Huimin Bao Iteration 2.0： Covering 21 million people, is it about to refresh the speed of ＂Shanghai Huibao＂？
Source: Finance from the media
Huimin Bao Iteration 2.0: The third Beijing Huimin Bao covering 21 million people has arrived, and will soon refresh the speed of "Shanghai Huibao"?
Source: Huibao Tianxia
Following the hot sales of Shanghai "Shanghai Huibao", Beijing’s third Huimin Insurance has also come, this time it is "Beijing Puhui Health Insurance". Compared with the first two, the third one seems to be menacing …
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Beijing Puhui Health Insurance was officially launched, and Beijing Medical Insurance Bureau, Financial Bureau and Banking Insurance Bureau all came.
After Shenzhen exclusive medical care, Guangzhou Huimin insurance and Shanghai Huhuibao, another first-tier city Huimin insurance was announced.
On July 26, 2021, "Beijing Pratt & Whitney Health Insurance" was officially launched, which adopted unified pricing. Each person only needs to pay the premium of 195 yuan per year, and can enjoy the guarantee of the maximum insured amount of 3 million yuan.
Beijing Puhui Health Insurance is underwritten by PICC P&C Insurance, China Life Insurance, Taikang Pension Insurance, Taibao Life Insurance and Ping An Property Insurance, among which PICC P&C Insurance and China Life Insurance are the main underwriting units, while Taikang Pension Insurance, Taibao Life Insurance and Ping An Property Insurance are the joint underwriting units.
The main operating platform of "Beijing Puhui Health Insurance" is provided by Yiduyun, which claims to be the largest medical big data technology enterprise in China and has landed in Hong Kong stocks.
"Beijing Pratt & Whitney Health Insurance" is jointly guided by Beijing Municipal Health Insurance Bureau and Beijing Local Financial Supervision Administration, and supervised by Beijing Supervision Bureau of Bank of China Insurance Regulatory Commission. At its launch conference, George Macartney British consul, director of Beijing Medical Insurance Bureau, Hao Gang, member of the party group and deputy director of the Municipal Finance Bureau, and Wang Wei, deputy director of the Banking Insurance Regulatory Bureau, all attended the event and delivered speeches, showing their importance.
According to the introduction, "Beijing Pratt & Whitney Health Insurance" is closely linked with the basic medical insurance, as long as the insured persons (including urban workers’ basic medical insurance, urban and rural residents’ basic medical insurance, etc.) in Beijing are insured. Its guarantee responsibility covers the triple protection inside and outside the medical insurance catalogue:
First, the "out-of-pocket expenses for inpatients and outpatients" in the medical insurance catalogue can be claimed if it exceeds the threshold of Beijing’s medical insurance for serious illness in that year, with a maximum payment of 1 million yuan/year, 80% for healthy people and 40% for people with specific past illnesses.
Second, the out-of-pocket expenses of inpatients outside the medical insurance catalogue can be paid up to 1 million yuan/year, and healthy people can be paid only by meeting the annual deductible of 20,000 yuan and the annual deductible of 40,000 yuan for specific people with previous illnesses. The proportion of compensation for healthy people is 70%, and the proportion of compensation for specific people with previous illnesses is 35%.
Third, there are 100 kinds of high-priced special drugs at home and abroad, of which the maximum coverage of 25 kinds of domestic special drugs is 500,000 yuan/year, and the maximum coverage of 75 kinds of foreign special drugs is 500,000 yuan/year, with a total maximum coverage of 1 million yuan/year. The annual deductible of healthy people is 20,000 yuan, with a payment ratio of 60%, and the annual deductible of specific people with previous diseases is 40,000 yuan, with a payment ratio of 30%.
In addition, "Beijing Pratt & Whitney Health Insurance" also provides the insured with value-added services of five follow-up visits or on-site care after discharge for free.
The insurance date of "Beijing Puhui Health Insurance" is from July 26, 2021 to September 30, 2021, and all insurance policies will come into effect on January 1, 2022, with a guarantee period of one year (the value-added service date for reviewing accompanying consultation or home care will be from October 1, 2021, with a service period of 15 months).
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Huimin Bao quickly broke out and iterated, and Beijing Puhui Health Insurance became a typical product in the 2.0 era.
It is worth noting that the "Beijing Pratt & Whitney Health Insurance" jointly launched by subsidiaries of five head insurance institutions is actually the third "Huimin Insurance" product in Beijing.
