Traditional Culture Encyclopedia - Traditional culture - Alipay Mutual Treasure, what's it really like and is it worth recommending
Alipay Mutual Treasure, what's it really like and is it worth recommending
This content comes from @What's Worth Buying APP, the views only on behalf of the author himself By: bao bei said bao
My purpose in writing this article is only one, and that is, as a medical doctor, an MD who has been immersed in the insurance industry for three or four years, how to objectively evaluate this thing of Mutual Treasure from the professional point of view. After all, 107 million people have already joined, and the stakeholder group is getting bigger and bigger.
Is it a good product or not, is it worth joining, after joining the annual share of the premium will be a bottomless black hole, and will it be like many financial products in the past, cut the leeks and run away?
All these questions will be answered in the article with in-depth analysis of the data.
This article, I wrote and changed, changed and destroyed, destroyed and wrote, wrote a whole nearly four months, regardless of the problem summary, or data organization, to the article's structure, as well as to the final text, every step I have done a solid research. The reason why I write so hard, one is that I feel that since I wrote it, I have to make sure that this article is useful to everyone, to write in all the issues that we care about, and the other is that I have to be responsible for my own conclusions, and each issue must be supported by a large number of data calculations before I dare to draw conclusions.
I am confident that this article is absolutely the largest and most complete and objective in the whole network, and it is the first one to do a systematic analysis of Mutual Treasure, about Mutual Treasure, you read this, you do not need to look at any other.
The following text begins:
The birth of the explosion
"Mutual treasure" formerly known as "Mutual Insurance", October 16, 2018 officially on the line,
It is a new type of critical illness product jointly launched by Xinmei Life Mutual Insurance Society and Ant Gold Service, which also protects against critical illnesses, but does not need to pay any fees, as long as you are healthy and your Sesame Credit score reaches 650 points, you can join, and the threshold is extremely low.
If you are unfortunate enough to fall ill, members under the age of 40 will receive 300,000 in mutual aid, and those aged 40-59 will receive 100,000 in mutual aid, and these costs will be shared by all the members who have joined the **** together,
Each time before the sharing of the Mutual Treasure will first publicize the list of members who have helped, and only after the public announcement of the no-objection, will the money be deducted from everyone's account.
This is not a pool of money, but a model of assistance that can be said to be the most primitive and purest form of insurance.
There is no middleman to make a difference, who is in trouble, we help, *** amortize the risk, and mutual treasure in which to collect 8% of the management fee, used to maintain the platform operation, claims investigation, etc., in addition to no other costs.
Compared to the traditional insurance company's operation and management costs of about 20%, Mutual Treasure has really achieved low-cost protection, and the price directly kills 99% of the insurance products. Unless an insurer is willing to keep losing money, it's impossible to beat MutualPay's price.
It can be said that the idealized insurance should be like this, everyone together to warm up, not only to ensure access to the doctor, but also to share the risk, if the mutual treasure can always strictly control the threshold of access, claims also to do a fair and impartial, out of the insurance on the publicity, coupled with the participation of the user can consciously comply with the rules, there is no with the sick insurance and other kinds of moral hazard, is really no better than this insurance model.
Mutual insurance renamed
But plans can't keep up with changes, due to compliance issues were interviewed, November 27, the same year, mutual insurance only on-line for 41 days was declared aborted, formally upgraded to the "Mutual Treasure," from the insurance to the network of mutual aid programs, changed by the Ant Group independent operation. The first time I've seen this, I've seen it in my life, and I've seen it in my life.
The official reason for this is that Mutual Insurance was asked to rectify the situation because it did not use the filed insurance terms and rates in accordance with the regulations, and there was misleading publicity and inadequate disclosure of information during the sales process.
As for the real insider information, we don't dare to ask, but one thing is for sure - it's a good idea to move someone else's
According to rumors, some of the insurance company's work has been done to remind the CBI of this, which has led to the direct withdrawal of Xinmei Life after the interviews,
Why would they do that?
The reasoning is simple: Mutual Treasure is growing too fast, attracting 20 million people in just 1 month.
