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“mutually secure” on the line for 9 days to attract thousands of customers.

Edit: Lisa Source: Investor News Date: 2018-11-08

Summary:

The mutual insurance period is only one year, and consumers who are over 60 years old (inclusive) cannot participate in mutual insurance. Coupled with the large uncertainty of the stability of members, it is not a substitute for traditional long-term serious illness. Insurance products, but only as a supplement to long-term insurance.

Internet speed is actually happening in the insurance circle. On the ninth day after the mutual protection of Xinmei and Mutual Alipay on October 16, the number of people who joined each other has exceeded 10 million.

The relevant person in charge of Xinmei told the "Investor News" reporter: "This growth rate is beyond our expectation. The original expectation is the minimum requirement of 3.3 million in three months."

Mutual insurance is a one-year major illness insurance. Ant members who are under the age of 60 and whose sesame score exceeds 650 can join without paying fees and receive 100 major illnesses including malignant tumors.

Joining a mutual security member will only participate in the allocation of claims if the other member is ill. The expenditure at this stage is similar to the "premium" in traditional insurance. It is only different from the insured person who knows how much the premium must be paid before the insurance is insured. The cost of each person in the mutual insurance is not certain, but according to the claim situation and The number of members is determined. In general, the more members there are, the less each person will share the cost.

  Only one or two hundred yuan is allocated each year.

The addition of zero fees may be one of the reasons why mutual protection attracts so many users. A member who has joined the mutual insurance told the reporter: "There is no need to spend money to join anyway. Later, if the contribution is too high, you can quit."

"The mutual aid and mutual assistance, the use of the Internet and scientific and technological means to provide inclusive benefits for low- and middle-income families is the original intention of mutual protection design, and more is to supplement the existing social security." 》 explained. So how much does it cost to join each other in the end? Xinmei said that the amount of “mutual protection” is highly correlated with the actual rate of serious illness of members. It is estimated that the actual amount of each member participating in the first year will need to be about one or two hundred yuan.

This is cheaper than the existing one-year heavy-duty insurance premium. Take a 26-year-old woman as an example. The annual payment of 270 yuan will earn 300,000 yuan in insurance.

According to the mutual insurance sharing mechanism, when the number of members exceeds 3.3 million, the amount of each user in a single risk case shall not exceed 1 cent. Nowadays, the number of members who have joined each other has exceeded 10 million. If the number of members can be kept stable and the loss ratio is within the actuarial estimation range, then each member will be paid less than 1 cent per payment. It is a high probability event.

However, it should be noted that the mutual insurance period is only one year, and consumers over 60 years old (including) can not participate in mutual protection, coupled with the greater uncertainty of the stability of members, etc., which determines that it is not a substitute for tradition. Long-term critical illness insurance products can only be used as a supplement to long-term insurance.

  How to solve moral hazard

The premiums of traditional insurance products are generally calculated by age and gender. The mutual insurance premiums are shared by the people and the management amount. This way, the older customers are obviously more strongly joined than the younger customers. The willingness to protect, after all, the premiums paid by the two groups are the same. The risk of moral choice is not to be underestimated. For younger customers, this method of payment is also slightly unfair.

“In order to ensure the relative fairness of different age groups in mutual protection as much as possible, under the same amount of contribution, the amount of protection for low-age members is high, and the amount of protection for high-age users is low.” Xinmei’s mutual responsible person explained.

Regarding the issue of risk of moral choice, Xinmei’s mutual chairman, Yang Fan, recently publicly replied that he has removed the usual risk control methods such as the terms of responsibility, health notification, and 90-day waiting period, and added the Alipay certification to join the members. Reality; Sesame is divided into 650 points as a threshold to control credit risk and other measures to control adverse selection and moral hazard.

  Health is more strict

The reporter also noticed that mutual health advice is more stringent than similar insurance. Here you can compare the one-year critical illness insurance - micro medical insurance? The first health report of mutual insurance informs the “insurance situation”, which is not in the micro-medical insurance.

The second health notification of mutual protection - medical treatment behavior "The insured has not taken more than 30 consecutive days of continuous medication or more than 15 consecutive hospitalizations in the past two years." The health warning for the standard micro-insurance and critical illness insurance is that “the insured has not been hospitalized or operated for the disease within the past year.” In contrast, the terms of micro-medical insurance are more relaxed. The health of the remaining diseases tells the two products that there is not much difference.

The responsible person of Xinmei said frankly that strict health notification is mainly to prevent adverse selection and moral hazard, so that truly healthy groups can join each other because each person's physical condition is closely related to others.

Therefore, consumers must carefully read the health notice when they join each other's insurance, so as not to be able to obtain claims after the illness.

 1 person has objection to enter the settlement process

It is reported that mutual protection will make two claims for claims every month and accept objections. The relevant person in charge of Xinmei told the "Investor News" reporter that there may be two situations in which the objection may arise. First, the claims made by ourselves are inconsistent with the demands of the members. "The mechanism is resolved. Second, other members have objections to the publicized claims cases, and can report to the agency. As long as one member disagrees with the claims, they will enter the objection resolution process.

From this point of view, the operating cost of the platform is huge. At present, Xinmei mainly collects 10% of the amount of compensation as a management fee to cover mutual investment in system construction, operation services, risk management, and manpower allocation. Yang Fan said, "The management fee can't 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 operation period. It is expected to have a slight surplus and will provide medical services and health management. Ways to give back to the insured members."

However, there are also opinions that there is a situation in which mutual insurance will have “more profit from management fees and more compensation”. Yang Fan claims that if the insured members are lost because they are “too much to earn management fees”, they will also lose Losing trust in mutual protection will affect the sustainable operation of mutual protection. The company has never thought of, and will never make such, "suicide" behavior.

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