The first Beijing version of "Huimin Insurance" was officially launched on September 28th, 2020. It was promoted by 360 insurance brokers, and the participating insurance companies included Taikang Online, China Life Insurance, Zhongan Online, China Property Insurance, Zhonghui Mutual, yongcheng Property Insurance and Everyone Pension.
This product is eye-catching at an ultra-low price, with step-by-step billing. The minimum one year is only from 19 yuan, and the maximum guarantee is 3 million yuan; The insurance threshold is also extremely low. Anyone who participates in the basic medical insurance for urban workers or urban and rural residents in Beijing (including the new rural cooperative medical system) and is in the insurance state, regardless of age or occupation, can be insured, which means that even if he is sick, he can be insured. The deductible set is 20,000 yuan.
The guiding unit of "Beijing City Huibao" is the Beijing Municipal Health and Wellness Committee and the member unit of China Academy of Sciences.
Ten days after the launch of "Beijing City Huibao", the second Huimin insurance in Beijing was officially launched, referred to as "Beijing Jinghuibao". It is underwritten by two small and medium-sized companies, including Beijing Life Insurance Beijing Branch and AXA Tianping Beijing Branch. The third-party platform for providing services is Factor Health, a subsidiary of Yiduyun.
"Beijing Jinghuibao" does not adopt step-by-step pricing, but has a unified premium of 79 yuan, which can get insurance protection of up to 2 million yuan and 18 health services.
Similarly, the insurance threshold is correct, as long as all participants in Beijing’s social basic medical insurance can participate in the insurance, regardless of household registration, age and occupation, physical health status, physical examination and health notification. The annual deductible for hospitalization medical expenses is 20,000; 17 kinds of specific high-priced drugs cost 1 million, and the annual deductible is 0 yuan.
"Beijing Jinghuibao" also has guiding units, including the Civil Affairs Bureau of the Social Work Committee of Beijing Municipal Committee, the Beijing Big Data Administration Bureau and the Zhongguancun Science City Management Committee.
Compared with the first "Beijing City Huibao", the second "Beijing Jinghuibao" has obviously attracted a higher degree of attention. It is understood that its final insured number exceeds one million. Of course, compared with the permanent population of more than 20 million in Beijing, the insurance coverage rate is still low.
Now, a few months later, Beijing’s third Huimin insurance has also arrived, this time referred to as "Beijing Pratt & Whitney Health Insurance".
On September 10, 2020, two Huimin insurance products in Beijing were launched, which actually reflected the chaos in Huimin insurance market at that time.
2020 is regarded as the first year of Huimin Bao. Under the fierce market competition, it only took more than half a year for this product to go from exploration to outbreak.
Some people have divided the development of Huimin Insurance since 2020 into three stages:
January-July 2020 is the exploration period, during which only 12 products have been launched;
August 2020-January 2021 is the outbreak period, during which 96 projects were launched;
Since 2021, it has been a period of standardized development, and the speed of project launch has slowed down again.
During the outbreak of Huimin insurance, in order to seize the market, many regions, like Beijing, successively launched a variety of Huimin insurance products; In order to quickly occupy the land, some enterprises even simply gave up the basic characteristics of "one city, one policy" and launched Huimin insurance products for the whole province and even the whole country; Under the fierce competition, the insurance threshold of products is getting lower and lower, and the coverage is getting wider and wider; In order to improve the credibility of products, individual companies openly lied that they had been endorsed by the government … The chaos became more and more serious, so that China Banking and Insurance Regulatory Commission issued a document to regulate it.
In the end, the strong intervention of government departments has become one of the key factors to reverse the chaos of benefiting the people. Zhejiang province took the lead in issuing provincial-level guidance, and all parts of the province followed suit to introduce implementation measures, thus the Huimin insurance market began to enter the 2.0 stage. With the strong intervention of the government, its requirements for Huimin insurance have become increasingly clear, that is, to include people with diseases, to have high payout ratio and low expenses, and to some extent, it is getting closer to serious illness insurance.
After putting forward higher requirements for Huimin insurance, the government began to give more support, platform and promotion to Huimin insurance, which greatly improved the participation rate of Huimin insurance. In some areas, the coverage rate of Huimin insurance has reached more than 60%.
