Our reporter Leng Cuihua
According to the announcement of the State Administration for Market Regulation on the declaration and registration of enterprise names, BMW (China) Insurance Brokers Co., Ltd. has recently declared and registered.
BMW may intend to enter the Chinese insurance intermediary field.
In recent years, car companies, especially new energy car companies, have been more enthusiastic about entering the insurance intermediary field.
At present, Xiaopeng Motors, Tesla, Weilai Automobile, BYD and Li Auto are all involved in or planning to enter the insurance intermediary field in different forms.
Industry insiders believe that insurance services are well coordinated with auto sales and after-sales services. The involvement of auto companies in the insurance business will have a profound impact on the auto insurance industry, and the integration of auto companies and insurance companies will be deeper in the future.
It takes time for the company to develop
According to BMW China's official website, the current insurance service is that customers go to BMW authorized dealer stores for insurance services. From claim settlement to maintenance, customers only need to connect with the dealer store once.
Now, BMW intends to set up its own insurance brokerage company, and it has declared and registered the name of the insurance brokerage company.
However, from the perspective of company establishment procedures, after the company name is declared and registered, it is necessary to apply for establishment registration. At the same time, in accordance with the spirit of "license first, certificate later", insurance agencies and insurance brokerage companies need to apply for business licenses after obtaining business licenses. Only after obtaining a license and obtaining an insurance intermediary license can they operate insurance agency or brokerage business in accordance with the law.
Therefore, it will take some time for BMW to truly develop insurance brokerage business.
Before BMW, a number of automakers have entered or planned to enter the insurance field.
Public information shows that Guangzhou Xiaopeng Auto Insurance Agency was established in 2018, Tesla Insurance Agency was established in 2020, in January and March this year, NIO Insurance Agency and BYD Insurance Agency were established successively. Build an insurance brokerage company.
Yang Zeyun, a teacher from the Department of Finance, School of Management, Beijing Union University, told the Securities Daily reporter that there are four main reasons why car companies are involved in insurance intermediary business: First, the business synergy is good, and car companies can provide car owners with better auto insurance services and auto delays. Second, car companies hope to form a closed loop of car consumption from sales to post-maintenance through auto insurance, and expand profit sources; third, if car companies can take advantage of information to reduce the car insurance of their own brand cars Insurance premiums can enhance the competitiveness of automobiles; fourth, car companies themselves have a lot of insurance needs such as corporate property insurance and liability insurance, and the establishment of insurance brokerage companies can also simultaneously provide services for the group and make profits.
Judging from the current form of car companies' involvement in the insurance business, some car companies participate in insurance companies, most of them through insurance intermediaries.
Industry insiders believe that compared with setting up or participating in an insurance company, the threshold for getting involved in an insurance intermediary agency is lower, and asset-light operations can be realized. Undertaking insurance risks, financial risks generally will not spread to insurance intermediaries.
The integration of auto companies and insurance companies will be deeper
More and more car companies enter the insurance intermediary field. On the one hand, they will divert the market of some traditional intermediaries, and on the other hand, they will also promote the deep integration of car companies and insurance companies, better control risks, reduce costs, and seek healthy development. .
Yang Zeyun believes that when car companies obtain insurance intermediary licenses, they will split part of the auto insurance business of existing insurance intermediaries. However, the current volume of insurance intermediaries controlled by car companies is limited and has little impact.
Judging from previous cases, many insurance intermediaries controlled by auto companies have in-depth cooperation with insurance companies to develop specialized insurance products, which not only enriches auto insurance products, but also provides customers with more comprehensive risk management solutions, establishing insurance intermediaries. A typical case of deep cooperation between institutions and insurance companies.
For example, the scooter insurance and vehicle replacement insurance developed by SAIC Motor Insurance Sales Co., Ltd. are special products developed by the insurance sales company and insurance companies in depth.
"The advantage of car companies entering the insurance market lies in knowing the car owner's information and the risk information of the car itself, which helps to formulate personalized insurance products, and can also promote safe driving and reduce the probability of accidents through economic means such as premium adjustment." Yang Zeyun said.
"Car companies are getting closer to the market and customers when they get involved in the insurance field. The sales of new energy vehicles have continued to increase in the past two years. New energy vehicle insurance is an important incremental space for the auto insurance market. The risk calculation of many core technologies is not grasped by traditional insurance companies, and maintenance costs are also high. Therefore, new energy car companies can better control risks and costs by entering the insurance intermediary business.” Zhao Dawei, CEO of Youtai Commercial Services, told the Securities Daily reporter that car manufacturers’ involvement in the field of auto insurance in turn poses challenges to insurance companies And thinking, such as what are the core competencies of insurance companies in the field of auto insurance?
Will auto insurance become more and more liability insurance?
On the whole, the integration of insurance companies and car companies will be deeper, and the healthy development of business will be sought through cooperation.