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Cheche Technology Lei Zhang: Auto insurance industry facing pain points after reforms; more diversified digital solutions necessary for industry growth
With the theme “Regression and Differentiation”, the 2021 Insurance force and the 4th Sina Golden Kylin Insurance Conference was held between 18th and 19th of May in Beijing. The founder and CEO of Cheche Technology Lei Zhang made a presentation titled “Embrace new change, Build solid foundations.”
Mr.Zhang expressed that auto insurance industry is facing 4 big pain points：weak tech infrastructures, heavy labor costs and expenses, limited IT budgets, and difficulties in digital transformation. The traditional distribution channels (40% from car dealers and 60% from traditional agencies) will have to change and expand. Apparently, auto insurance companies need to do a better job.
At the same time, Cheche Technology provides solutions for auto insurance digital transformation from various perspectives. These include: marketing/distribution through both online and offline channels, better customer risk evaluation by improving underwriting and pricing and utilizing innovative products such as UBI, IoT to promote better digital capabilities for insurance companies and intermediaries.