There is still room for improvement in the renewal rate of Huimin Insurance in many places in 2023

　　Xue Jin Huang Yiling

　　On January 1, 2023, the 2023 Huiminbao products will come into effect in many places.

In recent years, Huiminbao has become popular all over the streets and alleys.

According to incomplete statistics, more than 260 Huiminbao products have been launched across the country, covering 29 provincial-level administrative regions, and the insured population has reached the level of 100 million people.

　　Generally speaking, while the premiums of new products in many places remain the same as the previous year, the insurance coverage is further extended, the deductible is reduced, the reimbursement ratio is increased, and the guarantee liability and value-added services are increased.

Industry insiders pointed out that Huiminbao needs to further optimize product design in the future to maintain a high participation rate and renewal rate and achieve sustainable development.

　　Product effective for the new year

　　"Only 195 yuan can hedge the risk of 3 million yuan, 'reduce' our medical expenses, and 'increase' our insurance coverage." Long Ping, an agent of a life insurance company in Beijing, recently publicized in his circle of friends that "Beijing General Insurance benefit health insurance".

　　At 24:00 on December 31, 2022, Beijing Puhui Health Insurance closed the personal insurance channel for two months.

The project party stated that as of the above-mentioned time point, the number of insured persons in the project reached 3.43 million.

　　A reporter from China Securities Journal sorted out and found that on January 1, 2023, the 2023 Huiminbao products in many places will officially come into effect.

In some areas, the insurance channels have been postponed to varying degrees.

For example, the 2023 "Jiangsu Yihuibao No. 1" and "Chongqing Yukuaibao" and other insurance channels have been postponed to January 31, 2023.

　　Generally speaking, Huimin in various places retains regional characteristics, but they all have some common characteristics, such as the support led by local governments, and the nature of the product is inclusive commercial supplementary health insurance; insurance companies are deeply involved in product design, technical support, Data sharing and promotion play an important role; product homogeneity is high, premium thresholds are low, conditions for participation are low, and it covers special medicines for major diseases and other value-added services.

　　While the premiums of many new products in the market remained at the same level as the previous year, the insurance coverage was further extended, the deductible was reduced, the reimbursement ratio was increased, and the guarantee liability and value-added services were increased.

　　Launched more than 260 products in many places

　　The China Insurance and Social Security Research Center of Fudan University recently released the "2022 City Customized Commercial Medical Insurance Knowledge Map", which shows that as of December 1, 2022, my country has launched a total of 263 benefiting people's insurance products, covering 29 provincial-level administrative regions.

　　From the perspective of product rates, the "Atlas" shows that 86.59% of Huiminbao products adopt a single price, and 80.09% of the product rates are concentrated in the range of 0 to 100 yuan.

From the perspective of participants, the participants of my country's Huimin Insurance have formed a development model of "government departments + insurance companies + third-party platform companies" to participate together.

Among them, about 75% of the products clearly involve government departments.

Among insurance companies, property and casualty insurance companies participated the most, followed by life insurance and pension insurance companies. At the same time, it showed the characteristics of an increase in the proportion of co-insurance, from 51% in 2021 to the current 62%.

　　In terms of participation of insurance companies, many urban Huimin insurance projects currently use a "co-insurance body" model composed of multiple insurance companies.

According to analysts, this model can improve the overall operational stability of the Huiminbao project, give full play to the professional advantages of each business entity, and alleviate the serious homogenization of Huiminbao to a certain extent.

　　It is worth mentioning that, looking at Huiminbao products in 2022 and 2023, one of the prominent features is the coverage of new citizen groups.

For example, in 2023, Guangzhou "Sui Suikang" will newly include Hong Kong and Macao residents who are employed, living and studying in Nansha District of the city, which meets the insurance needs of new citizen groups.

　　improve sustainability

　　"My father has an underlying disease, and he couldn't afford a million-dollar medical insurance, so I chose to configure Huimin Insurance for my father. It is really cost-effective to use an extra insurance for the price of a meal." Xiaowei, a post-90s girl in Hunan, said.

　　"Huiminbao has the advantages of cheap price, unlimited age, and health status. Generally speaking, Huiminbao is more friendly to the elderly, poor health, very limited budget or high-risk occupational groups." A senior insurance company Industry insiders said, "However, consumers should have expectations, because Huiminbao's reimbursement threshold is indeed not low. If it is not a serious illness, it is almost impossible to use it; if it is a serious illness, it is quite useful."

　　Recently, the discussion of Huimin Insurance among the public has declined, and some consumers have chosen not to purchase insurance due to restrictions on deductibles and reimbursement scopes, but chose to purchase million-dollar medical insurance.

　　Industry insiders pointed out that it is necessary to optimize product design to prevent "benefits without guarantees".

If Huiminbao wants to develop sustainably, the number of insured persons needs to be large enough, the size of the fund pool needs to be large enough to maintain a sufficient enrollment rate and renewal rate, and to cover as many groups as possible, in order to form a risk dispersion mechanism.

　　Wan Xiaolong, chief marketing officer of Meixin Health, said that through product optimization and innovation, we can continuously empower Huiminbao to raise funds and achieve a higher rate of insurance participation and renewal rate; through refined responsibility design and catalog management, effective fund management can be realized. Management and accurate guarantee.

The utilization rate of the existing value-added services of Huiminbao is low, but perceptual services can effectively improve customer satisfaction and ultimately increase the renewal rate.