imports of 97% and 92%, vehicle chip autonomy rate of less than 10%, by natural disasters, infrastructure obstacles or geopolitical frictions caused by the risk of supply interruption still exists. For automotive companies, the supply chain has become a strategic factor that determines the survival of enterprises. Solving the shortcomings of the supply chain will become the focus of development, the future competition of the new energy vehicle track will focus on intelligent networking, and more than 80% of the changes in the next generation of vehicles will come from electronic and electrical architecture, chips and software.
How can new energy vehicle companies seize the strategic highland of automobile insurance?
The home stadium is white-hot, but the new outlet has come.
Last autumn, the domestic lithium battery "one brother" Ningde Era signed a strategic cooperation framework agreement with PICC Property & Casualty Insurance. According to the agreement, the cooperation between the two sides will focus on the field of new energy vehicle aftermarket. As a battery supplier of Tesla, Weilai, Volkswagen and many other car companies, the development of new energy insurance-related businesses may bring new growth points to the main battery business. The data shows that in the first half of this year alone, PICC Property & Casualty Insurance's new energy vehicle premium income was 4.03 billion yuan, an increase of 60% year-on-year.
Yes, with car owners also looking forward to new energy car insurance, there are nearly 200 new energy vehicle companies and more than 330,000 related enterprises across the country, which will also give birth to a new new energy car owner service ecology.
After the rise of the new energy direct operation model, the rights to book, deliver, and insure began to return to car companies. The just-needed attributes of car insurance are very strong, new energy car insurance is the "golden line" of car companies directly connecting C-end users, and car companies can expand auto aftermarket business such as auto maintenance, claim repair, auto finance, etc., and become the main provider of comprehensive services for consumer cars.
On the product side, car companies have mastered the driving behavior, mileage, and length of time used by car owners, which are an important basis for car insurance pricing. On the claims side, smart cars can control the rate of car insurance losses by intervening in dangerous driving behaviors to reduce the incidence of accidents. On the service side, insurance companies can remotely admit responsibility and determine losses through driving process data and recommend repair shops to improve service efficiency.
In recent years, some automakers have already made in-depth layout in the insurance industry by acquiring the equity of insurance companies and insurance intermediaries, for example, Geely participated in United Property & Casualty Insurance, Xiaopeng Automobile established Guangzhou Xiaopeng Automobile Insurance Agency Co., Ltd., Tesla established Tesla Insurance Brokerage Co., Ltd., and Great Wall acquired Laoyou Insurance Brokerage Co., Ltd. In addition, the insurance companies in which car companies participate also include Huatai Insurance, Guoren Property Insurance, Taishan Property Insurance, Beibu Gulf Property Insurance, and two professional automobile insurance companies, Zhongcheng Auto Insurance and Xinan Auto Insurance. Among these car companies, the proportion of investment by different car companies is different, and the role and cooperation path played by insurance companies are also different.
Where is the difficulty for car companies to do car insurance?
Buffett once commented on Tesla's entry into the insurance business at Berkshire Hathaway that it is no less difficult for car companies to carry out insurance business than insurance companies to make cars. Musk, who has announced the launch of Tesla's self-operated UBI car insurance (Usage-based insurance based on usage-based premium insurance), also admitted on Twitter that the regulatory process of approving insurance is extremely slow and complicated.
A few days ago, Tesla CEO Musk announced at the 2021 shareholders' meeting held at the Texas factory that Tesla will enter the car insurance service. As early as last year, Musk has shown great interest in new energy vehicle insurance, which has said that insurance will become Tesla's main product, and the value of insurance business will account for 30% to 40% of the value of the vehicle business. Based on this, Tesla has established Tesla Insurance Brokerage Co., Ltd. in China in August 2020, with a registered capital of about 50 million yuan, focusing on insurance business.
iResearch pointed out that whether it is a traditional large car company or a new car-making force, the entering car insurance industry will face many pain points: there are certain problems for car companies to obtain the necessary operating licenses for carrying out car insurance business, and the direct sales model requires car companies to have a functional online system, which not only has large construction costs, long time cycles, and complex docking with the insurance system. In addition, car insurance has the characteristics of localization, and the nationwide offline service network is its tentacles to ensure user service, which needs to be accumulated for a long time.
New energy vehicles have the attributes of online, data-based and intelligent, and are an important scene end of future auto insurance reform and innovation. UBI car insurance (Usage-based insurance based on the amount of use of premium insurance) is an inevitable trend in the development of car insurance, follow the footsteps of supervision, in the future, new energy vehicle companies can be based on user attributes, driving habits and other dimensions, launched according to the "mileage", "duration" of personalized products, people can use car insurance like "electricity". UBI car insurance driving less, the lower premium, will greatly reduce the user's premium expenditure, but also increase the user's enthusiasm for energy conservation and emission reduction, green travel.
I remember that at the 2020 Global InsurTech Conference held in December last year, Zhang Lei, founder and CEO of Cheche Technology, said in a keynote speech entitled "InsurTech Creates New Value" that without technology and without insurance, InsurTech reconstructs the competitiveness of the industry. InsurTech creates "5" new technologies, new products, new channels, new risk control, and new claims.