Our reporter Leng Cuihua
At present, on the one hand, the domestic epidemic is spreading in many places, and the sales of isolation insurance have surged; on the other hand, some related products have been removed from the shelves or adjusted channels one after another.
For a time, isolation insurance became a hot topic again.
Industry insiders believe that the surge in isolation insurance sales shows that the product directly hits the pain point of consumers. Under the situation of repeated epidemics, they hope to reduce the losses they may face through insurance, and the demand will "rise".
At the same time, problems such as improper marketing of related products, inability to keep up with supporting services, rising claims disputes, and uncontrollable loss ratios are also very prominent.
However, it is undeniable that the market space for isolation insurance is still huge, and the pace of product iterative upgrades may be accelerated.
Changes in actuarial basis lead to product withdrawal
At present, the domestic epidemic is showing a multi-point divergence trend, and the demand for isolation insurance has also increased.
At the same time, some policyholders have successfully obtained compensation from isolation insurance.
Yan Mu (pseudonym), who lives in Shanghai, posted on his Moments on March 14: "I bought isolation insurance 3 days ago, which perfectly avoided the waiting period and ushered in the day of earning 200 yuan per day."
It can be seen from the replies that some people feel how they forgot to buy, and some people care about how many days they can lose.
In addition, the widespread publicity has also contributed to the high consumer demand for isolation insurance.
"In the early stage, products were promoted and sold on various channels. Recently, due to the repeated impact of the epidemic, product sales increased sharply." The person in charge of a property insurance company confirmed to the "Securities Daily" reporter.
In the insurance channel of a bank App, isolation insurance is marked as a "popular" product, another product is marked as a "hot-selling" product, and other products are not clearly marked.
Wu Jun, CEO of Shenzhen Kaobao Technology Development Co., Ltd., analyzed the "Securities Daily" reporter that isolation insurance can reduce the loss of income of the insured due to isolation, and also relieve the emotional anxiety caused by isolation.
But what is puzzling is that at present, some isolation insurance products are in the embarrassing situation of being taken off the shelves, discontinued or only reserved for some channels.
In this regard, the person in charge of the above-mentioned insurance company told reporters that the above-mentioned similar decisions were based on various considerations: first, the product warranty period was one year, which was relatively long; second, the product warranty responsibilities were broad, including accident protection and isolation. Guaranteed, and claims conditions are relatively relaxed.
With the increase in sales, the number of inquiries from all parties has also increased sharply, which has put forward a test for supporting services.
At the same time, with the changes in the epidemic situation, the actuarial assumptions in product design have also changed significantly.
Wu Jun said that under normal circumstances, there are three reasons for insurance products to be removed from the shelves: first, product upgrades; second, insufficient consideration of risk control in product design, and later payment risks; third, due to regulatory environment or public opinion.
As for isolation insurance, due to the long duration of the epidemic and the large variables, the superimposed measures of epidemic prevention and control, and consumer mentality also continue to change. The actuarial assumptions of isolation insurance are also constantly changing, and the compensation scenario needs to be optimized according to the actual situation. Or one of the reasons why some products have been removed from the shelves.
Xu Yuchen, a partner of Yuchun Actuarial Consulting, also expressed a similar view: the main reason for the removal of some products is that changes in the epidemic situation have led to changes in their actuarial foundations.
In addition, the updated and iterative products will increase risk control measures, stabilize the product operation effect, and be easy for consumers to accept.
Some people in the industry pointed out that since the outbreak of the epidemic, the time is still short, and insurance companies lack sufficient pricing basis, which is one of the reasons why some products have been removed from the shelves.
The reporter learned from a number of insurance companies that new isolation insurance products will be launched in the future, but the actuarial assumptions, guarantee period, and compensation conditions of the products will be adjusted. easily understood by consumers.
Promote product optimization and iteration in the game
The essence of isolation insurance is the additional isolation protection of accident insurance.
Industry insiders believe that, objectively speaking, isolation insurance can meet the needs of policyholders to a certain extent.
However, it is also necessary to face up to the problems in reality, such as exaggerated marketing and more claims disputes.
This requires both the compaction of the responsibility of insurance companies and marketing channels, and the need for consumers to remain rational.
From the perspective of the sales method of isolation insurance, there are still phenomena such as exaggerated marketing, hype and suspension of sales.
For example, some sales staff used marketing rhetoric such as "laying down to make money", "with isolation insurance, paid isolation is not a dream", "for the isolation insurance purchased at 59 yuan, the insurance company paid me 6,000 yuan" to attract consumers to buy products.
At the same time, when introducing guarantees, some sales staff will strengthen the amount of compensation and dilute the deductible clauses, making consumers mistakenly think that as long as they buy isolation insurance, they can achieve "laying and earning".
"More importantly, in the actual insurance claims process, some companies adopt the 'wide entry and strict exit' model, that is, the conditions for insurance are loose, and the conditions for claims are strict, causing consumer dissatisfaction." Wu Jun said, for example, with a certain Take the isolation insurance as an example. In the insurance application notice, it is clear that it does not cover the insured who live in, travel through, or go to the high-risk areas of specific infectious diseases announced by the government department. However, in the actual insurance process, consumers can successfully apply for insurance. , and when consumers initiate a claim, the insurance company will refuse the claim for various reasons.
In this regard, Wu Jun suggested, "To avoid misleading sales and reduce disputes in the later stage, insurance companies should do two things: First, clearly inform the details of the product when publicizing; Second, according to the degree of risk in different regions, automatically identify and then decide. Is it covered?"
In Xu Yuchen's view, it is inevitable that there will be a game of interests between insurance companies and consumers, and the industry is also seeking a balance in the game.
For isolation insurance, this feature is even more obvious.
For example, when the epidemic situation is relatively mild, there are significantly fewer consumers purchasing isolation insurance, and the isolation insurance operation of insurance companies is relatively stable; and once the epidemic situation is severe, product sales will increase significantly, and for insurance companies, the risks will also follow. The sudden increase in the number of products has led to the removal of some products, but there will also be new products.
On the whole, the protection role of isolation insurance is worthy of recognition. In the game between insurance companies and consumers, in the process of continuous improvement of regulatory policies to optimize and iterate, the demands of insurance companies and consumers will be better balanced.
(Securities Daily)