SunCar Technology (SDA) enters cooperation agreement with Li Auto Insurance

SunCar Technology Group Inc. (NASDAQ: SDA) announced a new business cooperation through its wholly owned subsidiary, Shanghai Chengle Network Technology Co., Ltd. with Beijing Li Auto Insurance Brokerage Company. 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."

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