Cheche expects to launch a customized digital insurance service system for Nio in the third quarter.
Cheche Group Inc (NASDAQ: CCG), a Chinese auto insurance technology platform, today announced that it has entered into a partnership with Nio Insurance Broker Co Ltd, a subsidiary of Nio (NYSE: NIO).
Cheche's accessible digital platform will digitize the processing of Nio's insurance while reducing front-end insurance delivery costs and enabling Nio to digitally manage its insurance business, according to a statement today.
The customized digital insurance service system for Nio is expected to be launched in the next quarter, Cheche said.
Building on its relationships with China's top new energy vehicle (NEV) manufacturers, Cheche intends to continue its gradual expansion by entering into agreements with other NEV companies to manage the issuance of new policies, insurance renewals, contract management, claims management and risk pricing, it said.
Cheche enables NEV manufacturers to deepen their relationships with consumers through its insurance solutions, which over time can include customized pricing based on driver behavior, claims management and repairs, as well as fraud prevention through the use of vehicle sensors and data generated by Cheche's artificial intelligence and data analytics tools, it said.
As of press time, Nio had not announced the partnership on its own platforms.
Founded in 2014, Cheche's partners in the automotive industry include Huawei, Nio, Xpeng (NYSE: XPEV), Avatr, Arcfox, HiPhi, Denza, Jidu, and Enovate, according to its website.
The company went public on the Nasdaq in September 2023 through a merger with a special purpose acquisition company (SPAC).
Cheche rose in pre-market trading on the US stock market following the announcement of the partnership with Nio, up 9 percent at press time.
Cheche's shares are down nearly 90 percent so far this year.
