The most beautiful April day in the world lives up to the spring and the times. On April 12, in order to do a good job in the big article of inclusive finance, International Finance News and Guohua Life Insurance Co., Ltd. held a media salon with the theme of "Inclusive Spring Breeze, Strong Service Warmth". The event coincided with the "Inclusive Finance Promotion Month", and experts and scholars from the insurance industry and 30 media professionals gathered on the banks of the beautiful Huangpu River to jointly offer suggestions and suggestions for the development of inclusive insurance.
"Financial inclusion is a bridge between dreams and reality. Through its products and services, it provides more targeted and effective support to small and micro enterprises, farmers and low-income people. Wei Rongzhi, deputy editor-in-chief of International Finance News, said in his speech that inclusive finance can not only stimulate market vitality, but also promote social stability and progress.
As a professional financial media, International Finance News has always paid attention to every important development in the financial industry. Wei Rongzhi expects that through this salon, more extensive and detailed inclusive financial knowledge will be popularized to the public, and the value of inclusive finance will be continuously enhanced by all sectors of society, so as to promote the wide dissemination of the concept of inclusive finance.
Seven trends in the development of Huimin Insurance
Puju financial services benefit thousands of enterprises.
According to the Guiding Opinions of the former China Banking and Insurance Regulatory Commission on Promoting the High-quality Development of Inclusive Insurance (Draft for Comments), inclusive insurance includes two forms of protection: inclusive insurance and exclusive inclusive insurance, focusing on nine major groups such as the elderly, women, children, the disabled, people with chronic diseases, and new citizens, as well as three types of market entities, including small and micro enterprises, individual industrial and commercial households, and new agricultural operations.
Four years ago, as an inclusive commercial supplementary medical insurance, urban customized commercial medical insurance (commonly known as "Huimin Insurance" in the industry) became the top of the insurance industry due to the characteristics of "government endorsement, low threshold, low premium, and high insurance amount", bridging the gap between social insurance and commercial insurance, and meeting diversified medical security needs, so 2020 is also known as the first year of Huimin Insurance.
As of 2023, a total of 317 prefecture-level cities in 173 regions in 30 provinces in mainland China have launched 243 Huimin Insurance products, with a total of 168 million people participating in insurance and a premium of about 19 billion yuan, according to Long Ge, deputy director of the Innovation and Risk Management Research Center of the University of International Business and Economics and co-founder and general manager of Zhongtuobang.
In 2023, Huimin Insurance's products will also show the characteristics of diversified categories and benefit more people, with products such as Inclusive Home Property Insurance, Inclusive Children's Education Insurance, Inclusive Women's Insurance, Inclusive Critical Illness Insurance, and Outpatient Insurance being launched one after another.
After several years of development, the project faced the challenge of a "death spiral" and sustainability controversy. In this regard, Longge put forward six suggestions for the future trend and sustainable development of Huimin Insurance's products:
First, the premiums are divided into age groups, and employees, residents, and groups with pre-existing conditions should also set premiums by category; second, the deductibles should be greatly reduced, and the number and proportion of claims should be greatly increased; third, with reference to the medical insurance system, the reimbursement ratio should be designed in sections to prevent excessive medical treatment; fourth, the special drug catalogue should be continuously optimized, and some quotas or proportions can be set for drugs and devices outside the medical insurance (especially elective surgery, etc.); fifth, the preferential treatment for continuous insurance participation and non-claim settlement should be provided to improve the number of young people who are young. Healthy people continue to participate in insurance, sixth, appropriately define pre-existing conditions, and use health technology big data to identify pre-existing conditions as soon as possible, and seventh, introduce health risk reduction management, such as screening for major health risks such as five cancers and two diseases.
It is recommended that health insurance be "strict in and wide out"
Focusing on Shanghai, the Shanghai Huibao launched on April 27, 2021 is undoubtedly a hit in Huimin Insurance. According to the latest data, in the past three years since its launch, Shanghai Huibao has participated in more than 20 million people. As of December 2023, the cumulative compensation amount of the project has exceeded 1.45 billion yuan, with an average daily compensation of more than 1.33 million yuan, and nearly 500,000 cumulative compensation cases.
Regarding the question of how to choose Shanghai Huibao and million medical insurance, Professor Su Fang, director of the Institute of Finance and Insurance of Shanghai University of Finance and Economics and doctoral supervisor, pointed out that the two have their own advantages and weaknesses, and have their own suitable target groups, their respective advantages are highlighted because the suitable people have strong needs, and their respective weaknesses are digested and overcome because the suitable people can accept them.
Among them, Shanghai Huibao covers all social security personnel in Shanghai, but takes more care of the elderly and healthy and disadvantaged people, while Million Medical only favors healthy and even young people, forming a perfect complement to the two. "It is the improvement and progress of the city's medical security system to ensure that the self-paid medical expenses of Shanghai's social security personnel for serious illnesses are basically covered by the population, and the healthy and vulnerable groups are no longer missed. Su Fang suggested that the elderly and people with pre-existing conditions must participate in Shanghai Huibao, while the young and healthy people should first choose long-term million-dollar medical insurance, and at the same time supplement Shanghai Huibao.
"The positioning of Shanghai Huibao and commercial insurance is obviously different and complements each other. Su Fang said that insurance companies can actively participate in the protection of Shanghai Huibao and assume social responsibility. On the one hand, through the promotion of Shanghai Huibao, the people's awareness of insurance can be awakened, and the demand for insurance can be expanded, on the other hand, it can continue to provide millions of medical commercial insurance for the majority of young people, middle and high income earners, emphasizing high protection and service level. At the same time, we will consider the needs of the elderly and people with pre-existing conditions, and carry out appropriate product innovation.
In Su Fang's view, with the acceleration of the aging process of the population, the rise of medical costs, and the enhancement of people's health awareness, the development of health insurance has broad prospects. However, there are still many problems in health insurance at this stage, such as: lack of accurate grasp of the real needs of consumers, cost-effectiveness needs to be further improved, some insurance companies are reluctant to pay compensation, damage to the interests of consumers, lack of protection for people with pre-existing conditions and the elderly, and expect innovation.
She proposed that insurance companies should be strict in underwriting and lenient in claims, which is also the so-called "strict in and wide out". In addition, it is necessary to form a close cooperative relationship with hospitals and social security systems, learn from auto insurance claims, improve service quality, improve the efficiency of claims, and gradually realize automatic claims.
Reporter Luo Gemei