NEW YORK - SunCar Technology Group Inc. (NASDAQ: SDA), a company specializing in digital automotive after-sales services and online auto insurance intermediation in China, has announced a new business cooperation with Beijing Li Auto (NASDAQ:LI) Insurance Brokerage Company. The agreement, valued at RMB 1.74 million (approximately USD 0.24 million), involves the development of an advanced information technology system for insurance brokerage, aiming to improve operational efficiency within the insurance sector.
The partnership, through SunCar's subsidiary Shanghai Chengle Network Technology Co., Ltd., will focus on creating 'Li Auto Insurance's Broker System', a software solution designed to streamline insurance brokerage operations, procurement workflows, and enhance user experience. The project is expected to be completed by November 15, 2024, with SunCar leading the design and development stages. Additionally, SunCar will provide six months of operational services post-development and offer life-long free maintenance and technical support.
The collaboration is set to leverage SunCar's expertise in software development and IT solutions, aiming to boost Li Auto Insurance's operational efficiency and service quality. Mr. Ye Zaichang, Chairman and CEO of SunCar, stated that the venture reflects the company's commitment to innovation in the insurance industry and expressed confidence that the system will set a new standard for technology-driven solutions in insurance brokerage.
SunCar Technology Group Inc., founded in 2007, has established itself as a leader in China's B2B automotive after-sales services market and the online insurance market for electric vehicles. The company's cloud-based platform connects drivers with a range of automotive services and insurance coverage options through a nationwide network of provider partners.
This announcement is based on a press release statement and contains forward-looking statements regarding SunCar's future expectations, plans, and prospects. It is important to note that actual results may differ materially from these projections.
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