Who would go for thousands of dollars of insurance when you can have 100,000/300,000 dollars of coverage for just a few dozen dollars a year?
At the same time for the regulator, mutual insurance, although insurance, but in the regulatory gap,
It is to take the model of first protection and then pay, without a liability reserve, which means that it may bring greater financial risk. There are too many bloody cases that tell us that finance, if it lacks strong regulation and effective design of regulatory rules, can easily become a Ponzi scheme.
Coupled with the simple and brutal publicity of Mutual Treasure, it may cause more disputes in the future,
Undoubtedly, Mutual Treasure has not only touched the interests of the traditional insurance, but also impacted the administrative power of the CIRC, so the CIRC has to regulate it, and the major insurance companies are tearing it down, and with the flow of hundreds of millions of people, we have to be really bold to let it go, and then we will still sell the fart of the insurance ah.
The birth of Mutual is a forced compromise.
Despite the change from insurance to mutual aid, Mutual Treasure still takes the model of first protection and then payment, one person's insurance, the whole team to share, so this sharing mechanism in the end is not reasonable? The first time I've seen this, I've seen it, and I've seen it, and I've seen it, and I've seen it. Mutual treasure and how to deal with it? Read on to find out.
Does Mutual's apportionment mechanism make sense?
Let's start with this table of experience rates for major illnesses published by the CBIRC,
Note: "China's life insurance industry experience rates for major illnesses (2006-2010)
Both men and women, the older you get, the greater the probability of being insured, and especially after 40 years of age, the probability of suffering from serious illnesses is even more steeply rising. The first thing you need to do is to get a good deal on a new product, and then you'll be able to get a good deal on a new product.
In the face of the different morbidity rates of young and middle-aged people, Mutual Treasure chose to make a simple distinction in terms of the amount of coverage, i.e., 300,000 for those under the age of 40, and only 100,000 for those 40-59 years old.
Why this division?
In previous articles, Bao Bai has been emphasizing the pricing logic of insurance, which is determined by the size of the risk,
expressed in a formula: premium = expected probability of risk occurrence Risk Loss (that is, the amount of coverage you want to buy),
on the other hand, in the premise of pricing is the same, the greater the risk, the lower the coverage,
in everyone's share of premiums, the higher the risk, the higher the risk.
Overall, this sharing mechanism of Mutual Treasure is still reasonable, and no one suffers too much,
but comparatively speaking, the older you get, the more advantageous it is, because you're more risky, but you only need to shell out the same premiums as a young person of the corresponding age, and you can get the same amount of coverage.
So it would make more sense for Mutual to refine the cutoffs a bit in the future, such as $500,000 for 20-30 year olds, $300,000 for 30-40 year olds, and $100,000 for 40-60 year olds.
The successive upgrades of Mutual Treasure
Well, after understanding the past and present life of Mutual Treasure, the apportionment mechanism and so on, let's take a look at what else Mutual Treasure has done,
On May 8, 2019, due to the fact that a lot of users reacted to the fact that mom and dad can't buy insurance, following the major illness mutual aid plan, Mutual Treasure went online again, specifically for the 60-70 year-olds "Elderly Cancer Mutual Aid Program", even the elderly suffering from three or more high chronic diseases can join, although the insured amount is only 100,000, but it can also solve the protection needs of most of the elderly to a certain extent.
On August 31, 2020, Mutual Treasure launched the "Public **** Traffic Accident Mutual Aid Plan", which covers almost all public **** transportation, and can claim up to 1 million mutual aid,
In order to let you see more intuitively, here I directly organize the
As of now, Mutual Treasure has launched four mutual aid programs based on the different risks of people of all ages***, which can be said to cover all groups of people,
If Alibaba's vision is that there is no difficult business,
then Mutual Treasure's vision is that there is no difficult insurance,
It is easy to see that Mutual Treasure is really trying hard to make a difference,
The Mutual Treasure is the best way to make a difference.
