Entering 2022, new energy vehicle companies have begun to lay out insurance business invariably.
At the end of last year, the China Insurance Industry Association issued the "Exclusive Clauses for Commercial Insurance for New Energy Vehicles (Trial)". On December 27, the adjusted new energy vehicle exclusive insurance product was officially launched, and many insurance companies launched related products.
Captive insurance has been launched, which has filled many gaps in the field of new energy vehicle insurance. But presumably everyone has also been brushed by the news of the big price increase in new energy car insurance, some Tesla owners said that the premium soared by 80% overnight, and the car insurance premiums of many new power models have also risen to varying degrees.
In the face of such a situation, it seems logical that car companies will sell insurance on their own. Tesla has taken the lead in the field, and Xiaopeng Motors has also increased its follow-up. Recently, NIO has also been involved in the field of insurance brokerage.
NIO Insurance Brokers Limited has been formally established, which is 100% controlled by NIO Holdings Limited. How will the participation of car companies in the insurance industry change the new energy car insurance track?
The "cake" of new energy vehicle insurance is to be divided
With the gradual expansion of the new energy vehicle market, the demand for new energy vehicle insurance has also increased accordingly.
According to data from the Ministry of Industry and Information Technology, in the first half of this year, the sales of new energy vehicles in the mainland exceeded 1.2 million, and the penetration rate increased to 9.4%. From the perspective of ownership, the number of new energy vehicles in mainland China will reach 7.84 million in 2021, accounting for 2.6% of the total number of vehicles in mainland China.
According to the "New Energy Vehicle Industry Development Plan (2021-2035)", by 2025, the sales volume of new energy vehicles will reach about 20% of the total sales of new vehicles. According to the data, by 2035, the annual premium of new energy vehicle insurance in the whole industry is expected to increase to about 200 billion yuan.
Industry analysts believe that with the rapid development of new energy vehicles, the development of the core upstream raw materials of new energy vehicles, the midstream "three electricity" system and the entire industrial chain of downstream vehicle manufacturing has also promoted the development of new energy vehicle insurance.
In terms of insurance liability, captive insurance not only provides protection for the "three electricity" (battery, motor and electronic control) system, but also comprehensively covers the use scenarios of new energy vehicles driving, parking, charging and operation. In terms of diversified insurance scenarios, captive insurance covers both the loss of the car, the loss of auxiliary equipment such as charging piles, and the property damage and personal injury that may be caused by the equipment itself.
Therefore, from the perspective of protection responsibility, the exclusive car insurance of the new energy car has made a huge difference with the traditional fuel vehicle, and the price difference between the two at this time is basically in the market's expectations.
A mainstream insurance company revealed that tesla and other models generally have higher premiums, because their high insurance rate, high maintenance costs, and high prices have increased the independent pricing coefficient, so Tesla, which has a higher cost of repair, has become a representative of the premium "leading".
In fact, in addition to the higher cost of repairing the car, the "insurance rate" of new energy vehicles seems to be higher, and the difference between new energy vehicles and traditional fuel vehicles makes the driver not adapt to the early stage of driving, making the new energy vehicle in the three insurance or car damage insurance, the loss rate will be higher.
Tesla may be the first to "taste the early"
In this context, many car companies have begun to move their own car insurance mind, and the traditional fuel vehicle, the core of new energy vehicles lies in the three electric system, of which the battery is an important part, accounting for about one-third of the cost of the vehicle, and the battery is an important factor that causes new energy vehicle accidents. However, traditional car insurance does not include Sandian in the scope of claims, which brings huge pain points to the insurance of new energy vehicles.
Tesla CEO Musk once said: "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."
Tesla is likely to launch UBI car insurance in the Chinese market similar to its use in the U.S. market. For UBI car insurance, Tesla has previously said that its UBI car insurance will be 30%-40% lower than the traditional car insurance premium.
In the UBI car insurance launched by Tesla, its premium will depend on the vehicle the user drives, the driving location, the number of times it drives, as well as the selected insurance coverage and the monthly safety score of the vehicle, where the higher the user's safety score, the lower the premium.
It is not easy to "cross the hurdle"
As far as the current way of car companies involved in insurance is concerned, most of them are carried out through the establishment of insurance intermediaries, which will definitely involve the conflict between automobile risk data and customer data.
At present, the way for car companies to participate in the car insurance business is mainly to set up an agency company, in the real product design, car companies are bound to cooperate with insurance companies with relevant licenses.
Therefore, in the development of new energy vehicle insurance, the voice of the car company itself will be enhanced, but the service outlets and other licenses are still only "stepping stones", and after the vehicle is insured, the car company will inevitably rely on the outlet layout of the insurance company to carry out the later claim matters.
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 is an inevitable trend in the development of car insurance, following the footsteps of supervision, in the future, new energy vehicle companies can launch personalized products according to "mileage" and "duration" according to user attributes, driving habits and other dimensions.
It can be seen that car companies have a sufficient "mass base" for their own insurance, but they still cannot "swallow" this market. However, it is foreseeable that car companies participating in the new energy insurance industry is bound to bring about a series of positive changes.