TrueCar to build new insurance vertical

Car buying platform TrueCar, which was taken private earlier this year, announced that it will capitalize on “untapped opportunities” by expanding its OEM relationships and insurance offerings.

As part of the effort, the company hired former Tesla and Marsh executive Nik Huyeng to lead the insurance and ancillary business, developing and bringing to market digitally integrated insurance solutions to help customers secure the right protection “while saving time and money.”

Huyeng has more than 13 years of experience at the intersection of automotive, insurance, and financial services, and has spent four years at Tesla. At Tesla, he built it’s European insurance company from the ground up, securing regulatory licensing across the EU and UK, “and spearheaded the 2019 launch of Tesla Insurance in California.”

Earlier in his career, Huyeng held roles at Marsh across Hong Kong, Beijing, and Asia Pacific, where he developed Tesla’s first dedicated auto insurance program globally and supported Marsh’s appointment as Tesla’s global insurance broker.