Recently, the Boston Consulting Group (BCG) released a report titled "The coming of commercial medical insurance, the need to build six major capabilities", mainly focusing on the reimbursement of commercial medical insurance facing the market, focusing on the market's driving force. And the success factors of insurance companies. The author selects the growth trend of the commercial insurance in the report and the contents of the purchase crowd.

China's commercial medical insurance market has an average annual growth rate of nearly 36%

Since 2010, China's commercial medical insurance market has grown rapidly, with an average annual growth rate of nearly 36%. As of 2015, the market size has reached 241 billion yuan. Among them, major illness insurance (loss compensation products sold by life insurance companies) dominates the market.

However, coverage of major illness insurance is very narrow and contains only a few pre-defined conditions, such as specific types of cancer. Its structure also has certain limitations. If the insured needs to receive long-term treatment, such insurance cannot provide continuous cost compensation. In order to obtain such protection, consumers must purchase more pure reimbursement-type medical insurance, and regardless of the disease, they can get the corresponding protection and payment.

However, China's major life insurance companies are still launching major illness insurance, and there are very few reimbursement-type medical insurance. Because the profitability of China's life insurance market is far better than the medical insurance market. For every $1 commercial medical insurance sold (including major illness insurance and reimbursement medical insurance), you can sell more than 5 yuan of life insurance. (See Figure 1)

In addition, insurers lack strong consumer sales channels and struggle to work closely with hospitals and other institutions that may provide data on patient and treatment outcomes, which results in a high and unpredictable rate of reimbursement for reimbursement.

Moreover, in China, most of the reimbursement-type medical insurance participants participate in the form of group insurance through their work units. (See Figure 2.) Multinational companies operating in China typically purchase high-end reimbursement-type health insurance for their executives to go to private hospitals. But the insurance benefits that middle managers of these companies can enjoy are often limited. For example, their insurance covers only the cost of surgery in a public hospital.

However, the group market for reimbursement medical insurance will continue to grow, such as from local companies and small and medium-sized foreign companies (such as private equity funds). These two types of companies are expanding in size and profitability, and they are all looking to reimbursement-type medical insurance for group insured to enhance the attractiveness of top talent.

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