The supply and demand of health insurance are booming. While the epidemic situation has raised consumers' health awareness, new regulations on the definition and incidence of critical illness insurance have been put into practice, long-term medical insurance rates can be adjusted, and new health insurance products are constantly emerging, creating an incremental market.
Under the pressure of the epidemic, the digital transformation of the insurance industry is being implemented. With the continuous improvement of the opening-up degree of the financial and insurance industry, technology helps insurance companies to accelerate the mode change and promote the continuous progress of the whole industry.
"Huimin Bao" ignites market enthusiasm
Regardless of age, occupation and health status (but exemption from compensation for major past diseases will be set), the premium is uniformly low. In 2020, an innovative medical supplementary health insurance-"Huimin Insurance" is unprecedentedly popular.
"Urban customized insurance has effectively formed a supplementary medical security system with the combination of commercial and policy financing and the market-oriented operation of commercial insurance companies as the core." An industry insider pointed out in an interview with a reporter from the National Business Daily that under the background that there is a guarantee gap in China's basic medical insurance, developing universal insurance is an important and necessary exploration in the process of improving the medical security system, and it is also in line with the national policy requirements for improving the multi-level medical security system.
Since the introduction of supplementary medical insurance for serious and serious diseases in Shenzhen on 20 15, several cities have successively cooperated with insurance companies and third-party institutions to launch similar projects. Since then, universal health insurance has blossomed everywhere, gradually sinking, and its coverage has been expanding. Statistics show that by the end of June, 5438+February, 2020, about 70 Huimin insurance products had been launched in various provinces and cities, with a total number of participants exceeding 20 million and accumulated premiums exceeding 65,438 billion yuan.
Although the initial participation rate in some areas is insufficient, and payout ratio is climbing, with the increasing market popularity of Huimin Insurance, many new products are highly sought after by the market. On 65438+February 1 day, Guangzhou's first exclusive inclusive commercial supplementary health insurance "Sui Sui Kang" was launched. In just 84 hours, the cumulative number of participants exceeded 1 10,000, and the cumulative premium exceeded10.8 billion yuan.
The Shanghai Stock Exchange believes that this verifies the feasibility and market recognition of the inclusive insurance service of "the guidance of the Medical Insurance Bureau, the supervision of the Banking Insurance Regulatory Bureau, the functional support on the exchange floor, and the joint underwriting of several insurance companies".
On the regulatory level, on1October 20th and 165438, the CBRC issued the Notice on Regulating the City-customized Commercial Medical Insurance Business of Insurance Companies (draft for comments) (hereinafter referred to as the draft for comments), aiming at standardizing the development of such businesses, improving the security level of insured people, protecting the legitimate rights and interests of consumers and promoting long-term stable and sustainable development.
Liu Xinqi, chief analyst of Guotai Junan's non-bank financial industry, believes that the Draft for Comment standardizes the design of such products for the first time, guides rational competition in the industry, and is conducive to the healthy development of the industry. "Huimin retention is conducive to commercial insurance companies to achieve customer accumulation in the Pratt & Whitney scenario, so as to carry out secondary development. We believe that large insurance companies with pricing advantages are expected to achieve higher customer participation rate and achieve low-cost drainage. "
Regarding the sustainability of Huimin Insurance, Xu Xian, director of the Risk Management and Insurance Department of Fudan University, also said that it may be another feasible entry point to maintain the sustainability of Huimin Insurance by acquiring customer resources and carrying out secondary development to drive the sales of other commercial insurance products.
According to Xu Xian's analysis, 20 15, the embryonic form of "Huimin insurance", Shenzhen introduced supplementary medical insurance for serious and serious diseases, which has been in a state of loss since its introduction, and payout ratio once reached 136%. However, the reason why this Pratt & Whitney product can go all the way to today and reach more than 50% participation rate is related to the secondary development of customers by its underwriting company Ping An Pension. Although the premium obtained by Ping An Pension on this product itself is average, through the acquisition and development of inclusive insurance customer resources, Ping An Pension has expanded millions of medical insurance and critical illness insurance, with a scale of about 30 million yuan. This also provides a new idea for the sustainable management of "Huiminbao" products in other regions.
Policy Initiates Innovation of Long-term Medical Insurance
The data shows that in 20 19, the original insurance premium income of medical insurance was 244.2 billion yuan, up 32% year-on-year, which was about 20 percentage points higher than the growth rate of the total industry premium, accounting for 34.6% of the total health insurance premium. However, from the time limit, about 80% of the medical insurance business is one year, which is difficult to effectively meet the long-term health protection needs of users.
