On October 16, Ant Financial Services Group (hereinafter referred to as "Ant Golden Clothes") and Xinmei Life Mutual Insurance Company (hereinafter referred to as "Xinmei Mutual") jointly created the Mutual Aid Plan for Serious Diseases "Mutual Insurance" officially launched.
Data from Alipay showed that 24 days later, the users of mutual protection had exceeded 10 million. As of 16:50 on October 25th, the number of mutual insured users reached 11 million 80 thousand, basically increasing by 1 million per day.
Many people believe that the Mutual Insurance Association will become the second largest in the insurance industry, bringing about tremendous changes, but from the current situation there is still a big gap.
Hook risk for serious illness
It is understood that mutual insurance is initiated by Ant Members (Beijing) Network Technology Services Co., Ltd., a wholly-owned subsidiary of Ant Gold Clothing Co., Ltd. and operated and managed jointly by Xinmei as insurers.
Mutual insurance coverage includes malignant tumors plus 99 Kinds of serious diseases, the longest insurance period is not more than one year, waiting period is 90 days, after the waiting period is confirmed that the disease can be compensated, the first diagnosis of serious illnesses when the amount of compensation is linked to the age of members, less than 40 years old, the amount of compensation is 300,000 yuan; 40 years old and less than 40 years old. Over 59 years of age and below, the amount of compensation is 100 thousand yuan.
This means that mutual insurance corresponds to a major illness insurance and is a paid-for insurance product after diagnosis.
For the exit mechanism of mutual insurance, it includes two aspects: one is the withdrawal of members: claiming security benefits, members over 60 years of age, non-scheduled allocation of security and management fees, members voluntarily withdraw; the other is the mutual right of termination of mutual insurance, that is, the number of members less than 3.3 million after three months of mutual insurance operation. Force majeure and policy factors result in mutual protection.
"You can go in one second, you can quit in the next, you can go in the next, and you can quit in the next." Ant gold clothing vice president Yin Ming introduced.
"If the cost of public apportionment has occurred, the obligation to share the apportionment must be borne. If not, there is no need to pay any fees, and can be withdrawn at any time. After retreating, you can join the next time you want to, but the waiting period (90 days) has to be recalculated, which is what we think is the lowest threshold, because there is almost no threshold. Fang Yong, the head of mutual assurance related products, said.
However, there are also views that the essence of mutual insurance is a one-year group serious illness insurance without guarantee of renewal. In addition, its propaganda claims that the $300,000 premium is only for 39 years old and before, and after 40 years old, the risk of serious illness significantly increased, but the premium is only $100,000.
Previously, many insurance companies one-year health insurance products were suspended, whether mutual insurance in the future also has the possibility of suspension?
In this regard, Yin Ming said, "Xinmei Mutual is an insurance company, our products are recognized by the regulatory authorities. Not all products can be on the platform of Ant Golden Clothing, and not all products have Ant Golden Clothing colleagues dedicated to building. As long as the product is on the shelves, even if it stops, Alipay and Xin Mei will abide by their promises, which is very sure that they can be done. But at the same time, we hope that our members will keep their promises, you should also help others (cost-sharing) when you should give such a "dime."
10% of management fees.
Compared with the traditional insurance products of insurance companies, mutual insurance still has many differences. For traditional insurance products, insurance companies take premium first, and then pay after the risk, while the insurance company needs to draw reserve.
Mutual insurance is to join the first, after the members out of danger, each member jointly share the security fund, according to each member for a single sick member not more than 0.1 yuan, each member less than 1 cent of the end of each period of the amount of assessment calculated by 1. For this product, no regular reserve is required.
In the process of claim settlement, mutual protection shall be adopted to publicized and compensable cases. That is to say, the cases to be compensated will be publicized through the ant insurance platform. The 7th and 21st days of each month will be publicized. When the publicity period expires, the cases without objection can be guaranteed.
An insurer believes that the product is not a form of premium first and then compensation, which means that the insurance company for this insurance product has no underwriting profits, nor will it bring investment returns, but it stipulates that "management fee is 10% of each period of security", the operating costs of the insurance company (case investigation, trial) Check fees, security payments, litigation and other expenses) and even profits come from these 10% management fees.
Previously, it was also reasonable to stipulate that the "three-month membership did not reach 3.3 million" Ant Golden Clothes or Xinmei Mutual Right to terminate the mutual protection. The maximum amount of compensation for a single patient is 300,000 yuan, and a 10% management fee means that the cost for a single patient is 33,000 yuan, and 3.3 million people are just 0.1 yuan per person.
"From this point of view, it fully reflects the insurance'I for everyone, everyone for me'mutual aid thought. But this time it's a serious illness insurance, and in the future if other companies launch similar products, it's probably a fixed-term life insurance, or even other insurance products. The source said.
"Guarantee first and then share equally, that is, as long as the sesame share reaches a certain degree, we can join the plan, according to the actual compensation after the occurrence of the inversion of the amount that everyone should share. Finally, all the participants are highly involved in the project, to understand the case, to participate in publicity, etc., is the real owner of the project. Xin Mei mutual chairman Yang Fan said.
It is understood that mutual insurance every 14 days and 28 days is the apportionment day, which will be automatically deducted through Alipay, the amount of each period is assessed (= the total amount of +10% insured management in the current case, the total number of members to be publicized).
The aforementioned insurers believe that although the management fee of mutual insurance is only 10%, there is no premium in the early stage, there will be no investment income, and there will not be much cash flow for the insurance company. However, compared with the car insurance of small and medium-sized insurance companies, this 10% level is very good, 10% management fee at least will not lose money, and may even produce very small profits, because most of the car insurance business of small and medium-sized property insurance companies is loss-making business, only to reach a certain premium scale can produce very weak profits.
In contrast to mutual insurance in the very short term, traditional insurance companies have many pain points in Internet insurance. In this regard, the industry believes that mutual insurance is likely to become the second, to bring about changes in the transformation of insurance companies.
Lufeng, general manager of Samet Management Consulting Co., Ltd., believes that there is a lack of differentiation in the pricing of mutual insurance, unfair pricing may lead to the withdrawal of high-quality customers, bad currencies expel good money.
"The amount of liability is difficult to determine, resulting in insured people's commitment to protect the responsibility is difficult to predict. In the face of the uncertainty of the amount of liability, the entry and exit of the insured (registered personnel) may be unavoidable. In addition, the amount of insurance guaranteed afterwards may lead to difficulties in collecting security payments. From the point of claim settlement, because the insurance company only needs to submit electronic claim documents, it may cause more fraud cases. Although there are corresponding processes and auditing systems, including publicity and participant review, there may be more moral hazards because electronic documents are easily counterfeited." Lu Feng said.
An insurance company general manager said, "mutual insurance promotion efficiency than the traditional insurance marketing efficiency is higher. Its starting point is good, but whether it can produce good results, what will happen in the future, these still need some time to observe.
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