Recently, the national enterprise credit information publicity system shows that Huiling Insurance Brokerage Co., LTD. (hereinafter referred to as "Huiling Insurance Brokerage") has changed its name to Weilai Insurance Brokerage Co., LTD. (hereinafter referred to as "Weilai Insurance Brokerage"). This means that NIO is taking a step further in building its own insurance IP.
In fact, Weilai automobile has been planning for a long time to cut into the insurance track, and after applying for an insurance broker license in 2022, it changed course to acquire Huiding insurance broker, and the curve obtained the qualification of insurance broker.
In recent years, new energy vehicle companies have been involved in the insurance field, the lower threshold of insurance intermediary license has become the choice of new forces in car manufacturing, "Wei Xiaoli" has obtained the insurance intermediary qualification through the acquisition of ready-made license curve.
In addition to the new forces, BYD was granted 100% equity in Yi 'an Property Insurance this year, spending 4 billion yuan to invest in a higher "gold content" insurance license. However, Shenzhen BYD Property Insurance Co., LTD. (hereinafter referred to as "BYD Property insurance") relevant people told reporters that the company has not yet opened auto insurance business, the company's products are in the stage of upgrading and adjustment, there are no products for sale, and relevant issues can be concerned about public information.
Guo Yinlong, director of operation of Love Brand (Shanghai) Business Consulting Service Co., LTD., told reporters that although insurance brokers do not have the qualification to develop insurance products, they can jointly customize exclusive insurance products for consumers according to the needs of consumers and business scenarios directly related to consumers. Compared with insurance companies, the entry threshold of insurance intermediaries is relatively low, which can reduce the amount of capital investment.
"Nio Insurance Broker" is here
Application for insurance broker license failed, Weilai automobile diverted the acquisition license into the insurance market.
In January 2022, WEilai Holdings Co., Ltd. solely funded the establishment of Weilai Insurance Brokerage Co., LTD., with a registered capital of 50 million yuan, and the legal representative is Quyu. At that time, Weilai Insurance Brokerage Co., Ltd. did not obtain regulatory approval for its insurance business qualification, and could not carry out insurance brokerage and other related insurance businesses. In March this year, Weilai Insurance Brokerage Co., Ltd. has been cancelled.
Guo Yinlong told reporters that after the rapid development of the insurance intermediary market in previous years, the operating quality of insurance intermediaries is uneven, so the regulatory layer tightened the approval of the insurance intermediary license, and required the insurance intermediary industry to "clear the virtual quality", and some non-standard and "small scattered bad" insurance intermediaries were expelled from the market.
In December 2022, NIO changed course to acquire insurance broker license, and Anhui WEilai Data Technology Co., LTD., controlled by NIO founder Li Bin, fully invested in Huideng Insurance Broker, and then the former executives of Huideng Insurance Broker withdrew one after another.
In September this year, Huidong Insurance Broker officially changed its name to Weilai Insurance Broker, and Quyu served as the executive director and general manager of Weilai Insurance Broker. This means that NIO has finally taken a solid step in creating its own insurance IP.
It is reported that Quyu was fully involved in NIO's 2018 U.S. listing and other financing work, and has rich financial management experience.
According to her resume, Quyu holds a bachelor's degree in accounting from Peking University and a master's degree in accounting from Shanghai University of Finance and Economics. Prior to joining NIO, Quyu worked as an auditor at Pricewaterhousecoopers for 10 years, and later served as a regional financial controller at Johnson Controls and Lear Corporation in the United States. After joining NIO in October 2016, Quyu held a number of senior financial management positions, and in November 2019, she became the vice president of finance of NIO, fully responsible for the company's financial control and management.
It is worth mentioning that in September this year, Weilai Insurance Brokers also invested in the establishment of Shanghai Weilai Enterprise Management Consulting Co., Ltd. and Hefei Weilai Technology Co., LTD., the scope of both business includes enterprise management consulting, information technology consulting services, software development, data processing and storage support services and other projects. The legal representatives of the two companies are Quyu, which shows the importance of NIO's entry into the insurance sector.
