“Mobile internet and digital technologies are transforming the car industry. So the car insurance industry must change as well,” Wang Yu, head of car insurance at ZhongAn, said in an interview with the South China Morning Post.
The platform will include companies along the car value chain and provide a one-stop shop for buyers and owners. “Imagine shopping for your car and you can take care of matters related to car purchase insurance, loans, after purchase services, investment management and usage-based car insurance (UBI) during one visit,” said Wang.
The platform will help ZhongAn boost its car insurance revenues and increase its share in China’s increasingly competitive car insurance market, which was worth US$112 billion in 2017.
“It’s more than just car insurance. Through the platform, we want to build an ecology that includes various scenarios for the future of the automotive industry,” Chen Jin, the ZhongAn chief executive, told a press conference in Beijing last week.
ZhongAn’s platform will have four segments – car retail, car finance, transport and connected cars. The company has partnered with dozens of companies to offer relevant services on the platform, including car manufacturers Changan Automobileand BYD, online car retailers Yixin Group, Guazi.com and Maodou.com, ride-hailing company Didi Chuxing and designated driver app eDaijia.
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“There is a lot of untapped demand, or consumers’ concerns during a car-related transaction process – we hope to find them and offer solutions based on big data and by working with partners,” said Wang.
For instance, for consumers worried that what they pay for online will not match what they get, the company has designed a car-return insurance that addresses such concerns. For some young people who might not have the money to buy their first car, the platform will customise financial services and will gauge whether it can help them purchase a car ahead of time.
UBI, also known as connected car insurance, can offer drivers better discounts based on their mileage and behaviour. Insurers can also redesign policies for next year based on drivers’ behaviour. This practice, an emerging trend in developed markets, is still relative new to China.
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source http://news.statii.co.uk/big-data-and-ai-the-future-of-car-insurance-according-to-chinas-first-internet-only-insurer/
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