China’s first bicycle damage insurance market, innovative “product + service” and accurately cut into the subdivided insurance track

New books are on sale, hot rush! In the context of the growing maturity of big data and mobile Internet, customizing products for specific scenarios of subdivided industries and solving the package risk needs of enterprises and their customers are becoming a new business growth point of the industry.

On the one hand, in addition to conventional public liability insurance, personal accident insurance and other types of insurance, financial risk control insurance products involving a wider range of people need to be developed.

On the other hand, many high-risk customers in the traditional sense can also become high-quality users through more accurate risk identification and pricing.

On April 22, the insurance service platform of Huize, together with several partners, held an innovative product press conference with the theme of “riding freely and enjoying love”, and officially released the insurance sport – high-end bicycle damage insurance, which filled another guarantee gap in the subdivided field of outdoor sports in China.

It is reported that the product is developed under the leadership of China Life Insurance Co., Ltd., underwriting by Guoshou property insurance and reinsurance by Munich reinsurance, and integrates the maintenance, claim settlement and rescue services of the professional service provider anguole.

The first batch of cooperative brands are the well-known bicycle brand – specialized (hereinafter referred to as “lightning”), which provides one-stop whole process guarantee services from person to vehicle.

01 Xibao released the first bicycle damage insurance in China.

The one-stop risk management customized service has deeply explored the outdoor sports cycling market.

Whether it is a long narrow mountain road or a crazy steep slope after death, when the Knights shuttle through the light and shadow with speed and conquer every road with passion, accidents between lightning and flint may occur.

No matter the car damage or human injury, it will not only cause heartache, but also bring large or small losses, Unfortunately, the domestic bicycle and vehicle insurance market is blank at present.

Focus on the pain point of the protection demand in the subdivided field of outdoor cycling.

The insurance coverage target of sports with insurance – high-end bicycle damage insurance is the bicycle with the purchase amount of 5000-150000 yuan and the owner himself.

The protection content not only includes the personal accident liability and third-party liability during the owner’s cycling activities, but also covers the damage repair and claim settlement services of bicycle vehicles.

On the whole, the product mainly has two innovation highlights.

Innovation of protection liability: the double insurance of people and vehicles can not only protect the owner, but also protect the bicycle.

Unlike the common riding accident insurance, it only protects the accidents and third-party liability during personal riding.

This time, it carries the high-end bicycle damage insurance customized for lightning, which can cover the personal safety of the owner and the loss of bicycle property at the same time.

Personal safety of the car owner: ① personal accident responsibility of the owner, that is, the responsibility for the death and disability of the owner caused by an accident during riding; ② The third party liability of the owner in riding, that is, the necessary and necessary legal expenses for the insured to be sued for the accident caused by the accident in the process of riding, resulting in personal injury or property loss of the third party.

Bicycle property loss: This product covers the basic parts of bicycle.

For example, the frame, wheel set and transmission system also include the spare parts permanently connected with the frame that provide basic functions and need tools to remove them, such as handlebars, chairs, tires, etc.

Innovation of closed-loop service system: one-stop solution to the whole process service needs of users such as insurance, claim settlement, maintenance and rescue.

In the view of carrying insurance, insurance products are not only selling an insurance policy, but also giving priority to whether they can provide professional in-sales and after-sales services for car owners.

Therefore, the sports with insurance – high-end bicycle damage insurance has established a complete closed-loop service system, which solves the service needs of cycling users such as insurance, claim settlement, maintenance and rescue in one stop.

Value added services for car owners: when the car owner is injured during riding, he can call the exclusive 7 * 24-hour bilingual emergency rescue service on the insurance policy, including the cost of medical transfer due to accidents during riding in different places, the cost of family condolences and visits for more than 7 days in hospital, as well as medical consultation, recommendation of medical institutions, assistance in arranging medical treatment and hospitalization, etc.

In addition, if the personal injury or property loss of a third party is caused, the owner can also compensate for the relevant losses according to the law, and even bear the necessary legal expenses if the owner is sued in the event.

Vehicle claim settlement and maintenance service: carry insurance Sports – high-end bicycle damage insurance adopts direct payment settlement.

When the vehicle is damaged and needs to be repaired, it can be repaired and maintained near 100 designated distribution stores of lightning.

Finally, the cost will be settled by the car store with the insurance company, so that customers can no longer worry about the future.

Table 1 form of insurance products for high-end individual bicycle owners 02 insight into the risk management needs of enterprise users in the market segment, carrying insurance extends the insurance boundary through innovative “products + services”.

In recent years, with the improvement of people’s living standards and health awareness, outdoor sports have shown a vigorous development trend.

Skateboarding, rock climbing, surfing and cycling are not competitive sports in the strict sense, but more like a trendy lifestyle.

However, in China, these movements are still in the category of minority circles.

Take outdoor riding behavior as an example.

According to the statistics of high-end bicycle brand lightning Walker app and Xinhuanet, China’s cycling users were about 12 million in 2018, with an annual growth rate of 20% – 25%, making it a real bicycle country.

However, it is worth noting that in the annual increment of 3 million users, the estimated number of new cars with a price of more than 5000 yuan accounts for only 1 / 3.

It is precisely because of the small market, many insurance institutions believe that the operation of minority outdoor sports insurance faces strong uncertainty, high risk, large investment and small premium scale, so they lack the willingness to establish insurance product system, service capacity and sales channels in this field.

As a result, the dislocation between the supply side and the demand side has formed a huge market gap.

Taking the high-end sports bicycle brand “lightning” as an example, its bicycle price of tens of thousands or even hundreds of thousands of yuan makes many car owners face no small risk loss in riding..