Ping An Property & Casualty Insurance Company of China (Ping An P&C), a subsidiary of Ping An Insurance, has partnered with FAW Hongqi Auto Sales Co., Ltd. (FAW Hongqi) to introduce Hongqi Intelligent Driving Protection Services.
The new initiative aims deliver safer and more convenient travel protection for drivers and promote the development of the intelligent vehicle industry.
Traditional auto insurance products are primarily designed around risks associated with conventional vehicles. The rise of intelligent vehicles, which feature advanced driving technologies, has created a demand for new types of insurance coverage.
Ping An P&C is addressing these needs by analysing data from intelligent connected vehicles (ICVs) to refine insurance product offerings.
Hongqi Intelligent Driving Protection Services covers intelligent driving liability and other risks in eight common high-frequency scenarios related to intelligent driving assistance, including automated parking, remote control parking, valet parking, urban traffic vehicle lane cruise control, highway traffic lane cruise control, and more.
The partnership between Ping An P&C and FAW Hongqi aims to develop tailored insurance solutions for intelligent vehicles. The two companies are working together to build a database of risk scenarios, refine service processes, and offer comprehensive risk protection.
For instance, the Hongqi Tian Gong 08, a new energy vehicle equipped with ultra-low-temperature battery technology, is by a customised plan for losses caused by power battery failure in vehicles caused by low temperatures. This includes compensation for a replacement vehicle during repair periods.
In addition to the partnership with FAW Hongqi, Ping An P&C partnered with Seres Automobile Co., Ltd. in November 2024 to introduce a customised intelligent driving protection insurance service. It addresses risks in scenarios such as automated parking and driving.
Ping An P&C is also working with industry partners to refine intelligent driving protection insurance products and provide more tailored coverage for the intelligent vehicle sector.
Source of image: Edited from Freepik