BEIJING, June 1, 2023
/PRNewswire/ -- Cheche Technology Inc. ("Cheche Technology" or the
"Company"), China's leading auto
insurance technology platform, announced the release of its EV 2.0
Upgrade Solution featuring the Sky Dome Risk Management Platform.
This comprehensive business intelligence platform synthesizes
various categories and levels of data, augmented by machine
learning, to drive superior capabilities in underwriting, pricing,
claims management, and group fraud detections.
After more than two years of research and development, Cheche's
2.0 Upgrade Solution is connected to more than ten leading
insurance companies, including the People's Insurance Company of
China, Ping An Insurance Group,
and China Pacific Insurance. It currently serves more than ten of
the top NEV companies, including NIO, Li Auto, Xpeng, and JIDU. The
platform spans software-as-a-service (SaaS) systems, insurance
company application programming interface ("API") integrated
management, digital operations, and value-added services.
Five advantages set this technology apart from any competing
offering:
- Complete Integrated Technology Platform: Cheche
Technology is the first in the industry to launch the integration
of the C (car owner's APP) + A (car enterprise) model via the
Cornerstone Insurance SaaS Operation Management System, offering
comprehensive capabilities of new policies and renewals, data
management, platform interconnectivity, and one-key access to
ensure service quality and the timeliness of the consumer's
transactions.
- Extensive Insurance Partner Network
Connections: Cheche has established relationships with
approximately 100 domestic insurance companies, including about ten
insurance companies that have established API interfaces to
collaborate with the electric vehicle manufacturers, allowing
Cheche to provide consumers a painless, one-stop insurance
application experience.
- Proven Benefits to Customers and Partners: The
platform has demonstrated success in digital operation management,
specifically in areas such as user management, enterprise-level
management, and contract management, realizing effective
underwriting rule operation and maintenance, digital insurance
marketing, user funnel conversion, and financial settlement, among
other functions.
- Valuable Data-driven Insights: Cheche can engage in
in-depth data mining and analysis on consumer habits and NEV usage
scenarios to enable value-added product innovation. Sharing the
data across the ecosystem allows auto manufacturers and insurance
companies to improve consumer experiences, launch additional
services and customized non-auto insurance products, and increase
consumer stickiness.
- NEV-focused Nationwide Service Network: The Company
is harnessing the service advantages of a large network and has
established more than 110 provincial and municipal locations
nationwide with a dedicated service team of over 400 people.
Sky Dome Risk Management Platform Leveraging AI and Machine
Learning
The Upgrade's biggest highlight is the company's enhanced
ability to identify and manage risk. The Sky Dome insurance
anti-fraud model combines static factors and dynamic variables
such as a risk-rule engine and a personal injury database to
identify anti-fraud behavior during claims settlements. Variables
are screened through different algorithms and regression analyses.
The product is easy to operate, easy to deploy, and scalable.
"The Sky Dome integrated solution is revolutionizing the
underwriting process, providing a streamlined approach to risk
mitigation and crafting policies more appropriately tailored to
consumer needs, maximizing the value and satisfaction when
purchasing a new vehicle," said Lei Zhang, CEO of Cheche
Technology. "Optimized pricing and superior fraud detection not
only drive efficiencies that boost the carriers' bottom line, but
ultimately reduces the total cost of vehicle ownership."
While often difficult to detect initially, the Chinese auto
industry continues to be plagued by claims fraud. Accounting for
local risk characteristics in different regions, the risk control
model accurately identifies risks, helping insurance companies
optimize pricing and loss ratios. The accuracy of a risk management
model is highly dependent on the data quality it synthesizes, such
as loss history and the driver's personal information.
"While the Comprehensive Reform of Auto Insurance has led to
greater pricing flexibility, companies don't always have effective
guidelines to enforce real-time precision pricing strategies. Sky
Dome can derive price recommendations by region, enabling insurance
carriers to manage pricing strategies better and launch promotions
more effectively," continued Lei Zhang. "We are very encouraged by
the initial reception to this innovative solution by many of
China's largest insurers. We plan
to continue ramping up investments in artificial intelligence and
big data technology to drive the digitalization of insurance
products, making them more efficient and accessible to
consumers."
