In recent years, in the face of an increasingly prominent wave of aging, compounded by social pressure brought about by a declining birthrate, the insurance industry has continued to promote supply-side reforms guided by customer needs, creating a new growth pole for high-quality development. The layout of health and old-age services has become an industry transformation consensus, and how to effectively integrate services with the main business has become a must-answer question for the industry. As a leading insurance company, China Taibao fully launched the Big Health Strategy in 2020. After more than three years of practice, it has contributed the experience and model of big health services to empower the main insurance business to the industry.
On March 29, at China Taibao's 2023 annual results conference, when asked about the implementation results of the Big Health Strategy and how management views the relationship between Big Health and the insurance industry, Ma Xin, vice president of China Taibao, said that the core of the Big Health 352 strategic construction plan is insurance payments. It is with Big Health that has driven more new breakthroughs in the main insurance business. With the gradual deepening of the implementation of the Big Health Strategy, data shows that increasing services means increasing business.
In recent years, China's Taibao has continued to make efforts in the field of health. Focusing on the full health journey, the self-built online medical service platform “Taiyi Manager”, cooperated deeply with well-known medical institutions such as Ruijin and West China to jointly build the “Yuanshen Rehabilitation” service brand with Jiaotong University Medical School, completed the layout of “Taibao Homeland” 12 cities and 14 parks around one old, one young, and built a “Qingqing Growth” youth health promotion service with Shanghai Sport University, which landed at the flagship experience center in Shanghai.
The rich supply of services has driven the number of customers actually using Taibaoda Health Services to rise rapidly. Management presented a series of data at the performance conference. Two years ago, only about 1 million people overused health services; in 2023, it has reached 7.14 million people. In practice, customers use services to achieve better health risk reduction; insurers supply services to achieve greater business growth.
Looking at the average premium of China Taibao Life Insurance's new insurance customers, the average premium for customers with major health services in 2023 was 2.2 times that of unserviced customers, and the additional rate for customers within 60 days after using the service was about 10 times that of customers who have not used the service. The rich service ecosystem is helping to promote the continuous improvement of the operating capacity of individual life insurance customers, and the production capacity of the marketing team is rapidly increasing, reflecting the effectiveness of health services in empowering the main insurance industry.
Meanwhile, China's Taibao Preferred Direct Pay Medical Network has rapidly expanded, growing from 600 to 1,119 by the end of 2023. Preferred Healthcare Network provides high-quality services to better meet customer needs, boosting Taibao Industrial Insurance Group customer health insurance using these services to achieve a 20% increase and achieve underwriting profits in 2023. The network layout of health care services is beginning to play a role in optimizing health insurance management for group customers.
Referring to the next development, management emphasized that China Taibaoda Health Service aims to promote effective supply and match effective demand, and that finding services that customers think is really useful, worthwhile, and suitable is the key. Through customer service data insight, China Taibao continuously explores new customer needs and characteristics, and provides inspiration and guidance for the future development of the main insurance industry.
Among the more than 7 million service customers, “health consulting” services are the largest in volume and account for the highest proportion. The main reason behind this is the support of the “Taiyi Steward.” A large number of customers have effectively solved health problems through the 7*24 hour online service platform. This also confirms the original intention of China Taibao to establish an online platform for family doctors, which was to improve the accessibility of high-quality medical services. The two types of services, “specialty drug service” and “caregiver service,” have increased the most in the past two years. In the context of a society with an aging population, expensive innovative drugs continue to be approved for marketing, and the survival period of people with diseases continues to be extended. The supply of nursing services in the whole society is currently still in short supply, and customers are more willing to choose commercial insurance companies with good service contracts to obtain future payments for drugs and nursing services. The number of “health screening and early screening” service customers is growing rapidly. As China enters a middle-income country, people are paying more and more attention to their own health, and more and more customers are shifting from focusing on “getting medical treatment when sick” to “early screening and early diagnosis.”
Facing the nearly 180 million customers of China Taibao Group, management also admits that the number of customers actually using Big Health Services has only just begun in terms of scale, and there is still a lot of room for development in the future. China's Taibaoda Health Strategy Plan was initially formulated with the goal of “laying the foundation in one year, seeing results in three years, and moving ahead in five years”. The company will focus on key areas such as online family doctors, offline health services, youth health promotion, and high-quality medical care that customers need most, create phenomenal service products, use service increments to form the most effective empowerment for business growth, and contribute Taibao's strength to the high-quality development of the industry.