Azure involved in "insurance" another city! Acquired an insurance brokerage company new energy vehicle enterprises "involved in insurance" logic exposure

After registering its insurance brokerage company at the beginning of the year, Azure acquired another insurance brokerage company at the end of the year.

Recently, the tripod insurance brokers limited liability company has undergone industrial and commercial changes, the original shareholders of Anhui Grand Blasting Engineering Technology Company Limited exit, the new Anhui Azure Data Technology Company Limited, and the latter wholly owned by the company. At the same time, the legal representative of Huiding Insurance Brokerage Co., Ltd. was changed from Sun Mu to Qu Yu, and the executives were changed.

Why are new energy car companies so obsessively enthusiastic about insurance brokerage licenses?

New energy vehicle enterprises have "involved in insurance"

Since December 14 last year, the Insurance Association of China formally released the "new energy automobile commercial insurance exclusive terms (for trial implementation)" since the new energy vehicle enterprises to enter the insurance intermediary market pressed the accelerator button.

In January, Azure registered to set up Azure Insurance Brokerage Co. Ltd; in March, BYD registered to set up BYD Insurance Brokerage Co. Ltd; in June, Ideal Auto's wholly-owned subsidiary, Chehejia Financial Technology (Jiangsu) Co. Ltd. wholly-owned the acquisition of 100 percent stake in the national insurance intermediary, Yinjian Insurance Brokerage, and renamed it Beijing Ideal Insurance Brokerage Co. Ltd; and in October. BMW applied for the establishment of BMW Insurance Brokerage formally completed the registration in the industry and commerce department, with a registered capital of RMB 50 million.

Eye on the sky data show that Azure Insurance Brokerage Co., Ltd. has been established on January 19, with a registered capital of 50 million yuan, the registered address is located in Hefei, Anhui Province, the scope of business includes insurance brokerage business, insurance agency business and insurance concurrent agency business, etc..

According to the Measures for the Implementation of Administrative Licensing and Record-keeping of Insurance Intermediaries, if a national insurance brokerage organization applies for insurance brokerage business, it will be accepted and examined by the BIRC where it is registered for business registration and decided by the CIRC; if a regional insurance brokerage organization applies for insurance brokerage business, it will be accepted and examined by the BIRC where it is registered for business registration and decided by the CIRC.

Industry insiders said, financial regulation is tightening, the local insurance brokerage license has basically stopped approved, the national insurance brokerage license application is very difficult, perhaps making the eager entrants can only choose to "curve save the country".

Recently, the insurance brokerage limited liability company has undergone industrial and commercial changes, the original shareholders of Anhui Grand Blasting Engineering Technology Co. At the same time, the company's legal representative by Sun Mu changed to Qu Yu, senior management staff are changed.

Public information shows that Huiding Insurance Brokerage Co., Ltd. was founded in May 2014, with a registered capital of 50 million yuan, registered in Hefei, Anhui Province, is one of the few national insurance brokerage companies in Anhui Province, whose scope of business includes: in the national region (except Hong Kong, Macao and Taiwan) for the insured to formulate the insurance program, select the insurer, and handle the insurance formalities; to assist the The scope of business includes: drawing up insurance plans, selecting insurers and handling insurance procedures for the insured within the national region (except Hong Kong, Macao and Taiwan); assisting the insured or beneficiaries in making claims; reinsurance brokerage; providing disaster prevention, loss prevention or risk assessment and risk management consulting services for the clients, etc.

Logic behind new energy vehicle enterprises' "insurance"

When traditional auto insurance tends to be saturated, the new energy auto insurance market has been pinned with high hopes.

China's new auto insurance data show that in addition to the slowdown in the number of vehicles insured in 2020, China's new energy automobile premium growth in recent years have been maintained at a level of more than 40%. 2021 China's new energy automobile premium scale reached 35 billion yuan, a year-on-year increase of 56%.

Anxin Securities expects that in 2022 in the new car sales further high growth, vehicle premiums picked up significantly, the annual new energy auto insurance premium scale is expected to reach 70.8 billion yuan, a year-on-year growth of more than 100%.

Taking the head insurer PICC as an example, the PICC results conference disclosure data show that PICC property and casualty insurance 2021 new energy vehicle underwriting volume of 2.926 million vehicles, an increase of 88%; premium income of 11.91 billion yuan, an increase of 84%; 2022 the first three quarters of the underwriting volume of 3.037 million vehicles, premium income of 13.72 billion yuan.

It is worth mentioning that new energy auto insurance premiums, new car premiums contribute nearly half. Based on the CIRC, China Automobile Association (CAA) and China Re insurance data, Anxin Securities calculated that 47% of the new energy auto insurance premiums in 2021 will be contributed by new car premiums, thanks in large part to the 157% year-on-year increase in sales of new energy vehicles in 2021, and even a decline in sales of traditional fuel vehicles during the same period.

Compared with traditional fuel vehicles, new energy vehicles have a higher insurance rate and average claim amount, resulting in average premiums remaining at a high level. Anxin Securities believes that the impact of price cuts brought about by the comprehensive reform of auto insurance has basically subsided, and the average premiums for new energy vehicles will rebound throughout 2022, mainly due to the insurance rate, the average amount of claims in the short term the two factors are still upward, and it is expected that the average premiums for new energy vehicles in the next few years will still be high.

Industry insiders generally believe that, relative to traditional insurance companies, new energy car companies in the vehicle travel data advantage is obvious, easier to the user's car behavior risk monitoring. If the car companies set up an insurance agency can save risk management costs and intermediary costs. At the same time, it can enhance the connection with users with the help of insurance, thus expanding more comprehensive services and realizing the closed loop of services.

Zhang Lei, founder and CEO of Car Car Technology, said China's pure electric vehicles will continue to rise in new car sales and ownership, and there will be a huge blue ocean market in the next 5 to 10 years. In this process, the new energy car insurance will become the entrance of the whole car enterprises to serve the car owners, with car insurance as the hand of the service, you can expand the system related to automotive ecological services.