Xiaomi Auto Partners with BNP Paribas Cardif to Launch Affordable Auto Insurance in Beijing Pilot

Xiaomi Auto has recently officially launched "Xiaomi Auto Insurance," underwritten by Beijing BNP Paribas Tianxing Property & Casualty Insurance Company. The service is currently undergoing a limited pilot rollout in Beijing, offering policy renewals to select customers. Priced at RMB 4,794.65, the product is lower than the over RMB 5,000 quotes from several traditional insurers and includes benefits such as eight roadside assistance services, vehicle inspection delivery, and safety checks, positioning itself as a high-value-for-money offering. BNP Paribas Tianxing Insurance is jointly owned by BNP Paribas Cardif (France), Sichuan Yinmi Technology (a Xiaomi subsidiary), and Volkswagen Financial Services. While Xiaomi holds a significant stake, it does not lead the company’s operations. Automakers entering the auto insurance sector has become a growing trend, with companies like Li Auto, NIO, and BYD all establishing insurance operations through acquisitions or in-house development. Experts note that automakers’ access to rich vehicle and driving data enables more precise pricing and reduced distribution costs, driving the auto insurance industry toward greater digitization and精细化 (refined, granular) management. However, challenges remain in claims handling capabilities and underwriting risk management.