An insurance company relying strictly on its own resources is
unlikely to deliver the most effective claims risk detection, but
with the Auto Insurance Risk Management Platform, a company can
accurately determine a risk score after predicting the exposure of
the personal passenger vehicle and its potential economic loss.
Once driver, vehicle, and accident location data are processed, the
platform can detect fraudulent group events in real-time, helping
to correctly calibrate the accuracy of policy pricing, underwriting
management, and claims management.
Cheche Technology announced on January
30, 2023, that it had entered into a definitive business
combination agreement with Prime Impact Acquisition I ("Prime
Impact") (NYSE: PIAI), a publicly traded special purpose
acquisition company, that will result in Cheche Technology becoming
a publicly listed company. Upon closing, the combined company will
be listed on Nasdaq under the new ticker symbol CCG.
About Cheche Technology
Established in 2014 and headquartered in Beijing, China, Cheche Technology is a leading
auto insurance technology platform, with a nationwide network of
around 110 branches licensed to distribute insurance policies
across 24 provinces, autonomous regions, and municipalities in
China. Capitalizing on its leading
position in auto insurance transaction services, Cheche Technology
has evolved into a comprehensive, data-driven technology platform
that offers a full suite of services and products for digital
insurance transactions and insurance SaaS solutions in China. Learn more at
https://www.chechegroup.com/en.
About Prime Impact
Prime Impact is a Cayman
Islands exempted company formed on July 21, 2020, for the purpose of effecting a
merger, share exchange, asset acquisition, share purchase,
reorganization, or similar business combination involving Prime
Impact and one or more businesses. Prime Impact is focused on
partnering with experienced management teams building innovative,
data-centric technology or technology-related companies in key
Asian markets with a focus on the Greater
China market. Prime Impact is led by Co-Founder, Co-CEO and
CFO Mark Long and Co-Founder and
Co-CEO Michael Cordano. Learn more
at https://ir.primeimpactcapital.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"estimate," "plan," "project," "forecast," "intend," "will,"
"expect," "anticipate," "believe," "seek," "target" or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements also include, but are not limited to,
statements regarding projections, estimates and forecasts of
revenue and other financial and performance metrics, projections of
market opportunity and expectations, the estimated implied
enterprise value of the Combined Company, Cheche Technology's
ability to scale and grow its business, the advantages and expected
growth of the Combined Company, the Combined Company's ability to
source and retain talent, the cash position of the Combined Company
following closing of the Proposed Transaction, Prime Impact's and
Cheche Technology's ability to consummate the Proposed Transaction,
and expectations related to the terms and timing of the Proposed
Transaction, as applicable. These statements are based on various
assumptions, whether or not identified in this press release, and
on the current expectations of Prime Impact's and Cheche
Technology's management and are not predictions of actual
performance.
These statements involve risks, uncertainties and other factors
that may cause actual results, levels of activity, performance or
achievements to be materially different from those expressed or
implied by these forward-looking statements. Although each of Prime
Impact and Cheche Technology believes that it has a reasonable
basis for each forward-looking statement contained in this press
release, each of Prime Impact and Cheche Technology cautions you
that these statements are based on a combination of facts and
factors currently known and projections of the future, which are
inherently uncertain. In addition, there will be risks and
uncertainties described in the proxy statement/prospectus included
in the Registration Statement relating to the Proposed Transaction,
which is expected to be filed by the Combined Company with the
Securities and Exchange Commission (the "SEC") and other documents
filed by the Combined Company or Prime Impact from time to time
with the SEC. These filings may identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. Neither Prime Impact nor Cheche
Technology can assure you that the forward-looking statements in
this press release will prove to be accurate. These forward-looking
statements are subject to a number of risks and uncertainties,
including, among others, the ability to complete the Proposed
Transaction due to the failure to obtain approval from Prime
Impact's shareholders or satisfy other closing conditions in the
Business Combination Agreement, the occurrence of any event that
could give rise to the termination of the Business Combination
Agreement, the ability to recognize the anticipated benefits of the
Proposed Transaction, the amount of redemption requests made by
Prime Impact's public shareholders, costs related to the Proposed
Transaction, the impact of the global COVID-19 pandemic, the risk
that the Proposed Transaction disrupts current plans and operations
as a result of the announcement and consummation of the Proposed
Transaction, the outcome of any potential litigation, government or
regulatory proceedings, and other risks and uncertainties,
including those to be included under the heading "Risk Factors" in
the Registration Statement to be filed by the Combined Company with
the SEC and those included under the heading "Risk Factors" in the
annual report on Form 10-K for year ended December 31, 2022 of Prime Impact and in its
subsequent quarterly reports on Form 10-Q and other filings with
the SEC. There may be additional risks that neither Prime Impact
nor Cheche Technology presently know or that Prime Impact and
Cheche Technology currently believe are immaterial that could also
cause actual results to differ from those contained in the
forward-looking statements. In light of the significant
uncertainties in these forward-looking statements, nothing in this
press release should be regarded as a representation by any person
that the forward-looking statements set forth herein will be
achieved or that any of the contemplated results of such
forward-looking statements will be achieved. The forward-looking
statements in this press release represent the views of Prime
Impact and Cheche Technology as of the date of this press release.
