In the current insurance industry, the insurance product that can most intuitively reflect inclusive finance is probably the urban customized commercial medical insurance, commonly known as Huimin Insurance. Year after year, at every point in time, Huimin Insurance will cause heated discussions.
According to the latest statistics, the "closing day" of Huimin Insurance in many places is imminent. For example, Shanghai's Shanghai Huibao, Shenzhen's Shenzhen Huimin Insurance, Chengdu's Huirong Insurance, and Xiamen's Huixia Insurance will all stop taking out insurance on June 30, while Wuhan's Fuhankang will stop taking out insurance on July 31.
Fortunately, as of June 17, the number of insured people in Shenzhen Huimin Insurance in 2024 exceeded 5 million, and as of June 18, the number of insured people in 2024 "Shanghai Huimin Insurance" exceeded 4.5 million. As an important practice of inclusive finance, Huimin Insurance is related to the interests of the majority of the people, what will be its trend?
Increase the number of insured people to face the test
According to the data, the average participation rate of mainland Huimin insurance business in 2022 will be 18%, significantly higher than 13% in 2021, but for some products, there is a decline in the number of insured people and a lack of enthusiasm for insurance.
Take "Shanghai Huibao" as an example, it can be said that it is the peak of its debut.
In 2021, the number of insured people in the 2021 version of "Shanghai Huibao" was 7.39 million, with an insurance participation rate of 38%; The cumulative number of insured people in the 2022 version is 6.53 million, with an insurance participation rate of 33%; The number of insured people in the 2023 version will exceed 6 million, but the participation rate is less than 30%.
After the 2024 version of "Shanghai Huibao" opened this year, some industry insiders predicted that the number of insured people would rebound this year according to the insurance situation at that time, but from the latest data, there is still suspense about whether it can be surpassed in the final "rush" period.
The number of participants in the 2023 version of "Shanghai Huibao" exceeded 4.5 million on June 19, 2023, and the 2024 version of "Shanghai Huibao" exceeded this number on June 18, 2024.
According to the usual practice, at the stage before the "closure" of Huimin Insurance, there will be a wave of large growth in the number of insured, but it still needs to work hard to reach or even surpass the level of the previous year.
As the birthplace of Huimin Insurance, Shenzhen's Huimin Insurance has been in full swing in recent years.
The original product "Shenzhen Supplementary Medical Insurance for Serious Diseases" has achieved great success due to its product design with low threshold, low premium, and high insurance amount, coupled with the model of "personal account deduction + enterprise group insurance + individual voluntary payment", and the number of insured people has been rising steadily - 4.86 million, 5.04 million, 6.25 million, 7.05 million, 7.5 million, 7.8 million, 7.96 million, and by 2022, it will reach a high of 8.32 million.
In 2023, after eight years of stable operation, the "Shenzhen Supplementary Medical Insurance for Serious Illnesses" will be fully upgraded to "Shenzhen Huimin Insurance".
On the basis of the inclusive characteristics of insurance without restrictions on age, occupation, health status, etc., "Shenzhen Huimin Insurance" provides a wider range of supplementary medical protection for Shenzhen insured, and improves the level of protection for major diseases, but the price has increased from 39 yuan/person to 88 yuan/person, so that the successor "Shenzhen Huimin Insurance" has not surpassed the "predecessors". As of the end of the centralized insurance period on June 30, 2023, the total number of insured people in the 2023 version of "Shenzhen Huimin Insurance" is 6.03 million (4.63 million individuals and 1.4 million groups), a decrease of 27.5% from 2022.
Judging from this year's insurance situation, the number of insured people in the 2024 version of "Shenzhen Huimin Insurance" exceeded 5 million on June 17, 9 days earlier than last year's data, and the situation is more optimistic. There are still a few days before the deadline for enrollment on June 30, so the "recovery" of the 2024 version of "Shenzhen Huimin Insurance" is worth looking forward to, but it is still very difficult to return to the top state.
Fill in the gaps to enhance value
When Huimin Insurance was first launched, the people's freshness was high and they were willing to try to buy it, but if after a period of time, the sense of gain could not be met or could not meet expectations, it was prone to problems such as a decrease in the willingness to renew the insurance and a decrease in the number of new insureds.
In order to achieve further sustainable and stable development, Huimin Insurance needs to have a large enough number of insured people and a large enough capital pool to form a risk diversification mechanism. Therefore, maintaining a sufficient participation rate and renewal rate, covering a wider range of groups as much as possible, has become a problem in front of Huimin Insurance in various places.
On the one hand, the aroma of wine is also afraid of deep alleys, and no matter how many advantages Huimin Insurance has, it must be publicized and promoted to let more people understand.
