SunCar Technology and Wuhan JIDU Join Forces to Revolutionize Auto Insurance with Nationwide Intelligent Platform

Rhea-AI Summary

SunCar Technology Group (NASDAQ: SDA) has partnered with Wuhan JIDU, a joint venture between Baidu and Geely, to provide its cloud-based intelligent insurance platform across China. The platform will offer instant online quoting, underwriting, electronic policy issuance, and claims management powered by big data and AI. This nationwide rollout will connect Wuhan JIDU with leading insurance providers, delivering tailored insurance services to customers of intelligent electric vehicles. The partnership aims to create a comprehensive digital-first insurance ecosystem that caters to tech-savvy consumers.

Positive

• Strategic partnership with Wuhan JIDU (Baidu-Geely joint venture) expands market reach
• Nationwide platform deployment increases potential customer base
• Integration with leading insurance providers strengthens service offering

Negative

• None.

News Market Reaction

+2.65%

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+2.65% News Effect

On the day this news was published, SDA gained 2.65%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

NEW YORK, Nov. 11, 2024 /PRNewswire/ -- SunCar Technology Group Inc. (NASDAQ: SDA), a leading innovator in cloud-based B2B auto services and auto e-insurance in China, has entered into a strategic partnership with Wuhan JIDU Automobile Service Co. LTD. ("Wuhan JIDU"), to provide its cutting-edge insurance technology platform to auto buyers and customers across China. This partnership represents a major step in enhancing the digital insurance experience for Wuhan JIDU's expanding customer base.

Wuhan JIDU, a key player in the intelligent vehicle industry, is the groundbreaking joint venture between Baidu and Geely. JIDU Auto is at the forefront of developing intelligent electric vehicles (EVs), focusing on AI-driven autonomous technology. With this collaboration, Wuhan JIDU will leverage SunCar's cloud-based intelligent insurance platform (the "Platform") to deliver efficient, fully digital insurance services, cementing its position in the evolving smart mobility landscape.

The nationwide rollout of SunCar's intelligent insurance platform will provide Wuhan JIDU's customers with an all-in-one solution for managing their auto insurance needs. The Platform offers instant online quoting, underwriting, electronic policy issuance, and claims management powered by big data and AI. It connects Wuhan JIDU with leading insurance providers and intermediaries, ensuring customers receive tailored insurance services efficiently and effortlessly.

"We are proud to collaborate with Wuhan JIDU, a visionary in the intelligent EV industry, to bring our advanced insurance technology platform to their nationwide customer base," said Ye Zaichang, Chairman and CEO of SunCar Technology Group Inc. "This partnership goes beyond providing a service—it represents a shared vision to redefine the auto insurance experience in China. By combining our expertise in cloud-based, AI-powered insurance solutions with Wuhan JIDU's forward-thinking approach to electric and autonomous vehicles, we are creating a comprehensive, digital-first insurance ecosystem that aligns perfectly with the needs of today's tech-savvy consumers."

"This collaboration not only enhances the value Wuhan JIDU delivers to its customers but also demonstrates the scalability and versatility of our Platform. We are committed to supporting Wuhan JIDU as it continues its rapid growth, offering seamless, intelligent services to auto buyers nationwide. Our goal is to ensure that every customer enjoys the convenience and efficiency of our digital Platform, setting a new benchmark for customer experience in the automotive and insurance industries. As we look ahead, we believe this partnership will serve as a model for future collaborations and industry-wide transformation," concluded Mr. Ye.

About SunCar Technology Group Inc.

Founded in 2007, SunCar is transforming the customer journey for auto services and auto insurance in China, the largest passenger vehicle market in the world. SunCar develops and operates cloud-based platforms that seamlessly connect drivers with a wide range of auto services and insurance coverage options through a nationwide network of sales partners. As a result, SunCar has established itself as the leader in China in the B2B auto services market and the auto eInsurance market for electric vehicles. The Company's intelligent cloud platform empowers its enterprise clients to access and manage their customer database and offerings optimally, and drivers gain access to hundreds of services from tens of thousands of independent providers in a single application. For more information, please visit: https://suncartech.com. 

Forward-Looking Statements

This press release contains information about the Company's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. The Company encourages you to review other factors that may affect its future results in the Company's annual reports and in its other filings with the Securities and Exchange Commission.

Contact Information:

SunCar:
Investor Relations: Ms. Hui Jiang
Email: IR@suncartech.com
Legal: Ms. Li Chen
Email: chenli@suncartech.com 

U.S. Investor Relations
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com

View original content:https://www.prnewswire.com/news-releases/suncar-technology-and-wuhan-jidu-join-forces-to-revolutionize-auto-insurance-with-nationwide-intelligent-platform-302300794.html

SOURCE SunCar Technology Group Inc.

FAQ

What is the partnership between SunCar Technology (SDA) and Wuhan JIDU?

SunCar Technology (SDA) has partnered with Wuhan JIDU to provide its cloud-based intelligent insurance platform nationwide in China, offering digital insurance services for auto buyers.

What services will SunCar's (SDA) insurance platform provide to Wuhan JIDU customers?

The platform will provide instant online quoting, underwriting, electronic policy issuance, and AI-powered claims management services to Wuhan JIDU customers.

How will the SunCar (SDA) and Wuhan JIDU partnership benefit customers?

Customers will receive tailored insurance services through an all-in-one digital platform that connects with leading insurance providers, offering efficient and effortless insurance management.