Company: SDAWW
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001213900-25-036086
Chunk: 77

Company: SunCar Technology Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 4
Chunk 77
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 and the symbiotic relations between them. We embedded our auto
service module, as customized by our enterprise customers, into their own online applications and realize the offline services via our
service networks. And we help our insurance company clients sell their insurance products through our sales partners.

Our auto eInsurance
business

We generate revenue for our
auto eInsurance business through collecting commissions from insurance companies for successful sales of their insurance products, which
are typically based on a percentage of the premium paid by insurance purchasers. The commission rates are typically set by insurance companies
and differ by product types, insurance companies and regions where the products are sold. The commission rates are also subject to adjustments
by insurance companies based on their expectations on profits, consumer demand for the insurance products, the availability and pricing
of comparable products from other insurance companies and government regulation and policies, in particular price-setting regulations
by the China Banking and Insurance Regulatory Commission (CBIRC). Consequently, our average commission rates also varied between different
locations and times of operation.

We offer to insurance buyers
auto eInsurance products underwritten by major insurance companies in China. The auto eInsurance products we intermediate consist primarily
of statutory automobile liability insurance (“ SALI”) and commercial auto eInsurance. SALI is the compulsory vehicle insurance
for all automobiles in China as required by relevant laws and regulations, and cover casualty and property loss in accidents involving
the insured vehicle. Additionally, we intermediate various types of non-mandatory commercial insurance products for automobile owners,
which cover damages caused to the insured automobiles by collisions and other traffic accidents, falling or flying objects, fire, explosion
and natural disasters. We also intermediate commercial third-party liability insurance products, which cover bodily injuries and property
damage to third parties caused by accidents involving insured vehicles, losses arising from vehicle theft and robbery and liability to
passengers. We also intermediate supplementary policies to cover additional losses such as broken glass and vehicle body scratches. From
time to time upon enquiry of insurance purchasers, we also facilitate individual accident insurance and other property and casualty insurance
products related to car use or car owners.

We have digitalized our auto
eInsurance business using our proprietary technology to ensure an efficient and friendly user experience. We employ artificial intelligence
(AI) technology to automate parts of the workflow, completing the entire insurance purchase process within a few minutes. We are digitally
connected to 35 major insurance company groups in over 800 insurance company branch offices (including the top 10 insurance company groups
with combined over 90% market share