ZhongAn Online P&C Insurance and Shanghai Cango Investment and Management Consultation Service have entered into a strategic cooperation framework agreement, to serve the automotive retail industry by offering insurance in a new automotive ecosystem that also spans areas such as automotive retail, finance and aftermarket auto parts.
The alliance between two industry leaders aims to become a new driver in the auto insurance industry. They aim to deliver more convenient, intelligent and attentive financial and insurance services as well as innovative products for the users of both parties.
ZhongAn, the first online-only insurer in China, will tap its leading position in online insurance-related technology and big data risk control. Cango, a leading technology-enabled automotive transaction service platform in China with its own extensive geographic coverage and strong customer acquisition capabilities, will provide offline support and an online traffic portal.
Duan Ling, assistant to the general manager at Cango, and Wang Yu, president of ZhongAn Automobile Group, said that the goal of the cooperation between the two parties is to create a three-in-one eco-chain that covers “people, vehicles and finance”.
Based on ZhongAn’s big data algorithm combined with Cango’s extensive business network across the country, the new platform is to offer precise product pushes and scenario-based financial services to make a switch from “people looking for services” to “services looking for people”.
According to the agreement, the two parties will work together on creating online and offline scenarios; building a shared technology system platform; improving data modeling, collection and analysis capabilities; and exploring more big data applications, like UBI applications, to empower all participants across the automotive ecosystem.
Cango was founded in 2010 by a group of pioneers in China’s auto finance industry. The company is headquartered in Shanghai and has a nationwide coverage.
ZhongAn started operations in October 2013 and has developed ecosystem-oriented insurance products and solutions through scenario-based settings to serve its customers. The company primarily offers products and solutions in five major ecosystems, namely lifestyle consumption, consumer finance, health, auto and travel.