"Under the realistic problems such as medical inflation, it is difficult for insurance companies to predict and control risks, which greatly inhibits the development of the long-term medical insurance market." An insurance industry insider pointed out to the reporter of National Business Daily that at the same time, the "Million Medical Insurance" products, as the "explosion" of the industry, have gradually become homogeneous in the fierce market competition, and the responsibility conversion has entered a bottleneck period because the coverage is sufficient.
Policies help the medical insurance market break. In the 20 19 new health insurance management method, it is clear that long-term medical insurance with "guarantee renewal" clause can be adjusted in the later stage. This provision breaks the shackles that medical insurance can not achieve "long-term guarantee renewal" in the past, making it possible to guarantee medical insurance for life.
The reporter of China Business Daily noticed that with the release of policies and the adjustment of long-term medical insurance rates, many head insurance companies launched long-term medical insurance products with adjustable rates, which opened a new stage of innovative exploration of long-term medical insurance products. Taking Ping An E Life Insurance as an example, the rules of rate adjustment are basically consistent with those stipulated in the regulatory documents, such as no rate adjustment in the first three years, the interval of subsequent adjustments should not be shorter than 1 year, the upper limit of each adjustment should not exceed 30%, and the fee adjustment should meet certain conditions.
Regarding whether the long-term medical insurance will fall into the dilemma of "one million medical insurance" homogenization competition, Zheng Yang, the former chairman and CEO of Ping An Health Insurance, said in an exclusive interview with the reporter of National Business Daily, "For the long-term medical insurance business, due to the high pricing ability of insurance companies, we have conducted several rounds of communication with the supervision during the filing process, hoping to better combine medical insurance with health management and deal with potential risks through health management and health prevention."
According to industry analysis, large insurance companies have strong comprehensive strength in business stability, actuarial technology and operation management, and are active in long-term medical insurance with adjustable rates. Considering the potential challenges of long-term medical insurance in front-end sales, product design and later claims, small and medium-sized insurance companies may be more cautious.
China Reinsurance Life Insurance Company's "Research Report on Health Insurance Products from 2019 to 2020" predicts that in the future, large insurance companies will focus on developing long-term medical insurance with adjustable rates, in which the renewal period or insurance period is more than 10 years, while small and medium-sized life insurance companies will focus on long-term medical insurance with guaranteed rates, and simple short-term medical insurance will become the main battlefield of property insurance companies.
Supply and demand are booming under the iteration of critical illness insurance products
There was "million medical insurance" before, and then there was "Huimin insurance", but at present, the main force of the health insurance market is still critical illness insurance. According to statistics, the premium income of critical illness insurance in 20 19 was 4 107 billion yuan, accounting for 58% of the health insurance premium.
The reason why illness insurance represented by critical illness insurance is in the mainstream position, industry analysis said: On the one hand, it comes from the concern of Chinese people about "poverty caused by illness and returning to poverty due to illness", especially the great impact of major diseases such as cancer on the family economy. Critical illness insurance can meet consumers' demand for protection of large medical expenses.
On the other hand, similar to the sickness insurance of life insurance, the risk control requirements are relatively low, the premium is high, and the payment period is long, which can contribute to a more stable cash flow for insurance companies.
According to the "20 19-2020 Health Insurance Product Research Report" issued by Zhongzai Life Insurance (hereinafter referred to as the "Report"), in the past year, the iteration of major critical illness insurance products of large insurance companies was stronger than before. At the same time, in the face of the impact of the COVID-19 epidemic on the agent's offline exhibition industry, some large insurance companies have developed and launched lightweight critical illness insurance products. At the same time, because small and medium-sized insurance companies rely more on intermediary companies or Internet platforms, product protection tends to be "big and comprehensive", focusing on the proportion and frequency of additional compensation for serious illness, multiple compensation for serious illness, and light and moderate compensation.
Statistics show that from 2007 to 20 18, critical illness insurance has provided more than 3,000 kinds of products for consumers, and the number of participants is nearly 200 million. It is worth noting that with the implementation of "Critically Ill Insurance Disease Definition Usage Specification (Revised Edition, 2020)", critically ill insurance ushered in the year of product switching.
Bank of China Securities analysts believe that due to the adjustment of the old and new definitions and morbidity, some companies have removed the original critical illness insurance products and are preparing to develop critical illness insurance products that meet the new definition and morbidity (2020 edition), and the supply side is sufficient; At the same time, on the demand side, the old and new definitions are changing, and some "speculation stops selling"+the improvement of health awareness under the epidemic situation makes consumers want to buy more.
According to the above analysts' judgment in the strategy report of 20021,the new regulations on the definition and incidence of serious illness have been implemented, and both the supply side and the demand side of health insurance have improved, and sales will be improved in the first half of the year.