Foreign media: Mutual treasure attracts 50 million people. Can it change the insurance industry?

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 Foreign media: Mutual treasure attracts 50 million people. Can it change the insurance industry?


Netease Technologies News, April 14, according to foreign media reports, Ant Golden Clothes overturned the established model of banking and asset management industries, and now hopes to reconstruct the entire health insurance industry through new plans such as Mutual treasure.

Since its launch last October, Mutual Treasure has attracted 50 million people, more than five times the population of New York City.

The product operates in a somewhat collective way. When someone who participates in Mutual Treasure suffers from serious illness, the members who participate in Mutual Treasure need to share an average compensation of 300,000 yuan. According to a statement issued by the company on Thursday, users can register free of charge without any premium or advance payment. Disputes over claims are decided by volunteer members. In return for the management process, Ant Gold will be charged an 8% management fee for each compensation payment.

The most famous business of ant suits is the Alipay service provided by Alibaba online shopping platform. It is also redesigning financial products, ranging from money market funds to consumer credit. Ant Golden Clothes said Thursday it expects to reach 300 million registered users of Mutual Treasure within two years, which will account for more than 20% of Chinas population.

Steven Lam, an analyst at Bloomberg Intelligence in Hong Kong, said: Ant Gold Clothes can reach millions of users at a speed that traditional insurance companies cannot. This was the real insurance model hundreds of years ago. They are returning to their roots.

In addition to Ant Golden Clothes, start-ups such as Tencent and Waterdrop, which supports innovative workplaces, are trying to subvert the traditional Chinese medical insurance industry. According to Waterdrop, the company had 78 million users and paid more than 950 million yuan in compensation to its members in the four months to October last year.

These products may help fill a huge gap in health insurance for serious illnesses. As of April this year, nearly a third of the members of Mutual Treasure came from poorer rural areas and nearly half were migrant workers.

Ant Golden Clothes said, Mutual treasure is not an insurance product, so it is not regulated like traditional insurance companies such as Ping An Insurance.

Anyone between 30 days and 59 years old can join Mutual Treasure as long as they meet basic health standards. As more and more people come in, the cost of the plan will be shared among more people. According to Ant Golden Clothes, as the user base continues to expand, each member pays no more than 0.1 yuan for each critically ill patient. It covers no more than 100 diseases. If a claim dispute arises, a compensation panel composed of hundreds of thousands of pre-approved users will vote to decide whether to pay compensation.

Ant gold clothing plans to use its Alipay and balance treasure hundreds of millions of users get the first advantage. After joining the mutual treasure, users will deduct money from Alipay accounts on the 14 and 28 days of each month. Anyone with a higher credit score can join it.

In order to combat fraud, Ant Gold Clothing uses block chain technology. Bitcoin relies on the joint validation of members. Members with critical illnesses within 90 days of joining the program will not be compensated. (Han Bing)

Source: Responsible Editor of Netease Science and Technology Report: Wang Fengzhi_NT2541