Cheche Group

Cheche Group

Founded in 2014 by Lei Zhang and headquartered in Beijing, Cheche Group emerged during a period of rapid digitization in China's financial services sector. The company positioned itself as a technology platform for the auto insurance ecosystem, rather than an underwriter itself, allowing it to scale without the capital constraints of a balance-sheet carrier. Cheche operates a core SaaS and marketplace model that links China's major property and casualty insurers with a network of over 110,000 downstream referral partners, including used-car dealers, repair shops, and smaller brokers. Insurers such as PICC Property & Casualty, Ping An, and China Pacific Insurance leverage the platform to access granular distribution channels. The firm does not underwrite risk; rather, it earns technology service fees tied to gross written premiums processed through its system. Its core market is China, where it covers all 31 mainland provinces, with additional exploratory operations in Hong Kong. After combining with special-purpose acquisition company Prime Impact Acquisition I, Cheche Group began trading on the Nasdaq in September 2023 (per Reuters, September 2023). The firm had embedded non-life insurance workflows at scale, reportedly facilitating over 70 million policies since inception. It maintained an in-house R&D team in Beijing, which supported its real-time quoting engine and policy management infrastructure. Cheche's structural contour is uncommon for an InsurTech: it is a vertically focused technology layer that does not compete with its carrier partners. By functioning as a neutral infrastructure provider to multiple insurers, it sidesteps the channel conflict that haunts captive digital agents, while aggregating distribution demand on a single technology backbone.