Taking Beijing as an example, after the protection has taken effect on January 1, 2024, the 2024 version of "Beijing Inclusive Health Insurance" has been extended by one month, and at the same time, it has increased publicity and promotion, such as agent circle of friends, point-to-point promotion, elevator building advertising, and SMS promotion of insurance platform, etc., and at the same time increased the insurance promotion of enterprise user groups, and finally compared with the 2023 version of "Beijing Inclusive Health Insurance", the number of insured people in the 2024 version increased by 1.13 million to 4.23 million. The number of insured people is at an all-time high.
On the other hand, it is indispensable to cultivate internal strength, and in terms of products, it is also necessary to enhance the value through product innovation, model innovation, and service innovation in order to attract and retain the insured.
The annual Huimin Insurance insurance season is also the season of product upgrades.
The high threshold for claims reduces the loss ratio of Huimin Insurance, but it is also easy for the insured to fail to meet expectations and discourage the enthusiasm of participating in insurance. Therefore, moderately reducing the basic starting line has become a major direction for the upgrading of Huimin Insurance in recent years.
The basic starting line of "Shanghai Huibao" has been gradually lowered from 20,000 yuan in the first year to 12,000 yuan in the 2024 version, which lowers the claim threshold for the insured and makes it easier to obtain claims. At the same time, the 2024 version of "Shanghai Huibao" will give additional preferential treatment to old customers, and the minimum deductible will be reduced to 10,000 yuan for policyholders who have been insured for three consecutive years and have no claims.
In 2024, the deductibles of various benefits of "Shenzhen Huimin Insurance" have also been comprehensively reduced: the deductibles for the three treatments of medical insurance catalogue expenses, inpatient self-paid compliant drugs and inspection fees, and rare disease self-paid drug costs have been reduced from the original 16,000 yuan to 15,000 yuan, and the deductibles for outpatient self-financed compliant drugs and "Hong Kong and Macao Medicine and Medical Device Pass" cost protection have been reduced from the original 40,000 yuan to 35,000 yuan. In addition, for the insureds who have continuously participated in the "Shenzhen Huimin Insurance", the deductibles of the above treatments will be reduced by another 1,000 yuan, which will help to enhance the enthusiasm of the insured to continue to apply for insurance.
While lowering the threshold, the protection function of Huimin Insurance is also improving.
On the basis of protecting self-financed drugs, consumables, and examinations, the 2024 version of "Shanghai Huibao" will include treatment expenses in the scope of protection, further reducing the burden of self-financed medical expenses; The number of specific high-value drugs in China has increased from 36 last year to 41, the number of overseas special drugs has increased from 15 to 28 last year, and the number of CAR-T treatment drugs has increased from 2 to 3 last year, covering the high-incidence diseases of Shanghai citizens and expanding the beneficiary group. In addition, a 9% discount on drug purchase rights and a picture and text consultation service for a third-class specialist doctor have also been added.
The 2024 version of "Shenzhen Huimin Insurance" also adds the protection of out-of-pocket compliant consumables for hospitalization and ambulance expenses, and broadens the coverage of Rh-negative fertility and high-priced self-financed drugs for rare diseases.
In terms of claims, Huimin Insurance is also changing its concept, from waiting for customers to settle claims to taking the initiative.
For example, "Shanghai Huibao", with the support of the Shanghai Big Data Center, takes the initiative to remind policyholders who meet the conditions for the claim of "hospitalization self-paid medical expenses" that they can make claims, and also opens the direct compensation service of proton and heavy ion hospitals. In addition, if the insured person authorizes the activation of the service, he or she can enjoy the service without application, and after being discharged from the hospital, he or she can be automatically compensated without applying if he or she meets the conditions for the claim of "specific hospitalization self-paid medical expenses insurance benefit".
Shenzhen is one step ahead, and the medical expenses incurred by the insured in the designated medical institutions in the province can be directly settled by swiping the Shenzhen medical insurance card, and they can enjoy the basic medical insurance and "Shenzhen Huimin Insurance" treatment.
Conclusion
On June 6, the State Administration of Financial Supervision issued the "Guiding Opinions on Promoting the High-quality Development of Inclusive Insurance", which pointed out that it is necessary to vigorously develop inclusive insurance. Under the premise that the policy orientation is becoming clearer and clearer, how to solve the problems of Huimin insurance product positioning and homogenization, insurance participation and compensation, etc., and truly reflect the characteristics of "inclusiveness", has become an increasingly urgent problem, and it is also a more test of the wisdom of insurance companies.
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