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Cheche Group Inc. (NASDAQ: CCG) is a pioneering insurtech company based in Beijing, China, specializing in digital auto insurance transaction services. As an independent technology-empowered platform, Cheche has significantly reshaped the traditional auto insurance distribution and services value chain. The company leverages its advanced technology to improve operational efficiencies, reduce transaction costs, and expand distribution channels.
Founded in 2014, Cheche operates a nationwide network comprising around 110 branches licensed to distribute insurance policies across 25 provinces, autonomous regions, and municipalities in China. The company offers a wide range of services, including digital insurance transactions, SaaS platforms for insurance intermediaries, AI-driven insurance pricing and underwriting services, and auto insurance services specifically for new energy vehicle (NEV) manufacturers. Additionally, Cheche is at the forefront of green auto insurance innovations.
Cheche's recent achievements highlight its growing influence in the market. On March 5, 2024, Cheche expanded its partnership with Sinopec Easy Joy Sales Co., Ltd. to provide embedded auto insurance services in over 5,000 of Sinopec's gas stations nationwide. This collaboration enhances auto insurance sales capabilities in gas stations through a unified digital platform and value-added services, such as car wash coupons and convenience store products.
In another strategic move, Cheche partnered with Beijing Houji Insurance Brokerage Co., Ltd., an affiliate of Xiaomi Corporation, to offer digital auto insurance transaction SaaS services to car owners in multiple cities, including Beijing and Shenzhen. This partnership underscores the company's commitment to innovation and expanding its ecosystem within the NEV industry.
Financially, Cheche reported strong performance for the year ended December 31, 2023, with net revenues increasing by 23.2% to RMB3,301 million. The company also narrowed its net loss significantly on an adjusted basis. Cheche's leadership in providing embedded insurance solutions has led to a premium increase of over 300% from the previous year.
Looking ahead, Cheche continues to focus on driving transparency, efficiency, and compliance in the rapidly evolving auto insurance industry. The company is also committed to collaborating with industry leaders to develop new insurance solutions, particularly as NEVs move towards autonomous driving and integrated digital services. Cheche's cornerstone system, its core auto insurance transaction platform, is designed to support these innovations by connecting auto makers and insurance companies seamlessly.
Cheche Group Inc. continues to lead the transformation of the auto insurance industry in China, leveraging its technology to meet the evolving needs of car owners and manufacturers alike. Visit their website at https://www.chechegroup.com/en for more information.
Cheche Group (NASDAQ: CCG), a leading auto insurance technology platform in China, announced a new partnership with NIO Insurance Broker, a subsidiary of NIO (NYSE: NIO). This collaboration aims to digitalize NIO's auto insurance processes, reduce costs, and enhance digital management. The customized digital insurance service for NIO is set to launch next quarter. Cheche will use its platform to offer comprehensive insurance solutions, leveraging AI and data analysis to provide customized pricing, claims management, and fraud prevention. This partnership marks a significant expansion in Cheche's NEV insurance business, with plans for further collaboration with other NEV manufacturers.
Cheche Group (NASDAQ: CCG), China's leading auto insurance technology platform, reported a 1.0% year-over-year increase in net revenues to RMB787.1 million (US$109.0 million) for Q1 2024. The net loss decreased by 28.8% to RMB31.3 million (US$4.3 million). However, adjusted net loss increased to RMB12.2 million (US$1.7 million). Total written premiums rose by 9.2% to RMB5.4 billion (US$751.1 million), and the total number of policies issued climbed by 21.2% to 4.0 million. Metrics from partnerships with NEV companies showed significant growth: 119,000 policies embedded in NEV deliveries, marking a 124.5% increase, and corresponding premiums of RMB370.3 million (US$51.3 million), up 78.5%. Operating expenses saw an 18.5% decrease, while specific categories like selling and marketing expenses were down by 27.6%, and research and development costs dropped by 52.4%. The company has RMB234.0 million (US$32.4 million) in cash and equivalents and forecasts full-year 2024 revenues to be in the range of RMB3.5 billion to RMB3.7 billion.
Cheche Group (NASDAQ: CCG), a leading auto insurance technology platform in China, will announce its first-quarter 2024 earnings results on May 30, 2024. The earnings release and investor deck will be accessible on their investor relations website before the conference call. The call will start at 8:00 a.m. EST and will be available via live webcast. Dial-in numbers are provided for U.S., international, Hong Kong, and China participants. A webcast replay will be available for one year.
Cheche Group Inc. (NASDAQ: CCG) announced a partnership with Volkswagen (Anhui) Digital Sales and Services to support Volkswagen Anhui's NEV insurance business. Cheche aims to enhance Volkswagen Anhui's branded insurance product, boosting its penetration rate in the market.
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