NEW
YORK, Feb. 21, 2024 /PRNewswire/ -- SunCar
Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), an
innovative leader in digitalized automotive after-sales services
and online auto insurance intermediation in China, today announced a new business
cooperation (the "Agreement") through its wholly owned subsidiary,
Shanghai Chengle Network Technology Co., Ltd. with Beijing Li Auto
Insurance Brokerage Company ("Li Auto Insurance"). This partnership
focuses on developing a state-of-the-art information technology
system for insurance brokerage, symbolizing a significant stride in
technological advancement and operational efficiency within the
insurance sector.
This Agreement has a total consideration of RMB 1.74 million (approximately USD 0.24 million). Under this Agreement, SunCar
and Li Auto Insurance are set to collaborate on developing the 'Li
Auto Insurance's Broker System'. This cutting-edge project, slated
for completion by November 15, 2024,
entails a comprehensive software solution to streamline brokerage
operations, enhance procurement workflows, and provide a seamless
operational experience. SunCar will lead the design and development
phases and deploy a robust software solution tailored to Li Auto
Insurance's needs. Beyond the development stage, SunCar will
provide six months of operational services, ensuring the system's
continuous functionality and offering ongoing assistance to
optimize performance and efficiency. SunCar will also provide
life-long free maintenance and technical support to the system.
This collaboration underscores SunCar's technological prowess
and innovative capabilities to serve its customers within the
insurance industry and sets new standards in the insurance
brokerage sector. SunCar aims to significantly enhance Li Auto
Insurance's operational efficiency and service quality by providing
a resilient and customized software solution.
Mr. Ye Zaichang, Chairman and CEO of SunCar, commented, "We are
excited to embark on this new venture with Li Auto Insurance. This
partnership demonstrates our software development and IT solutions
capabilities and reinforces our commitment to embedding innovation
within the insurance industry. We are confident that Li Auto
Insurance's Broker System will deliver exceptional value to Li Auto
Insurance with operational excellence and set a benchmark for
technology-driven solutions in insurance brokerage."
About SunCar Technology Group Inc.
Originally founded in 2007, SunCar is transforming the customer
journey for car insurance and aftermarket services in China, the largest passenger vehicle market in
the world. SunCar develops and operates online platforms that
seamlessly connect drivers with a wide range of automotive services
and insurance coverage options through a nationwide network of
provider partners. As a result, SunCar has established itself as
the leader in China in the B2B
automotive after-sales services market and the online insurance
market for electric vehicles. The Company's multi-tenant,
cloud-based 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
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SOURCE SunCar Technology Group Inc