There is a point of doubt whether mutual protection will exist in the case of "making more management fees and paying more". Yang Fan claims that this will affect the "mutual protection" of the sustainable operation, the company has never thought of, and will never make such a "suicide" behavior.
Investor newspaper reporter Pan Yichun
Internet speed is actually playing in the insurance circle. The ninth day of mutual trust between Alipay and the United States since October 16th, the number of mutual guarantees has exceeded 10 million.
"This growth rate was expected to reach the minimum requirement of 3.3 million in three months, beyond our expectations," Sino-US Interrelated Officers told Investor.
Mutual insurance is a one-year major disease insurance, age not more than 60 years old, and sesame score more than 650 ant members, without paying to join, and access to malignant tumors, including 100 kinds of serious disease protection.
Joining mutual insured members will only participate in the apportionment of claims fees only when other members are ill. Expenditure at this stage, similar to the "premium" in traditional insurance, is only different from the premium that the insured knows how much they have to pay before they are insured. The cost shared by each person in mutual insurance is uncertain, but is determined according to the claim settlement and the number of members. Generally speaking, the more members, the less the cost is shared by everyone.
Only one hundred or two hundred yuan a year is assessed.
Zero cost participation may be one of the reasons for mutual attraction to attract so many users. A member who has joined Mutual Insurance told reporters: "Anyway, joining does not need to spend money, later see if the contribution is too high can also exit."
"Mutual assistance, the use of the Internet and technological means to provide universal protection for low-and middle-income families is the original intention of the mutual insurance design, more to complement the existing social security." Xin Mei mutual responsible person explained to investor newspaper. So how much does it cost to add mutual insurance each year? Sino-US mutual introduction said that the "mutual insurance" scale of assessment is highly related to the actual incidence of serious illnesses of members, it is estimated that the actual amount of each participant in the first year will be about one or two hundred yuan.
This is cheaper than the existing one-year serious illness insurance premium, for example, a 26-year-old woman who pays 270 yuan a year can get 300,000 yuan of coverage.
In accordance with the mutual insurance allocation mechanism, when the number of members exceeds 3.3 million, the amount of each user in a single risk case does not exceed 10 cents. Nowadays, more than 10 million members have joined the Mutual Insurance. If the number of members can be maintained stable and the compensation rate is within the actuarial estimate, then it may be a probable event that each member's contribution is less than 10 cents.
However, it should be noted that the period of mutual insurance is only one year, and consumers over 60 years old (including) can not participate in mutual insurance, coupled with greater uncertainty in the stability of members and other reasons, determine that it can not replace the traditional long-term serious illness insurance products, but only as a supplement to long-term insurance.
How to solve moral hazard?
The premiums of traditional insurance products are generally calculated according to age and sex, while the premiums of mutual insurance are the amount of compensation and management shared by all, so the older customers, obviously, have a stronger willingness to join the mutual insurance than the younger customers. After all, the premiums paid by the two groups are the same. The moral hazard of choice should not be underestimated, and for younger customers, this payment method is slightly unfair.
"In order to ensure the relative fairness of different age groups in mutual insurance as far as possible, under the same amount of contribution, the protection amount of the younger members is high, and the protection amount of the older users is low." Believe the United States mutual responsible person explained.
In response to the issue of moral selection risks, Yang Fan, chairman of the trust and mutual trust, recently replied publicly that mutual protection is not only followed by the usual wind control methods such as terms of liability, health notification, 90 day waiting period, etc., but also includes Alipay's real name authentication to ensure membership in the membership. Sesame is divided into 650 points as the entry threshold control letter. Use risk and other measures to control adverse selection and moral hazard.
Health notification is more stringent.
Reporters also noted that mutual assured health information is more stringent than similar insurance. Here, we can compare the risk of serious illness in one year. Serious disease risk. The first health insurance for each other is to inform "insurance". No serious illness insurance.
The second health notification of mutual insurance - "the insured has not taken medicine for more than 30 consecutive days or been hospitalized for more than 15 consecutive days in the past two years". Targeted micro health insurance? The health notification of serious illness insurance is that "the insured has not been hospitalized or operated on in the past 1 years." In contrast, the terms of micro health insurance are more relaxed. The health of the other diseases is not different from the two products.
Sino-US Interrelated Officers admit that strict health advice is mainly to prevent adverse selection and moral hazards and to involve truly healthy groups in mutual protection because everyone's physical condition is closely related to others.
Therefore, when consumers join the mutual insurance, they must carefully read the health advice, in order to avoid the occurrence of illness but can not be compensated.
The 1 objection is to enter the settlement process.
It is reported that each case will be publicized for two times each month, and the complaint will be accepted. The person in charge of Sino-US mutual relations told Investor Daily that there may be two objections. One is that there are disputes between our own decision to settle claims and the claims of members. This situation will be resolved through the "compensation trial" mechanism. Second, other members have objections to the announced claims, can report to our club, as long as one member has objections to the claims will enter the objection settlement process.
From this point of view, the operating cost of the platform is huge. At present, Sino-US mainly collects 10% of the compensation as management fees to cover mutual investment in system construction, operational services, risk management, manpower allocation and so on. Yang Fan said, "The management fee can not cover the cost for a period of time. In the future, with the continuous improvement of operational efficiency, mutual insurance will gradually enter a stable operating period, looking forward to a slight surplus, and will provide medical services, health management and other ways to feedback the insured members."
However, there are also doubts about whether there is a "more management fees and more compensation" situation in the Mutual Insurance Commission. Yang Fan claims that if the insured members lose their trust in the Mutual Insurance because of the excessive allocation of the "more management fees and more compensation", it will affect the sustainable operation of the Mutual Insurance, and the company has never thought about it. We will never make such a "suicidal" behavior. (thinking financial products)
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