SAIC Motor ties up with Shanghai GM, Shanghai VW in auto insurance business
SAIC Motor Corp, Shanghai General Motors Co (Shanghai GM) and Shanghai Volkswagen Automotive Co (Shanghai VW) the official launch of www.insaic.com, a website for the newly-founded SAIC Motor Insurance Sales Company (INSAIC) at a ceremony for their joint venture and cooperation.
SAIC signed a joint venture agreement with Shanghai GM and a memorandum of cooperation with Shanghai VW.
With SAIC holding a controlling stake in the new venture, the move marks SAIC’s entry into the insurance industry, operating on a brand-new model -- the business is controlled by a Chinese company and supported by multiple companies, which work together to make cross-industry innovation possible.
The new venture is also a milestone in the development of China’s auto industry as well as representation of its pioneering spirit in the global auto world. The companies will take advantage of their own strong points and share resources.
Approved by the China Insurance Regulatory Commission, INSAIC was set up in Shanghai as a specialized insurance provider, with registered capital of 200 million yuan ($32.27 million). The official opening of INSAIC’s online platform will help expand the company’s service and increase the added value of the auto industry. Putting customer experience at the core, the company will offer networked, specialized and diversified services, and help perfect or optimize every link on the auto industrial chain.
Relying on SAIC’s industrial resources, dealership networks and expertise, INSAIC will carry out in-depth cooperation with major insurance companies. It will try to explore and understand customers’ needs and provide differentiated solutions for car owners of all brands.
The new company is another pioneering experiment by SAIC after 21 years in the finance. It is also an active reaction to Shanghai’s policy of financial opening-up and innovation, and SAIC will continue to push forward in systems and business models.