Leaving aside the field of auto manufacturing, Tesla CEO Musk believes that the auto insurance sector has the most growth potential.
This is what Musk made at the third quarter earnings meeting of this year. He said that over time, insurance will become one of the company's main products, and the value of insurance business accounts for 30% to 40% of the value of the vehicle business.
Why does Tesla value insurance so much? Insurance is a product that is highly dependent on data, and Tesla may accurately capture the data of electric vehicles, and have better conditions to control risks and achieve pricing. This may be an important reason why Tesla personally dismissed insurance. The Chinese reporter from
brokerage firm understands that in China, special auto insurance provisions for new energy vehicles are already under development, and many companies are preparing for this.
Tesla personally end up doing insurance
In August of this year, Tesla established Tesla Insurance Brokerage Company in Shanghai with a registered capital of 50 million yuan, held by Tesla Hong Kong.
As early as 2016, Tesla cooperated with the world's top 500 property insurance company Liberty Insurance to launch the InsureMyTesla program in Australia and Hong Kong. In 2017, the business expanded to North America.
In April 2019, Tesla launched its own insurance, Tesla Insurance, which is said to provide 20% to 30% lower insurance rates than traditional insurance companies. Because Tesla knows its own cars best, and can use its advanced technology, safety and serviceability to provide insurance at a lower cost.
In the third quarter report exchange meeting, Musk said that in the future, when Tesla has a better department to receive feedback, these data will not only be statistical data, but specific solutions. If Tesla's insurance cost is lower and the quality is better, it will be chosen by many people.
This is also the reason why the outside world believes that Tesla personally end up doing insurance. Insurance is a product that is highly dependent on data. If electric vehicles are the future of automobiles, electric vehicle insurance will be a huge market.
Because insurance companies don’t have enough data on Tesla, Tesla’s premiums are not cheap now. According to data from the Insurance Institute of Highway Safety (IIHS) in 2018, Tesla Model S ranked first among the 25 most expensive vehicles; a study in 2019 showed that the average annual premium for Tesla Model S was approximately 3300 dollars.
Artificial intelligence and big data are the core competitiveness of Tesla's insurance products. According to media reports, Tesla has real-time data from all driver behaviors and vehicle technical performance, including camera records and sensor readings, which can accurately estimate accident risks and repair costs. More importantly, the insurance premium is also based on the actual driving situation of the driver to provide a cheaper price.
Special insurance for new energy vehicles is already under development in China.
Currently, domestic traditional auto insurance still lacks products to provide protection and risk control for new energy vehicles in terms of batteries. The
brokerage China reporter learned that the insurance industry is currently developing insurance products for new energy vehicles, and many insurance companies are participating.
New energy vehicles are quite different from traditional auto insurance in terms of safety performance indicators. Ping An, China Pacific Insurance and other companies have stated that they have begun research on new energy vehicle insurance or are implementing related plans. Insiders of Ping An Property & Casualty Insurance believe that the risk of new energy vehicles is higher than that of traditional vehicles. This is mainly reflected in two aspects. One is that new energy vehicles are used more frequently and the performance of vehicles is different from traditional vehicles. For traditional cars. Second, new energy vehicles have higher claims standards than traditional vehicles due to the existence of batteries, motors and other three-electric accessories.
CPIC Property & Casualty told the brokerage China reporter that the biggest difference in risk between new energy vehicles and fuel vehicles is that the value of new energy vehicles’ batteries accounts for a very high proportion of the entire vehicle. The risks of new energy vehicles are related to the batteries they use. .
In addition, different types of batteries have different performances such as water resistance and heat resistance, and there are also large differences in power attenuation and depreciation, which has an impact on the pricing of auto insurance.
In the future, with the increase of new energy vehicles, auto insurance products may develop in a more refined direction. Some people from large property insurance companies believe that UBI auto insurance products based on mileage billing may be a breakthrough in new energy auto insurance in the future.
Some people predict that with the increase in the number of new energy vehicles, the future of new energy vehicle insurance will increaseThe increase in the proportion of overall auto insurance may further increase the pressure on overall auto insurance costs. However, the rapid growth of new energy vehicles will drive the increase in overall auto insurance premiums. According to the latest data from the National Passenger Car Association, the wholesale sales of passenger vehicles in October was 2.107 million, a year-on-year increase of 9.1% and a month-on-month increase of 0.1%. Passenger car sales continue to improve, and sales at the end of the year are likely to recover further.
The growth rate of new energy vehicles in October also continued to increase. The wholesale sales of new energy passenger vehicles in October was 144,000, a year-on-year increase of 119.8% and a month-on-month increase of 15.9%. The year-on-year growth rate has continued to climb since the third quarter (the year-on-year growth rate from July to September was 15.7%/41.1%/91.2%, respectively. ), mainly due to the contribution of new car manufacturers and traditional car companies, and the low base last year. Z2z
Changjiang Securities analysts believe that with the continued listing of high-quality new energy models, industry demand is expected to further open up. In addition, as the State Administration of Taxation extends the new energy vehicle purchase subsidy to 2022, China's rapid growth of new energy vehicles may continue. Z2z
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