pacific business group on health Currently, the growth rate of premiums in the entire health insurance market continues to slow down, products lack innovation, and homogeneity is serious.
“replacement”, and these market bottlenecks
Currently, the growth rate of premiums in the entire health insurance market continues to slow down, products lack innovation, and homogeneity is serious. How to accurately grasp the pulse of the times of industry changes and find new ideas for high-quality development is a test for every successor.
Continuously adjust personnel layout
Personnel has metabolism! In the past six months, Pacific Health, PICC Health and Ping An Health, the health insurance companies of China Pacific Insurance, PICC and Ping An, have adjusted their general manager or president candidates.
Recently, Pacific Health Insurance announced that Shang Jiaoyan will serve as general manager, and his qualifications have been approved by the former China Banking and Insurance Regulatory Commission. According to a previous report by a Beijing Business Daily reporter, in March this year, the new general manager of Ping An Health Insurance was determined and will be Zhu Yong. In November 2022, the People’s Insurance Company of China announced that Shao Liduo would serve as the company’s president.
Judging from his resume, PICC Health President Shao Liduo comes from within PICC. He previously worked for PICC Property and Casualty Insurance and is an internally trained talent. Zhu Yong is the former general manager of Tongfang Global Life, and Ping An Health Insurance introduced the “outside brain”. Shang Jiaoyan was the vice president of Tencent WeSure and previously worked for Ping An Health Insurance.
Health Insurance and Pacific Health Insurance
It can be seen that although the personnel adjustments are in the same pace, the three companies’ ideas for changing generals are very different. Both Ping An Health Insurance and Pacific Health Insurance have brought in external talent rather than promoting internally. Pacific Health Insurance, in particular, chose to introduce talents from Internet companies.
“The three companies’ active adjustment of personnel layout should be a consideration of the company’s strategic positioning.” Li Wenzhong, deputy director of the Rural Insurance Research Institute of Capital University of Economics and Business, said that the introduction of external management talents should be in the hope of bringing some new development ideas to the company.
External management talents usually have different work experiences and perspectives. These experiences and perspectives are expected to bring new ideas and new business strategies to the company, helping the company to more clearly define its future development route and thus better adapt to market changes.
Face the challenges of industry change
Newly appointed executives face challenges from the market. Since 2013, my country’s health insurance has entered a stage of high growth, with the growth rate showing an increasing trend and the proportion of life insurance premiums also increasing.
However, the past two years have also entered a bottleneck period. In 2022, health insurance will achieve a total premium income of 865.3 billion yuan, a year-on-year increase of only 2.4%. Compared with the annual growth rate of 20%-30% before 2020, there is a significant gap.
Talking about the continued slowdown in the growth rate of health insurance premiums, Li Wenzhong pointed out that the excessive growth of the health insurance market in previous years has caused an overdraft of the market’s growth capacity. The decline of the health insurance market in recent years should be a requirement of the inherent laws of market development itself.
Song Zhanjun, deputy secretary-general of the China Insurance Research Institute of Beijing Technology and Business University, said in an interview with a reporter from Beijing Business
Daily that the decline in the growth rate of health insurance premiums in the industry is due to the decline in the scale of personal insurance agents and the reduction of potential customer groups for critical illness insurance from the supply side. , the crowding-out effect of inclusive insurance, etc. From the demand side, it is the decrease in consumer income and the increase in precautionary savings.
health insurance products currently on the market
It is generally believed in the industry that most health insurance products currently on the market have stagnated in terms of design and service provision. In this regard, Li Wenzhong further analyzed that firstly, product design innovation is insufficient. The current health insurance industry has relatively single products and serious homogeneity. Often when a good product comes on the market, companies flock to it. Second, price competition has intensified. The current market competition is fierce, and price competition among insurance companies has intensified, further compressing the premium growth rate in the health insurance marketOn the other side of the shrinking growth rate of health insurance premium income is huge market potential.
In recent years, a series of documents such as the “Opinions on Deepening the Reform of the Medical Security System”, the “14th Five-Year Plan for Universal Medical Security”, the “14th Five-Year Plan for National Health”, and the “14th Five-Year Plan for Healthy Aging” have clarified It is proposed to accelerate the development of commercial health insurance and enrich the supply of health insurance products.
From the perspective of market demand, health protection for some elderly and sick groups also needs to be expanded. A report released by global management consulting firm McKinsey, “It’s Time to Evolve: Challenges and Breakthroughs in China’s Commercial Health Insurance,” mentioned that as the population ages and residents’ medical and health needs become increasingly strong, commercial health insurance is facing historic development opportunities and opportunities. strategic window period.
However, to date, the protection provided by commercial health insurance is still very limited in the total medical expenditures in the country. The latest data disclosed by the former China Banking and Insurance Regulatory Commission shows that commercial health insurance compensation expenditures will account for 5.3% of the country’s total health expenditures in 2022. In some developed countries, this ratio can reach 10% or more.
For professional health insurance companies
For professional health insurance companies such as Pacific Health and PICC Health, where will the innovative development and differentiated development of health insurance products be in the future? Li Wenzhong said that the first is health insurance products and health services for adolescents. At present, teenagers are facing various health problems such as myopia and obesity, and have corresponding needs for health protection. Although there are many health insurance products available for teenagers to purchase on the market, there are insufficient health protection and services for these issues that parents are concerned about. The second is health protection and services for the elderly.
As the aging of the population intensifies, the issue of protecting the health of the elderly has become increasingly urgent, but currently there are few insurance products in this area. Insurance products are also available for sub-healthy people. At present, health insurance products on the market are mainly for healthy people. However, there are a large number of sub-healthy people in society. There are still many constraints and obstacles for them to purchase health insurance. It is necessary for insurance companies to develop and design targeted health insurance products.
