#China #Hong Kong #Ping An #FAW Hongqi #Intelligent Driving

Ping An P&C and FAW Hongqi Innovate Insurance Solutions for Intelligent Driving

In a significant development in the automotive insurance sector, Ping An P&C, a subsidiary of Ping An Insurance (Group) Company, has teamed up with FAW Hongqi Auto to introduce innovative Intelligent Driving Protection Services. This collaboration is aimed at enhancing safety and convenience for drivers while concurrently stimulating growth in the intelligent vehicle industry.

The Need for Intelligent Driving Insurance

As automotive technology evolves, traditional insurance products fail to address the unique risks associated with intelligent vehicles. With an increasing reliance on smart technologies, Ping An acknowledges that these vehicles present a different set of risk characteristics, prompting the need for a tailored approach to insurance.

To bridge this gap, Ping An has been proactive in redefining its insurance offerings. By collaborating closely with automotive manufacturers, the company utilizes data derived from intelligent connected vehicle (ICV) systems to analyze various risk scenarios. This approach has led to the creation of the industry’s first comprehensive insurance solution tailored for intelligent driving, which not only accommodates traditional liability but also addresses new and evolving risks inherent in this sector.

Comprehensive Coverage for Multiple Scenarios

The Intelligent Driving Protection Services introduced cover eight high-frequency scenarios pertinent to intelligent driving assistance. These scenarios include automated parking, remote control parking, and various forms of lane control for urban and highway driving. By addressing these specific situations, Ping An is ensuring that drivers are adequately protected against a broad spectrum of potential incidents.

A Collaborative Approach to Risk Management

This partnership between Ping An and FAW Hongqi marks a groundbreaking step in developing a new model for intelligent driving protection. Together, they are focusing on building a risk database that will refine and optimize their insurance offerings, ensuring that they provide precise and comprehensive risk protection. A notable example is embedded in the Hongqi Tian Gong 08, a new energy vehicle designed with advanced battery technology. This vehicle maintains its battery efficiency even in low-temperature environments, prompting Ping An to create customized compensation plans for scenarios like power battery failures during cold conditions.

Enhancing Customer Security

The design of these insurance products reflects a deep commitment to customer safety, especially during harsh winter conditions, where battery performance may decline. By offering compensation plans that cover the costs associated with battery failure—including the provision of a replacement vehicle during repairs—Ping An is providing drivers with peace of mind.

Moving Forward with Innovative Solutions

Beyond the partnership with FAW Hongqi, Ping An P&C is also actively seeking opportunities to expand its intelligent driving insurance services. In late 2024, the company launched similar custom insurance products in collaboration with Seres Automobile Co., Ltd., addressing various automated driving and parking situations, thereby expanding its coverage for intelligent vehicle owners.

Going forward, Ping An is dedicated to a customer-centric strategy while leveraging technological advancements to deliver comprehensive and efficient insurance solutions. As the intelligent vehicle sector grows, Ping An aims to stay at the forefront of innovation, continuously adapting its services to meet the needs of the market and enhance driver security. Their commitment extends not only to individual consumers but also to corporations involved in new energy vehicle manufacturing, ensuring a robust insurance framework that promotes industry growth and high-quality development in intelligent vehicle technology.

The efforts made by Ping An P&C and FAW Hongqi are clear indicators that the future of auto insurance lies in adapting to new technologies and emerging risks. Through their groundbreaking partnership, they are setting an industry standard that prioritizes safety, efficient risk management, and customer satisfaction in the face of evolving automotive advancements.