Nio auto officials told reporters that at present, NIO mainly cooperates with Ping An property insurance, CPIC property insurance, People's Insurance property insurance and other companies, consumers can buy their own or from the company's insurance companies, you can also buy NIO's insurance or service worry-free package, the annual premium is priced according to the vehicle configuration and car price, the price ranges from 4,000 yuan to 8,000 yuan.
New energy auto insurance market gold miners emerged
Insurance intermediary license is difficult to get, through the acquisition of ready-made qualification license "curve" into the insurance field, has become the practice of many new forces of car manufacturing.
As early as 2018, Xiaopeng Automobile established Guangzhou Xiaopeng Insurance Agency Co., LTD., becoming one of the first new energy vehicle companies to explore the insurance track, but it did not obtain regulatory approval. In August 2022, XOPeng Motor acquired Qingdao Miaobao Insurance Agency Co., LTD. (hereinafter referred to as "Guangzhou Xuetao") through Guangzhou Xuetao Enterprise Management Co., LTD. (hereinafter referred to as "Guangzhou Xuetao") to obtain a national insurance agent license. Qingdao Miaobao later changed its name to Guangdong Zhixuan Insurance Agency Co., LTD. He Tao, co-founder of Xiaopeng Motor, is the main shareholder of Guangzhou Xuetao.
In addition, in April 2022, Ideal Automobile acquired the entire equity of Yinjian Insurance Brokerage Co., Ltd. through its wholly-owned subsidiary Che Hejia Financial Technology (Jiangsu) Co., LTD., which was later renamed Beijing Ideal Insurance Brokerage Co., LTD.
Guo Yinlong said that since August 2018, the regulator has not approved any national insurance intermediary license. At present, many companies are lining up to enter the insurance intermediary industry, including state-owned enterprises, central enterprises and local leading enterprises with strong related business scenarios. The acquisition of insurance brokerage companies can reduce the uncertainty of the process, has the advantage of lower cost and shorter time, and has become the choice of many new energy vehicle companies.
Different from the "Wei Xiaoli" insurance intermediary license, the "rich and bold" BYD is directly to win the insurance license.
In May this year, BYD's BYD Auto Industry Co., Ltd. was approved to transfer 1 billion shares of Yi 'an Property Insurance, a 100% stake, after Yi 'an Property Insurance was renamed BYD Property Insurance. In September, the regulatory approval of BYD property insurance increased its capital by 3 billion yuan, and the registered capital rose to 4 billion yuan after the increase. So far, BYD's investment in the insurance license is 4 billion yuan, close to its net profit achieved in the first quarter of this year.
At the beginning of August, BYD Property Insurance handed over the first solvency report, as of the end of the second quarter, the company's core solvency adequacy ratio and comprehensive solvency adequacy ratio were 949.54%, up 1,378.12 percentage points from the end of the previous quarter. The main reason for the increase in solvency adequacy ratio was the gradual reduction of stock business after the company suspended to undertake new business, and the company's debt repayment according to the restructuring plan, which led to the decrease of the company's minimum insurance risk capital and minimum credit risk capital. In addition, the injection of debt repayment funds by shareholders has also improved the actual capital position of BYD property insurance.
In June this year, BYD Chairman Wang Chuanfu said at the shareholders' meeting that BYD's entry into the new energy automobile insurance industry will use the accumulation of technology, sales, users and other aspects to empower the new energy automobile insurance industry in terms of cost saving and scientific claims.
Ren Huichuan, chairman of Samsung Property Insurance, recently wrote that when a brand car company fully understands the data of front-end customers and vehicles and back-end maintenance costs, as long as the sales volume is large enough to meet the law of large numbers, then theoretically the car company can complete the insurance service by itself through a centralized way, and bundle the insurance service with the extended warranty service. To form a complete car car worry-free integrated service system.
Guo Yinlong told reporters that compared with insurance companies, insurance intermediary companies have a relatively low entry threshold, which can reduce the amount of capital investment. If you simply pursue your own traffic or match your own business scenarios, the insurance intermediary license can meet the needs of its insurance sales.