German insurance group Ergo has signed a joint venture with China’s Great Wall Motors (GWM)that will see the development of new products and services for the Chinese market.
The products will be marketed via car dealerships and affiliated GWM companies. At the official signing ceremony, the two companies said the major aim was to create a fully-fledged advanced IT solution for Auto Mobility ecosystem, “orchestrating innovative insurance solutions, and building a highly efficient and professional team, in order to achieve ultimate integration of superior resources from both sides”.
Jianjun Wei, Founder and Chairman of Great Wall Motor Company Limited, explained: “GWM and ERGO each carries their own expertise and advantages in respective industries, GWM being the leading automotive manufacturer in China and ERGO being the leading insurance group in the global market. In-depth cooperation of insurance business between the two companies will open new doors to elevated services and integrated solutions to the market. And an integration of superior resources from both sides through technology and data science expertise will infuse the Joint Venture with full innovative energy.”
Dr. Markus Rieß,(pic) Chairman of the Board of Management of ERGO Group added: “With the Joint Venture agreed today, we are consistently continuing ERGO’s growth path. Together with our partner Great Wall Motors, we have set the common goal to establish a leading provider within the auto mobility ecosystem in terms of technology and data-driven product and service solutions. It underlines ERGO’s strategic ambition for being a leading partner of the Automotive industry and it demonstrates our strong position in one of our core growth markets. We look forward to working together on delivering pioneering solutions and benefit our partners and clients.”
GWM is one of China’s most innovative up-and-coming automakers and is currently the largest manufacturer of SUVs and pickups in the Chinese market. GWM achieved one million plus new car sales for three consecutive years from 2016 to 2018.
ERGO is part of the Munich Re Group and said the cooperation underpins ERGO’s role as strategic partner to the auto mobility industry via ERGO Mobility Solutions (EMS) and is continuing its growth course and strengthening its presence in the strategically important growth market of China.
Launched in 2017, EMS was set up to focus on developing strategic cooperation with the automotive and mobility industry. EMS’ market entry into the world’s most important automobile market is in line with its strategy of building up a strong position in the three automotive anchor markets of China, Germany and the USA.
Karsten Crede, Member of the Board of Management of ERGO Digital Ventures AG and responsible for EMS said: “Automotive financial services and particularly insurance is becoming increasingly important to car manufactures to enhance customer loyalty and dealer satisfaction. The Joint Venture agreed today underscores ERGO’s role as a strategic partner to the automotive industry, providing innovative mobility solutions for private and corporate customers as well as car dealerships”.