Relying on Alipay's strong traffic support, Mutual Treasure's user research is profound and serious enough every time,
They are well aware of every user's pain point in the market, for example, when the elderly can't buy insurance, they immediately launched a cancer prevention program; the three-high population can't buy insurance, they hurriedly went on line with the chronic disease program, including the later found that Many people feel that the amount of assessment is too high, there is pressure, they also launched the introductory version of the mutual fund, the amount of assessment is directly reduced by 30% -50%,
Mutual treasure of each update iteration is to adhere to the user-centered, and constantly check the gaps and make up for the shortcomings, as far as possible to take care of each group, which is why the mutual treasure on the line in less than two years, has attracted more than 100 million people to join, and has really become the universal coverage.
From the initial 3 cents to today's 4.17,
Mutual treasure apportionment amount directly soared 139 times, all the way up the claims data really let a lot of people panicked,
Especially from September 2019, the number of people applying for mutual aid directly exceeded the four-digit number, the apportionment amount is also soaring, in addition to the epidemic's most serious stage slowed down. The entire data is in a rising state,
More and more people are beginning to worry, mutual treasure is not planning to start harvesting users?
In 19 years, we at least promised that the cap would be no more than 188 yuan, but now we have no more promises, so we're not going to have a bottomless pit, and the amount of money we're going to have to pay in the future is going to go up indefinitely.
Especially online rumors of implantation of thyroid cancer to fraudulent insurance operation,
In order to disparage the mutual treasure, some people really is a broken heart, hard out of thin air fabricated artificial early cancer of the unreal story, not to give them a best literary award is really condescending!
So why mutual treasure in a short time to help members of the abnormal increase? The amount of money apportioned is even soaring? p>
Furthermore, as the popularity of mutual treasure is getting higher and higher, more middle-aged and elderly people have joined in, and many from small cities, never done a medical examination of the " healthy " people, once sick are initiated claims, destined to mutual treasure of the probability of insurance will be higher and higher, each person apportioned to the cost of the natural is also a rising tide.
(2) More and more people have passed the waiting period, get sick and start claiming
Directly look at the chart,
In the case of a certain morbidity rate, the more people, the higher the probability of insurance,
But with the same critical illness insurance, the mutual treasure also has a 90-day waiting period,
Unless encountered in an accident, the members of the mutual aid only in the 90 days after the joining and the disease meets the requirements.
So the incidence rate of Mutual Treasure is significantly lower than the social morbidity rate,
When more and more people have passed the waiting period and started to claim for their illnesses, the real data will be revealed,
Whether it is the number of people claiming for their illnesses or the amount of money they are assessed, it will be more and more close to the social morbidity rate,
So instead of the waiting period, the amount of money they are assessed will be more and more close to the social morbidity rate.
(3) delayed case review, a large number of mutual aid applications are still in the queue to apply
randomly extracted from the latest issue of the August part of the case,
most of the accumulation of cases a few months ago, even earlier to go back to a year ago,
the disease are delayed in the public, the shortest time difference of two months,
this is also the case. The later publicized cases will only increase day by day, and the assessed amount will also continue to rise.
With the amount of money being assessed rising, is Mutual Treasure a bottomless pit? Will there be a cap on the amount of money that can be assessed?
First of all, we can be sure that the mutual treasure is certainly not a bottomless pit, it has a ceiling,
Now the mutual treasure has become a behemoth of more than 100 million members,
100 million size of the sample, according to the law of large numbers, we can be calculated,
It is known that the mutual treasure of the age of 0-39 years old, the amount of insurance for 300,000; age of 40-59 years old, the amount of insurance for 10 million,
plus 8% management fee,
0-39 years old people have to share 30 + 30 8% = 324,000
40-59 years old people have to share 10 + 10 8% = 108,000
According to the sixth population census data published by the National Bureau of Statistics:
Combined with the "China's life insurance industry experience of major diseases Incidence Rate Table (2006-2010)
We can first estimate the incidence rate of critical illnesses by age,
Combined with the distribution of the age structure of China's netizens,
we weight the table of the incidence rate of critical illnesses by the age of the netizens,
Because the age of Mutual Treasure participation in the age of 0-59 years old, so here I only counted up to age 59 years old
With the above data, we can calculate the theoretical premium of 396.6 yuan per year for all netizens aged 0-59 to join the mutual aid program,
In practice, Mutual Treasure will screen out a portion of people with health problems through health notification beforehand,
So the actual shared cost is definitely lower than the theoretical premium.
