Cheche Technology Releases its Auto Insurance 2.0 EV Upgrade Solution Featuring the AI-Enabled Sky Dome Risk Management Platform
Cheche Technology China’s leading auto insurance technology platform, announced the release of its EV 2.0 Upgrade Solution featuring the Sky Dome Risk Management Platform. This comprehensive business intelligence platform synthesizes various categories and levels of data, augmented by machine learning, to drive superior capabilities in underwriting, pricing, claims management, and group fraud detections.
After more than two years of research and development, Cheche’s 2.0 Upgrade Solution is connected to more than ten leading insurance companies, including the People’s Insurance Company of China, Ping An Insurance Group, and China Pacific Insurance. It currently serves more than ten of the top NEV companies, including NIO, Li Auto, Xpeng, and JIDU. The platform spans software-as-a-service (SaaS) systems, insurance company application programming interface (“API”) integrated management, digital operations, and value-added services.
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Five advantages set this technology apart from any competing offering:
- Complete Integrated Technology Platform: Cheche Technology is the first in the industry to launch the integration of the C (car owner’s APP) + A (car enterprise) model via the Cornerstone Insurance SaaS Operation Management System, offering comprehensive capabilities of new policies and renewals, data management, platform interconnectivity, and one-key access to ensure service quality and the timeliness of the consumer’s transactions.
- Extensive Insurance Partner Network Connections: Cheche has established relationships with approximately 100 domestic insurance companies, including about ten insurance companies that have established API interfaces to collaborate with the electric vehicle manufacturers, allowing Cheche to provide consumers a painless, one-stop insurance application experience.
- Proven Benefits to Customers and Partners: The platform has demonstrated success in digital operation management, specifically in areas such as user management, enterprise-level management, and contract management, realizing effective underwriting rule operation and maintenance, digital insurance marketing, user funnel conversion, and financial settlement, among other functions.
- Valuable Data-driven Insights: Cheche can engage in in-depth data mining and analysis on consumer habits and NEV usage scenarios to enable value-added product innovation. Sharing the data across the ecosystem allows auto manufacturers and insurance companies to improve consumer experiences, launch additional services and customized non-auto insurance products, and increase consumer stickiness.
- NEV-focused Nationwide Service Network: The Company is harnessing the service advantages of a large network and has established more than 110 provincial and municipal locations nationwide with a dedicated service team of over 400 people.
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Sky Dome Risk Management Platform Leveraging AI and Machine Learning
The Upgrade’s biggest highlight is the company’s enhanced ability to identify and manage risk. The Sky Dome insurance anti-fraud model combines static factors and dynamic variables such as a risk-rule engine and a personal injury database to identify anti-fraud behavior during claims settlements. Variables are screened through different algorithms and regression analyses. The product is easy to operate, easy to deploy, and scalable.
“The Sky Dome integrated solution is revolutionizing the underwriting process, providing a streamlined approach to risk mitigation and crafting policies more appropriately tailored to consumer needs, maximizing the value and satisfaction when purchasing a new vehicle,” said Lei Zhang, CEO of Cheche Technology. “Optimized pricing and superior fraud detection not only drive efficiencies that boost the carriers’ bottom line, but ultimately reduces the total cost of vehicle ownership.”
While often difficult to detect initially, the Chinese auto industry continues to be plagued by claims fraud. Accounting for local risk characteristics in different regions, the risk control model accurately identifies risks, helping insurance companies optimize pricing and loss ratios. The accuracy of a risk management model is highly dependent on the data quality it synthesizes, such as loss history and the driver’s personal information.
“While the Comprehensive Reform of Auto Insurance has led to greater pricing flexibility, companies don’t always have effective guidelines to enforce real-time precision pricing strategies. Sky Dome can derive price recommendations by region, enabling insurance carriers to manage pricing strategies better and launch promotions more effectively,” continued Lei Zhang. “We are very encouraged by the initial reception to this innovative solution by many of China’s largest insurers. We plan to continue ramping up investments in artificial intelligence and big data technology to drive the digitalization of insurance products, making them more efficient and accessible to consumers.”
An insurance company relying strictly on its own resources is unlikely to deliver the most effective claims risk detection, but with the Auto Insurance Risk Management Platform, a company can accurately determine a risk score after predicting the exposure of the personal passenger vehicle and its potential economic loss. Once driver, vehicle, and accident location data are processed, the platform can detect fraudulent group events in real-time, helping to correctly calibrate the accuracy of policy pricing, underwriting management, and claims management.
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