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Expert opinion! Current Situation and Development Prospect of Auto Insurance Industry in 2023

2024-07-18 09:52:45 Source: Champu Consulting Visits:0

The auto insurance industry refers to the industry that provides services such as repair, maintenance, beauty, and modification for automobiles, and is an important part of the automotive aftermarket. According to data from Shangpu Consulting Group, the market size of China's auto insurance industry reached 1.6 trillion billion yuan in 2022, an increase of 8.5 percent over the same period last year, accounting for 46.5 percent of the total size of the automotive aftermarket. It is expected that in 2023, with the recovery of automobile sales and the rapid growth of new energy vehicles, the market size of the auto insurance industry will further expand to 1.8 trillion billion yuan, an increase of 12.5 percent over the same period last year.

From the perspective of the competitive landscape, China's auto insurance industry is still dominated by small and medium-sized enterprises, with low brand concentration. According to data from Shangpu Consulting Group, the market share of the top ten brands in China's auto insurance industry in 2022 is only 8.4 percent, while the market shares of the top ten brands in the United States and Japan are 35.7 percent and 28.6 percent, respectively. This shows that China's auto insurance industry still has a lot of brand integration space and promotion potential. Shangpu Consulting believes that with the improvement of consumers' requirements for the quality and standardization of auto insurance services, as well as the intervention of e-commerce platforms and Internet giants, there will be more brand cooperation, mergers and acquisitions and cross-border integration in China's auto insurance industry, forming a more standardized and intensive market pattern.

From the perspective of consumer demand, China's auto insurance industry is facing a diversified and personalized consumption trend. In 2022, the demand of Chinese consumers for auto insurance services is mainly concentrated in the following aspects: first, safety demand, consumers pay more attention to the safety performance and maintenance quality of automobiles; second, energy conservation and environmental protection demand, consumers pay more attention to the energy saving effect and environmental impact of automobiles; third, intelligent demand, consumers are more inclined to use intelligent auto insurance service methods and tools; fourth, personalized demand, Consumers are more pursuing personalized design and modification of cars. Shangpu Consulting believes that these needs reflect consumers' expectations for higher-level and more segmented auto insurance services, and require auto insurance companies to continuously innovate service models and product forms to provide auto insurance solutions that better meet consumer needs.

From the perspective of technological innovation, China's auto insurance industry is in a critical period of digital transformation. According to data from Shangpu Consulting Group, the digital level of China's auto insurance industry reached 56.7 percent in 2022, an increase of 12.3 percent over 2019. The application of digital technology in the auto insurance industry is mainly reflected in the following aspects: First, online and offline integration, using e-commerce platforms, social media, mobile applications and other channels to realize online promotion, appointment, payment and evaluation of auto insurance services; The second is data-driven, using big data, cloud computing, artificial intelligence and other technologies to realize data collection, analysis, decision-making and optimization of auto insurance services; the third is intelligent upgrade, the use of Internet of Things, 5G, car networking and other technologies to achieve intelligent diagnosis, repair, maintenance and management of auto insurance services. Shangpu Consulting believes that digital technology has brought huge opportunities for efficiency improvement and value creation for the auto insurance industry, and has also expanded the space for cross-border cooperation and innovation between the auto insurance industry and other industries.

To sum up, China's auto insurance industry will maintain a steady growth trend in 2023, but it also needs to deal with the challenges of market competition, consumer demand and technological change. Shangpu Consulting suggests that auto insurance companies should strengthen brand building, improve service quality, promote digital transformation, and expand partners to improve their capabilities in order to adapt to market changes and consumer needs and achieve sustainable development.

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