So the actual cost is lower than the theoretical premium.
In order to make the data more intuitive, I also calculated the one-year rate table of WeChat, and the average annual premium for a one-year critical illness insurance policy is $432.32.
Through the above model, it can be clearly concluded that
Mutual Treasure's share of the amount of money in the future will certainly go up, but at most, it will not exceed the annual critical illness insurance policy, and it will not be a bottomless pit,
So, we can see that Mutual Treasure's share of the amount of money will go up, and it will not be a bottomless pit.
So you can rest assured that it's worth it to have a couple of cups of milk tea a month.
Mutual treasure this way is really too difficult,
rescue more people, was scolded by the netizens expensive;
refused to pay more people, and was scolded by the netizens pits;
Mutual treasure is really like everyone spit out that this also does not pay, and that also does not pay?
Here I directly pick a few of the biggest online debate "unreasonable" refused to pay the case, in the end should not pay the justice from the hearts of the people,
Case 1:
In December 2018, Yunnan's Tang Mou due to an accident fell into a 3-meter-deep flooded ditch fall, due to the seriousness of the injuries, and once into a deep coma. He was in a deep coma and was diagnosed by a doctor as having a GCS score (Douglas Coma Score) of 5, and had been on a ventilator for more than 96 hours.
Although he was eligible to claim for "deep coma" under the terms of the policy, the Mutual Treasure team found that Tang had previously taken hormonal drugs for a long period of time due to his dermatomyositis, which did not meet the health notification requirements. The company's website has been updated with the latest information on the company's website, including the latest news on the company's website and its website.
Case 2:
In December 2018, a father from Hubei joined Mutual Treasure for his 1-year-old, 3-month-old daughter, and in January of the following year, his daughter suffered a severe brain injury from an accidental fall, and immediately underwent craniotomy. However, at the time of claim settlement, the Mutual Treasure team found that his daughter suffered from Infantile Hepatitis Syndrome when she was one month old, which did not qualify as a health notification and was not truthfully communicated to him when he joined the Mutual Plan, and therefore could not settle the claim.
Case 3:
In January 2020, Shen was diagnosed with coronary artery disease, but from the results of the two hospitalized coronary angiograms, the degree of blockage of blood vessels in any of his hospitalizations did not meet the requirements of the article on "severe coronary artery disease", and the same decision was made to reject the claim.
To be honest, which mutual treasure is not strictly in accordance with the rules in the walk,
Stripped from the critical illness insurance, mutual treasure of the provisions of the provisions of the provisions of the almost did not change,
As long as you join the time is in line with the health of the informed, as long as the insurance is in the scope of coverage, in line with the provisions of the definition of the claim is still quite easy,
and these so-called Why should not pay, why should pay, we can get full discussion and communication, which is not lacking a lot of professionals, to finally decide the outcome of the case together.
It can be said that every refusal of Mutual Treasure is without malice,
seemingly cold, even when encountering controversial diseases, you can initiate a jury vote; even if the vote is not passed, Mutual Treasure also set up a mutual help, we can spontaneously for these difficult conditions of the crowd donations.
The Mutual Treasure is the only one that can be used to help the people in the world.
Mutual treasure is already a very good relief mechanism,
Every step of the way, we have been thinking about our users, and this kind of sincerity is something that many traditional offline insurance companies don't have.
Now, there's no need to play tricks on us and make things difficult for us to refuse to pay compensation.
Besides, for this kind of mutual aid organization, more compensation means more money.
But Mutual Treasure didn't do that, so why?
It's to protect the interests of Mutual Treasure's members,
and if they just chose to pay out, and the rules were broken again and again, more and more people who didn't meet the health requirements would enter the market, and the bad would eventually drive out the good.
