CHECHE

The session of International FinTech Innovation of the Annual Conference of Financial Street Forum 2021 took place on October 22nd, in Xicheng District, Beijing. Lei Zhang, CEO of Cheche Technology (Baodafang Technology Company Ltd.) remarked in his speech that Carbon Emission Peak and Carbon Neutrality goals are both opportunities and responsibilities. Insurtech companies need to seize the new opportunities in the digital era to better serve green finance in pursuit of Carbon Emission Peak and Carbon Neutrality goals.

In 2020, insurance premiums in China reached 4.5 trillion yuan with a year-on-year increase of 6.1%. The China Banking and Insurance Regulatory Commission predicts that insurance premiums in China are expected to reach 8 trillion yuan by 2024, making it one of the largest insurance markets in the world.

From the perspective of the Insurtech industry, we are now facing three great opportunities. The first is the digital transformation from traditional insurance carriers. The second is to reshape the insurance value chain led by the development of new energy vehicles. The third one, also the most critical one, is the Carbon Emission Peak and Carbon Neutrality goals supported by green auto insurance. These are opportunities as well as responsibilities for Insurtech companies.

At present, 60-70% of the total 4.5-trillion-yuan premiums come from insurance intermediaries. Only one-third come from insurance companies’ direct channels. The digitization of insurance intermediaries and Insurtech services has a huge potential. Large incumbent insurance groups are stepping up investments in building a digital system, such as private clouds and digital central platforms. Small-to-medium-sized insurance companies, intermediaries and agents can obtain technical services through PaaS Cloud platforms, DaaS data services and SaaS applications. The whole industry will go through a further digital transformation which could generate a 200-billion-yuan market.

Cheche Technology is committed to building smart travel and a better world. Looking ahead, we will embrace new opportunities and take on responsibilities to better serve green finance in pursuit of Carbon Emission Peak and Carbon Neutrality goals.