Recently, BYD Caixin WeChat public account has opened up car insurance application entrance, which has caused a stir. Many car owners expressed that BYD Caixin's quote for new energy vehicle insurance is lower. Dai Haiyan, the Director General of Risk Information of Legal Business Union, said that BYD Caixin's entry could become a "catfish" that affects the price trend of new energy vehicle insurance by promoting industry competition, innovative service models, optimizing cost structures, ultimately benefiting the majority of new energy vehicle consumers, and also promoting the healthy development and transformation and upgrading of the entire auto insurance industry. However, for BYD Caixin to really succeed, it still needs to overcome various challenges such as professional expertise and cost control in the industry, and effectively use its data and technological advantages to innovate insurance products and service models.