The Mutual Treasure is the only company in the world that has the ability to pay out more, and it's not just a company that has to pay out more.
It's not the first time Mutual has changed its rules, it's been on the hot seat for a long time, and it's been controversial.
Mutual was caught in the crossfire when they changed their health notices so that new members and those who joined 2 years ago had to comply with the new version of the health notices.
Everyone's health changes all the time, especially over the past two years, so if Mutual is making the health requirements stricter and stricter, and adding a lot of new requirements for health anomalies that weren't there at the time of joining, then how can I apply for Mutual?
After all these years of helping people, when I get sick, I'm likely to be denied benefits because I didn't meet the health requirements to join. This is nonsense!
But is this really the case?
A quick glance at Mutual Treasure's health requirements shows more and more changes, from the original 1 or 2 pages to the current 3 or 4 pages, and the first reaction is that it's getting stricter and stricter.
But if you compare carefully, you'll see that the so-called changes are just a more rigorous refinement of the health requirements, and there's no tightening of the scale.
Like the first version of tumors, what kind of tumors are you talking about here? And if you're looking at the first version of a tumor, what kind of tumor are you talking about here? There is a certain ambiguity, so mutual treasure in the second version of the tumor specifically marked out the category of malignant tumors, carcinoma in situ, intraepithelial neoplasia, cerebral spinal cord tumors, description is more clear, but also to avoid more claims disputes in the future.
There's also a big section of the third edition that's been refined, but really just adds more exceptions, like the hepatitis section, which is clearly a relaxation of the health requirements so that more people have the opportunity to join in.
So, Mutual is not harvesting users, but instead of tightening up the health requirements, it's moderately relaxing some of the diseases that weren't covered across the board, and overall it's a much more user-friendly approach that doesn't really affect our rights and interests.
This includes the removal of "papillary or follicular thyroid cancer without distant metastasis" and "prostate cancer staged as T2N0M0" from Mutual Treasure, which is a bad thing,
like the "papillary or follicular thyroid cancer without distant metastasis" and "prostate cancer staged as T2N0M0".
The key is that it is also very high incidence, every time you let everyone to share more costs out of thin air, but also too unfair,
Mutual treasure can rush before the insurance company to eliminate these two things, in fact, is also in order to let the people who really have serious illnesses to get the money to avoid letting everyone share the useless costs, the grasp of the market is quite deep.
Mutual Treasure's successive revisions, change the health notification or change the rules,
By no means is it understood that it deliberately changed the rules in order to find a reason not to compensate you, specifically to cut your leeks, not really,
It is really trying to make a good product, whether it is operational details or other, Bao Bei really can't pick out any big problem, we can rest assured that you can join, as long as it meets the rules, you will be able to get the best out of it. The first thing you need to know is that you're going to be able to get the best out of it, and you're going to be able to get the best out of it.
Mutual Treasure is not an insurance policy,
It is not subject to the supervision of the CBI, nor is it subject to the constraints of the Insurance Law, nor is it backed by the Insurance Guarantee Fund, so will it run out of money during its operation? In case it runs out of business or dissolves, how should our rights and interests be protected? The company's name is "The Naked Man".
Backed by Baidu's big brother's light mutual aid, some time ago is also said to be scattered, directly to a present,
In fact, not only do we worry about, the CBIRC early also noticed the problem,
some time ago directly named mutual treasure, water drop mutual mutual network mutual aid platform belongs to the non-licensed business,
did not get the license of insurance, do indeed again
But the article looked down, mutual treasure this time was named purely lying shot,
In addition to the risk of involving the masses is really big, after all, there are hundreds of millions of people to join, the problem of the biggest front-end fee platform to run away from the risk is and mutual treasure has nothing to do with,
The so-called front-end fee model platform, refers to those who do not have the insurance in the hands of the money received first, just like the regular insurance as the first The first thing you need to do is to get your hands dirty.
Just for now, the mutual treasure is really a regulatory problem,
This is also a clear statement of the CBI, is being introduced to study the relevant policies,
Either to set a threshold of access, or to issue a license, but in the future will certainly be regulated to the platform of these mutual aid.
