With a premium of several hundred yuan and an insured amount of more than one million yuan, the one million medical insurance market has been very popular in recent two years. However, the high deductible of 10000 yuan or even 20000 yuan is basically unavailable for minor diseases and injuries, which has become the pain point of one million medical insurance products.
With the rapid development of millions of medical insurance, the market competition is becoming white hot. Recently, waterdrop insurance brokerage Co., Ltd. (hereinafter referred to as "waterdrop insurance brokerage") launched a one million medical insurance product with "no deductible". In the future, how will the short-term health insurance products represented by millions of medical insurance be updated? Is "no deductible" the future development trend?
"rolled up"? Million medical insurance 0 deductible products available
Since its appearance in 2016, as the preferred product for consumers to buy Medical and health insurance, the million medical insurance market has been very popular, once known as the phenomenal online red product.
But behind the popularity, the current million medical insurance market is gradually becoming mature and stable, and the competition is becoming more and more intense. Reducing product prices, expanding the scope of insurance liability, reducing the threshold of claims, increasing the proportion of compensation and promising to renew insurance... Various means emerge one after another. Recently, waterdrop insurance broker has launched a one million medical insurance product with "no deductible" - waterdrop one million medical insurance (premium version), which cancels the deductible of 10000 yuan in the conventional version of the product and changes it to piecemeal compensation.
What is the compensation proportion of this product? It is understood that the reimbursement proportion is within the range of 1 Shenzhen Ecobeauty Co.Ltd(000010) 000 yuan (including 10000 yuan), and the reimbursement proportion is within the range of 1 Shenzhen Ecobeauty Co.Ltd(000010) 000 yuan (including 10000 yuan).
For the original design intention of waterdrop million medical insurance (Youxiang version), Teng Hui, chief actuary of waterdrop insurance brokerage, told the Beijing Business Daily that at present, millions of medical insurance products on the market generally have a deductible of 1 Shenzhen Zhongheng Huafa Co.Ltd(000020) 000 yuan, resulting in some small medical expenses of users unable to get claims, and the price of products with deductibles generally cancelled is very high. Waterdrop insurance broker launched this product to alleviate such user pain points.
To cancel the compensation threshold, we need to face the increase of compensation amount and frequency of insurance products. For this situation, Teng Hui said that this innovative compensation will indeed bring a certain increase in compensation at the compensation end. However, due to the control of compensation proportion, after calculation, the compensation pressure is controllable and the increase range is acceptable.
The main innovation of waterdrop million medical insurance (premium version) launched by waterdrop insurance broker is piecemeal compensation, that is, the reimbursement proportion of different medical expenses is different. Insiders said that 0 deductible was not the first of waterdrop insurance broker. Xu Yuchen, a senior actuary, pointed out that there are some "10000 yuan protection" insurance on the market at present, and there is no deductible. Generally, it can be reimbursed after hospitalization, and the reimbursement proportion can reach 90% or 100%.
However, the reporter of Beijing business daily further combed and found that the insurance amount of such "10000 yuan protection" is generally 5 Shenzhen Ecobeauty Co.Ltd(000010) 0000 yuan, which is still very different from the claim amount of 3 million yuan of general medical insurance of shuidi million medical insurance (Youxiang version).
The senior sales director of a life insurance company pointed out that the purpose of the deductible set by the insurance company is to raise the claim threshold and reduce the rate. In that case, will the cancellation of deductible by shuidi insurance brokers lead to the increase of product premium due to the increase of compensation cost? Teng Hui believes that the control of health insurance loss ratio needs to be considered as a whole, not only focusing on the premium, but also not from the perspective of a single product, but from the perspective of the user's life cycle. The first is to strengthen the ability of risk control. The second is to do a good job in user insurance and re purchase as much as possible on the premise of risk control, so as to effectively reduce the cost of obtaining customers.
competition will further intensify, and the loss ratio may increase
Although millions of medical insurance "applauded and applauded", the high deductible setting and low loss ratio have always been the pain points of such short-term health insurance products.
According to the data disclosed by the National Health Commission, from January to November 2021, the per capita hospitalization cost of national tertiary public hospitals was 144659 yuan and that of secondary public hospitals was 6872.0 yuan. According to this calculation, after most consumers with medical insurance are reimbursed through medical insurance, the remaining part is difficult to be reimbursed through the regular million medical expenses. Some media statistics show that the current industry wide average comprehensive loss ratio of short-term health insurance is only 40.35%.
For the current low loss rate of short-term health insurance products, Xu Yuchen analyzed and pointed out that the general short-term health insurance represented by millions of medical insurance has requirements on the health status of consumers. Most of the insured are healthy bodies, and such products have a waiting period of one or three months, so the overall loss rate is low. Xu Yuchen further said that after consumers renew the insurance, there will be no waiting period, and some consumers will choose to renew the insurance after they are in danger. In the future, the loss ratio of such products will increase year by year. It is expected that the annual loss ratio will be 1.1-1.15 times that of the previous year.
Referring to the development trend of the short-term medical insurance market in the future, Teng Hui pointed out that on the whole, there is still a large development space for short-term health insurance, and the penetration rate is far from enough. From the perspective of participation, more and more insurance companies carry out short-term health insurance, and the competition will further intensify. From the perspective of product form, more responsibilities (such as innovative therapies in medical insurance, such as including mild diseases in case of short-term serious diseases) will be included in the insurable scope, and more products aimed at people with diseases and people with previous diseases will be out of danger; From the perspective of rate, products with low compensation in the past will have to be reduced.
So, will the million medical insurance with 0 deductible be the development trend of the industry? Xu Yuchen believes that from the current situation, the compensation proportion of one million medical insurance products with 0 deductible is not high at 010000 yuan. It is suggested that in the process of configuring insurance products, consumers should buy low-frequency products and high-frequency products separately, which will be better than buying only one product.
What issues do consumers need to focus on in the actual insurance process? Teng Hui said that we should carefully read the health notice and truthfully inform it to understand the deductible, payment proportion, compensation limit, hospital requirements, whether to cover diagnosis and treatment outside social security, medication, waiting period and other key points.
