MSIG & Panasonic partner on PoC for EV insurance in China
Mitsui Sumitomo Insurance (MSI), a subsidiary of MS&AD Insurance Group Holdings (MS&AD), is set to launch a proof of concept (POC) in China to provide comprehensive solutions for resolving issues in the use of electric vehicles (EVs), and to research and develop new insurance products and services.
This initiative, starting from July 2023, is facilitated by the Global Digital Hub (GDH) Shanghai, a hub for promoting advanced initiatives, in collaboration with Mitsui Sumitomo Insurance Company (China) (MSIC), NYK Zhenhua, and Panasonic Navinfo.
In April 2022, MSI established GDH Shanghai as it sixth GDH, aimed at promoting advanced initiatives in areas where China is leading, such as EVs, and working on solving social issues through the development of services before and after insurance and compensation.
In China, the world's largest market for EVs, safety and economic risks due to battery malfunctions and degradation have become issues for EV use. This is of particular concern to businesses that have a large vehicle fleet and use it frequently such as logistics companies.
NYK Zhenhua will pilot the battery analysis cloud service provided by Panasonic Navinfo in its logistics service operations using EV trucks. MSIC will analyze the results of the monitoring service and develop new insurance products.
Roles & Responsibilities
NYK Zhenhua
- Test the introduction of large EV trucks in real transportation operations to validate its environmental contribution, economic efficiency, and safety, with the aim to promote decarbonization in auto parts logistics business
- Equip large EV trucks with Panasonic’s battery analysis cloud service, BetteRRRy, allowing for battery status visualization and abnormality detection
- Share the battery status data to MSIC, following analysis by BetteRRRy
Panasonic Navinfo
- Provide BetteRRRy, a battery analysis cloud service, to promote usage of EV in the logistics industry
- Increase EV operational safety by abnormal battery status detection, future state forecast and alerts
- Improve operation’s economical efficiency through consulting based on the battery degradation status visualization
MSIC
Verify the development and provision of the following two new insurance products:
- Battery Backup Service Liability Insurance: Provides compensation for costs incurred due to actions taken when anomalies such as battery ignition are detected (e.g., costs for towing, inspection, and repair)
- Warranty Insurance For Battery Repair/ Replacement: Covers the cost of repair or replacement when batteries experience abnormal deterioration beyond the manufacturer’s warranty
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