Subsequent events and developments may cause those views to change.
However, while Prime Impact and Cheche Technology may update these
forward-looking statements in the future, there is no current
intention to do so, except to the extent required by applicable
law. You should, therefore, not rely on these forward-looking
statements as representing the views of Prime Impact or Cheche
Technology as of any date subsequent to the date of this press
release. Except as may be required by law, neither Prime Impact nor
Cheche Technology undertakes any duty to update these
forward-looking statements.
Additional Information and Where to Find It
In connection with the Proposed Transaction, Prime Impact and
the Company intend to cause a registration statement on Form F-4 to
be filed with the SEC, which will include a proxy statements to be
distributed to Prime Impact's shareholders in connection with Prime
Impact's solicitation for proxies for the vote by Prime Impact's
shareholders in connection with the Proposed Transaction and other
matters as described in the registration statement, as well as a
prospectus relating to the Company's securities to be issued in
connection with the Proposed Transaction. Prime Impact's
shareholders and other interested persons are advised to read, once
available, the preliminary proxy statement/prospectus and any
amendments thereto and, once available, the definitive proxy
statement/prospectus, in connection with Prime Impact's
solicitation of proxies for its special meeting of shareholders to
be held to approve, among other things, the Proposed Transaction,
because these documents will contain important information about
Prime Impact, the Company and the Proposed Transaction. After the
registration statement is filed and declared effective, Prime
Impact will mail a definitive proxy statement and other relevant
documents to its shareholders as of the record date to be
established for voting on the Proposed Transaction. Shareholders
may also obtain a copy of the preliminary and definitive proxy
statement/prospectus to be included in the registration statement,
once available, as well as other documents filed with the SEC
regarding the Proposed Transaction and other documents filed with
the SEC, without charge, at the SEC's website located at
www.sec.gov.
Participants in the Solicitation
Prime Impact, Cheche Technology and their respective directors,
executive officers and other members of management and employees
may, under SEC rules, be deemed to be participants in the
solicitations of proxies from Prime Impact's shareholders in
connection with the Proposed Transaction. Information regarding the
persons who may, under SEC rules, be deemed participants in the
solicitation of Prime Impact's shareholders in connection with the
Proposed Transaction will be set forth in the proxy
statement/prospectus included in the Registration Statement to be
filed with the SEC in connection with the Proposed Transaction. You
can find more information about Prime Impact's directors and
executive officers in Prime Impact's final prospectus related to
its initial public offering dated September
9, 2020. Additional information regarding the participants
in the proxy solicitation and a description of their direct and
indirect interests will be included in the proxy
statement/prospectus when it becomes available. Shareholders,
potential investors and other interested persons should read the
proxy statement/prospectus carefully when it becomes available
before making any voting or investment decisions. You may obtain
free copies of these documents from the sources indicated
above.
No Offer or Solicitation
This press release is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the potential Transaction, and does not constitute an
offer to sell or the solicitation of an offer to buy any securities
of Prime Impact, the Company or the combined company, or a
solicitation of any vote or approval, nor shall there be any sale
of securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of the Securities Act of 1933, as amended.
Prime Impact:
Mark Long
investorinfo@primeimpactcapital.com
(650) 825-6965
Cheche Technology:
IR@chechegroup.com
Crocker Coulson
crocker.coulson@aummedia.org
(646) 652-7185
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SOURCE Cheche Technology