Mutual treasure backed by Alipay such a big platform, so far the number of people have joined more than 100 million,
Since it is sincere want to make a good product, it is not possible to say that put down the stalls on the stalls, said to run on the run,
For the CIRC's naming of the mutual treasure is also immediately on the response, made it clear that look forward to the guidance of the supervision to promote the healthy development of the industry,
The official document is the first of its kind to be published in the United States, and it has been published in the United States. p>
The official documents are here, and the mutual treasure is so full of sincerity,
We are worried about the short-term regulatory issues will certainly be resolved, there is no need to worry too much.
A person's risk is shared by everyone,
As the most primitive and purest form of insurance, the emergence of mutual treasure has really stimulated the public's awareness of protection, so that more people really recognize the real risks they face,
In the case of an individual, despite the fact that the amount of money shared is constantly rising, but in comparison with the commercial insurance of critical illnesses, the price of the mutual treasure is still cheap, and the cost is not too much.
In the case of insurance companies, the rise of Mutual Treasure is bound to promote the iteration of the entire industry,
It has to be said that Mutual Treasure is a good attempt at universal coverage, which opens up the protection with a very low threshold, very much like the way the balance of money was disrupting the money fund. There was a year when the balance treasure subverted the style of the money fund.
But still, Mutual Treasure is just a network mutual aid program, and by its very nature, it has a relatively limited role to play, and is not destined to replace critical illness insurance.
First, mutual treasure protection is limited
The current mutual treasure only protects 100 kinds of critical illnesses and 5 kinds of rare diseases, and there is no common and high incidence of minor illnesses protection, the so-called minor illnesses are actually the very early symptoms of serious illnesses, and if you can't get timely discovery and treatment, it is very likely that they will be developed into serious illnesses, and now it is destined to be only when the condition is particularly serious, can be paid, and the scope of protection is very limited. The first thing you need to do is to get your hands dirty.
In terms of coverage, only 40 years of age before the critical illness can get 300,000, 40-59 years of age can only get 100,000, or some of the drop in the bucket.
And after 60 years of age, your protection will automatically expire, you can only apply to join the Mutual Treasure senior version,
According to the 2013 release of the China Insurance Regulatory Commission (CIRC) of the experience of major illnesses in China's life insurance industry to calculate, the probability of getting a serious illness at the age of 60-80 years old is 2.2 times higher than that before the age of 60 years old, but the Mutual Treasure senior version of the highest only 69 years old, that is, what will happen after 70 years of age? What will you do when you're 70? And the maximum amount of mutual aid is only 100,000, the highest hair of the age of the protection of the lower or even no, this is anti-human nature, this time and then want to go to buy critical illness insurance to buy can not buy.
The second is also the most critical, mutual treasure is only mutual, not insurance
The reason why insurance is called insurance, because its solvency can be hard 200 years of a catastrophe (like the Wenchuan earthquake is only 30-50 years of a disaster), but mutual treasure is not insurance, there is no reserve, when encountered extreme risk, it is always possible to interrupt or even disappear, the long-term stability can not be guaranteed. The company's long-term stability can't be guaranteed.
In the event that the product is terminated after age 40, and you don't have long-term critical illness insurance, it will be difficult to make up for it.
In addition, Mutual Treasure can't be regulated in the short term, not to mention the fact that it can't guarantee the time limit for claims, and in some cases, it even takes four or five months to get the money, and when it comes to claims disputes, if it's an insurance policy, you can still apply for a regulatory ruling, but Mutual Treasure can only be ruled on through repeated communication or by applying for a jury, which is very difficult to define in the current legal system.
In summary,
Mutual treasure is a good thing, can join must join,
No disease, no disaster, the share of the money is not much, as a charity;
If you can use it, it is also considered to be more of a protection,
But in any case, the mutual treasure is not a replacement for critical illness insurance,
To do a short-term and medium-term complementary,
I see that the company has a very good reputation.
If you want a longer-term, more stable coverage for serious illnesses, you should rely on critical illness insurance.
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