Cheche launches AI pricing model for new energy vehicle insurance
Cheche rolled out Cheche Score, an AI pricing engine that uses more than 200 risk indicators and five A-to-E tiers for new energy vehicle policies.
Cheche Group has pushed past underwriting and into pricing with Cheche Score, a proprietary AI model for new energy vehicle insurance commercialized across multiple cities in China. The system uses more than 200 dynamic risk-control indicators and sorts risk into five tiers, from A for the lowest-risk policies to E for the highest.
Cheche Score builds individualized risk ratings by vehicle type, driving scenario and intelligent-driving usage pattern. The model is tied to AI-powered renewal cooperation agreements with several of China’s largest insurers and has cut application processing to mere seconds while improving renewal conversion rates.
Lei Zhang, Cheche’s founder, chief executive and chairman, tied the launch to dynamic, data-driven NEV pricing and said the combination of connected-vehicle data and real driving behavior returns the pricing decision to the model. Cheche launched an AI-powered intelligent underwriting agent, ABAO Agent, on June 22, then followed it with Cheche Score two days later. On May 28, it had already introduced an AI large model-driven intelligent connected vehicle pricing product aimed at roughly 20 million intelligent connected new energy vehicles, using real-time driving behavior, usage patterns and localized risk scenarios for personalized pricing.
Cheche’s January 29 cooperation with Volkswagen (Anhui) Digital Sales and Services Co., Ltd. and Beijing Cardif Airstar Property & Casualty Insurance Co., Ltd. covered digital insurance services, intelligent pricing, intelligent-driving insurance and non-auto insurance. It built a risk profile from rapid acceleration, hard braking, steering-angle indicators, road conditions, in-vehicle interaction frequency and industry claims data, with dynamic learning and feedback from claims into parameter calibration. A later expansion around Volkswagen Anhui’s ID.EVO model added full-spectrum risk management from underwriting to digital claims management.
Cheche was founded in 2014 and is headquartered in Beijing, with R&D centers in Beijing and Guangzhou. Swiss Re said China’s motor insurance market generated more than CNY 913 billion in premiums in 2024, with registered vehicles rising to almost 353 million by December 2024. Separate 2025 data put NEV insurance at 43.58 million vehicles and CNY 190 billion in premium income, while still posting an underwriting loss of CNY 5.6 billion. AM Best said NEV premiums accounted for 11.5% of China’s total motor insurance business.
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