On November 26th, insurance technology company Cheche Technology recently released its unaudited financial performance report for the third quarter of 2024. The report shows that in the third quarter of 2024, the company achieved a net operating income of 850 million yuan, a year-on-year increase of 3.3%; The net profit was 4.1 million yuan, and the adjusted net profit was 2.6 million yuan, achieving the first profit.
In the third quarter of 2024, the total number of policies issued by CarCar Technology reached 4.2 million, a year-on-year increase of 5%; The total premium scale reached 5.9 billion yuan, a year-on-year increase of 4%. Among them, the outstanding performance of the new energy vehicle insurance business has become a key driving force for the company's performance growth. In the third quarter, the number of new energy vehicle insurance policies increased to 292000, a year-on-year increase of 149.6%. The premium for new energy vehicle insurance reached 880 million yuan, a year-on-year increase of 121.6%. This is the company's consecutive double-digit growth in the number of new energy vehicle insurance policies and premiums for multiple quarters, indicating that the company has achieved results in its strategic layout of new energy vehicle insurance.
The person in charge of CheChe Technology stated that the company's development strategy mainly focuses on the deep integration of "insurance technology+scenarios". By independently developing a new energy insurance SaaS system, the core transaction system of car insurance is directly linked to car companies and insurance companies, breaking down barriers such as transaction systems, data, and compliance. This provides car companies with a full process new energy insurance service solution, including new car insurance, one click renewal, and intelligent claims, reshaping the insurance application and claims ends.
It is reported that Cheche Technology continues to expand its business in the field of new energy vehicle insurance. In the third quarter of 2024, Cheche Technology has partnered with Jiyue Automobile to develop a customized insurance digital system, providing online and offline purchasing channel services for both auto insurance and non auto insurance businesses. In cooperation with Great Wall Motors, the insurance solutions and trading systems provided by Cheche Technology will also be gradually launched in multiple cities. As of now, Cheche Technology has reached strategic cooperation with more than 10 new energy vehicle companies, including NIO, Xiaopeng Motors, Volkswagen Anhui and Dongfeng Motor Group, Tengshi, Avita and other car companies, providing insurance digital solutions.
CheChe Technology CEO Zhang Lei said, "CheChe Technology has achieved profitability in accordance with both the US General Accounting Principles (GAAP) and the adjusted Non GAAP standards. This milestone achievement fully demonstrates the unique advantages of our business model and our increasingly strengthened value proposition. With the rapid popularization of autonomous driving technology in China, we will continue to cooperate with new energy vehicle companies and insurance companies, use our own technology, data, and modeling capabilities to create new solutions, encourage car owners to drive safely, improve claims efficiency, prevent risk fraud, and achieve industry profitability, service transparency, and inclusive autonomous driving insurance in the popularization of autonomous driving technology
Zhang Lei stated that the rapid development of new energy vehicle insurance has gradually changed the competitive landscape of the market. With its technological innovation capabilities, CheChe Technology deeply links new energy vehicle companies and insurance companies, and grasps the entry point of new energy vehicle insurance. The strategic goal of CheChe Technology is to achieve a market share of 20% -30% in the new energy vehicle insurance market by 2030.
It is reported that in terms of product innovation, CarTech and car companies actively explore intelligent and personalized insurance solutions based on their respective technological advantages, and jointly develop insurance products with flexible pricing. On the claims side, after an accident occurs, the car owner can report it with one click through the car company's application, and automatically package the image data of the first few minutes before the accident into a detailed accident report, which is synchronously transmitted to the insurance company's loss assessment center and claims center through the car technology system.