Ping An P&C and FAW Hongqi Launch Intelligent Driving Insurance Services to Safeguard Drivers

USA - English

• APAC - English
• USA - English

HONG KONG and SHANGHAI, March 17, 2025 /PRNewswire/ -- Ping An P&C, a subsidiary of Ping An Insurance (Group) Company of China, Ltd. ("Ping An" or the "Group", HKEx: 2318 / 82318; SSE: 601318) has partnered with FAW Hongqi Auto. Sales Co., Ltd. (FAW Hongqi) to launch Hongqi Intelligent Driving Protection Services, offering safer and more convenient travel protection for drivers and promoting the development of the intelligent vehicle industry.

Intelligent driving spurs new insurance demand

Most auto insurance products are designed based on the risks related to of traditional vehicles. However, intelligent vehicles have different risk characteristics. Ping An P&C is exploring innovation in insurance to address the risks associated with the rapidly developing intelligent driving technology. Collaborating closely with automakers, Ping An P&C analyzes the risks in different scenarios based on intelligent connected vehicle (ICV) data. It is continually optimizing insurance product design and now, it has launched the industry's first full-scenario solution for intelligent driving. It offers protection for intelligent driving liability and other new risks, covering eight high-frequency scenarios in intelligent driving assistance, including automated parking, remote control parking, valet parking, urban traffic vehicle lane cruise control, enhanced urban traffic lane cruise control, highway traffic lane cruise control, urban navigation and highway navigation.

Ping An P&C and FAW Hongqi Create New Model for Intelligent Driving Protection

This is the first intelligent driving protection service offered by Ping An P&C in collaboration with FAW Hongqi. Together, they are exploring innovative insurance models for intelligent driving, including building a risk database, optimizing service processes and upgrading protection solutions to provide users with more precise and comprehensive risk protection.

For example, the Hongqi Tian Gong 08 is a new energy vehicle model equipped with ultra-low-temperature battery cell technology, which can maintain a 93% battery energy retention rate in a low-temperature environment up to -10 degrees Celsius. Based on this scenario, Ping An P&C has customized a compensation plan for losses due to power battery failure in the vehicle due to low temperatures, including the cost of a replacement vehicle during the vehicle repair period, giving drivers a sense of security during the winter.

Ping An leading innovation to promote high-quality development of intelligent vehicle industry

In addition to the partnership with FAW Hongqi, Ping An P&C and also jointly launched a customized intelligent driving protection service with Seres Automobile Co., Ltd.  in November 2024, covering protection needs in scenarios such as automated parking and driving. This plan provides car owners with more comprehensive risk protection.

Ping An P&C will adhere to a customer-centric approach, continue to deepen technological empowerment, and provide more comprehensive and efficient insurance protection support for new energy vehicle companies and customers. Ping An P&C is committed to innovation in financial service models and working with industry partners to improve intelligent driving insurance and provide safer and more reliable protection.