Cheche Group, a Chinese language auto insurance coverage expertise platform, has broadened its collaboration with Sinopec Simple Pleasure Gross sales, a subsidiary of China Petroleum & Chemical Company (Sinopec).
The partnership goals to supply embedded auto insurance coverage companies throughout greater than 5,000 of Sinopec’s gasoline stations nationwide.
Sinopec Simple Pleasure manages Sinopec’s non-oil companies, together with a retail community of greater than 30,000 gasoline stations, 28,000 comfort shops and 10,000 auto care centres.
With a buyer base of greater than 250 million registered customers, Sinopec has a dedication to making a “people-car-life” service ecosystem.
The newest alliance will utilise Cheche’s digital capabilities and experience in scenario-based auto insurance coverage companies.
It’s anticipated to allow Sinopec Simple Pleasure’s service station personnel to boost value-added companies equivalent to auto insurance coverage issuance and renewals.
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Cheche has already built-in its insurance coverage companies into Sinopec Simple Pleasure’s unified digital platform and has rolled out its choices in additional than 5,000 gasoline stations throughout provinces together with Jiangsu, Hubei and Yunnan.
The insurtech firm mentioned this transfer has improved the gross sales functionality of auto insurance coverage at gasoline stations by combining “insurance coverage, buyer advantages, and repair packages”.
Cheche founder, CEO and chairman Lei Zhang mentioned: “We’re thrilled to increase the scope of our cooperation with Sinopec and assist them execute their visionary ‘bodily service + digital platform’ technique.
“With our industry-leading insurance coverage digitisation capabilities, mixed with Sinopec’s scale and buyer attain, Cheche Group gives not solely auto insurance coverage renewal expertise but additionally presents companies and merchandise equivalent to automobile wash coupons and handy retailer merchandise in a hassle-free and seamless means.”
Within the broader context of the Chinese language insurance coverage {industry}, GlobalData studies that the property insurance coverage sector is predicted to develop at a compound annual progress charge of 12.1% from 271bn yuan ($40.5bn) in 2024 to 428.3bn yuan in 2028.
The anticipated progress is attributed to beneficial regulatory adjustments and rising demand for hearth and residential multi-risk insurance coverage merchandise.