The third edition of Huimin Insurance "Beijing Puhui Health Insurance" launched by Beijing is undoubtedly another representative product after Huimin Insurance entered the "2.0" stage. Compared with the first two products, it has obviously given up the blind price war. The price of 195 yuan/year has already belonged to the "high price" in the pricing of Huimin Insurance, and the "platform" of the Municipal Medical Insurance Bureau, the Financial Bureau and the Banking Insurance Regulatory Bureau has injected market credibility far ahead of the two products.
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The number of people insured by Shanghai Huibao reached 7.39 million. Can Beijing Puhui Health Insurance catch up with others?
The target that can be compared with "Beijing Puhui Health Insurance" is "Shanghai Huibao", which ended its insurance not long ago. Its annual premium is only 115 yuan, and it is not limited to previous medical history, household registration, age and account balance of medical insurance card over the years. Thanks to the joint efforts of many parties, "Huhuibao" was popular once it was launched, and the number of participants was constantly refreshed.
Statistics show that the number of people participating in the insurance has exceeded 1 million within 12 hours of its launch; Break through 1.5 million people in 24 hours; It broke through 2 million people in 31 hours; It broke through 5.75 million people in a month … Finally, by the end of the year, the number of people participating in "Shanghai Huibao" reached 7.39 million, which means that one out of every three people participating in Shanghai medical insurance has insured "Shanghai Huibao", which is a rare high insurance coverage rate for a megacity.
Can the benchmark "Shanghai Huibao" and "Beijing Puhui Health Insurance" continue to be "brilliant" or even surpass it? Let’s analyze the factors that have the greatest impact on the development of Huimin Insurance:
Endorsement by relevant government departments. As we all know, the most important factor affecting the development of Huimin insurance is the endorsement of relevant government departments, not the professional content such as guarantee responsibility.
Judging from the guidance and supervision units of "Huhuibao" and "Beijing Puhui Health Insurance", they are similar: "Beijing Puhui Health Insurance" is jointly guided by Beijing Medical Insurance Bureau and Beijing Local Financial Supervision Administration, and supervised by Beijing Banking Insurance Regulatory Bureau; Shanghai Huhuibao is guided by Shanghai Medical Insurance Bureau, supervised by Shanghai Banking Insurance Bureau and coordinated by Shanghai Insurance Association.
Promotion efforts. Under the background of strong endorsement by the government, the promotion of products has also become an important factor affecting its insurance coverage rate. During the promotion of "Huhuibao", some insurance companies even went deep into the community to explain, and the promotion was quite strong. This time, the promotion of "Beijing Pratt & Whitney Health Insurance" should not be underestimated. All kinds of outdoor advertisements and body advertisements have begun to appear on the streets, and the product was on the hot search in Weibo shortly after the launch conference.
As far as promotion efforts are concerned, "Shanghai Huibao" and "Beijing Puhui Health Insurance" are once again tied.
However, even if they are typical products of Huimin Bao 2.0 era, even if they are rooted in first-tier cities, even if many key factors are similar, perhaps "Beijing Puhui Health Insurance" still can’t beat "Shanghai Huibao".
This is because in Shanghai, people’s medical insurance personal account funds can not be withdrawn casually, allowing them to apply for Huimin insurance is equivalent to giving them one more choice besides a few consumption options.
However, Beijing’s medical insurance policy is different. Personal medical insurance account funds can be flexibly withdrawn by individuals, which can actually be used in various consumption scenarios, and it is not necessary to buy a commercial insurance.
From this point of view, there are also views that the high insurance coverage rate of Shanghai Huibao cannot be sustained to some extent, and once the medical insurance policy changes, it will inevitably affect its insurance coverage rate.
Huimin insurance broke out rapidly and iterated rapidly, and gradually became standardized in the chaos. Although there are still many problems at present, it is undeniable that its characteristics such as low premium, high leverage, inclusion of patients and high payout ratio have gradually approached an ideal health insurance product; Its market influence has also been formed. As of the end of June, the cumulative number of participants in Huimin Insurance has exceeded 57 million. Its impact on the low-end health insurance market has also appeared. Since 2021, the sales of critical illness insurance and even millions of medical insurance have been affected by it …
However, for insurance commercial insurance companies, apart from actively participating in Huimin insurance business, regrets also follow, because the characteristics of Huimin insurance products determine that the most important factor affecting their development is not the insurance company; How to deal with the health insurance market in the era of Huimin Baoda development is also a difficult problem that insurance companies must solve.
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