Cheche Group, a Chinese auto insurance technology platform, has broadened its collaboration with Sinopec Easy Joy Sales, a subsidiary of China Petroleum & Chemical Corporation (Sinopec).
The partnership aims to provide embedded auto insurance services across more than 5,000 of Sinopec’s gas stations nationwide.
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Sinopec Easy Joy manages Sinopec’s non-oil businesses, including a retail network of more than 30,000 gas stations, 28,000 convenience stores and 10,000 auto care centres.
With a customer base of more than 250 million registered users, Sinopec has a commitment to creating a “people-car-life” service ecosystem.
The latest alliance will utilise Cheche’s digital capabilities and expertise in scenario-based auto insurance services.
It is expected to enable Sinopec Easy Joy’s service station personnel to enhance value-added services such as auto insurance issuance and renewals.
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By GlobalDataCheche has already integrated its insurance services into Sinopec Easy Joy’s unified digital platform and has rolled out its offerings in more than 5,000 gas stations across provinces including Jiangsu, Hubei and Yunnan.
The insurtech company said this move has improved the sales capability of auto insurance at gas stations by combining “insurance, customer benefits, and service packages”.
Cheche founder, CEO and chairman Lei Zhang said: “We are thrilled to expand the scope of our cooperation with Sinopec and help them execute their visionary ‘physical service + digital platform’ strategy.
“With our industry-leading insurance digitisation capabilities, combined with Sinopec’s scale and customer reach, Cheche Group provides not only auto insurance renewal experience but also offers services and products such as car wash coupons and convenient store products in a hassle-free and seamless way.”
In the broader context of the Chinese insurance industry, GlobalData reports that the property insurance sector is expected to grow at a compound annual growth rate of 12.1% from 271bn yuan ($40.5bn) in 2024 to 428.3bn yuan in 2028.
The anticipated growth is attributed to favourable regulatory changes and rising demand for fire and home multi-risk insurance products.
