A product manager friend in the insurance industry revealed a secret. The Internet company is quietly *** into the insurance industry, and all sorts of harassment operations stunned passers-by.
I didn't believe it at first, because the insurance business has many very strict access conditions. For example, 200 million registered capital, 20% of which is deposited in a designated account, and requirements such as repayment ability guarantee and preparation time are all obstacles to Internet companies' rapid business development.
But after a bit of understanding, the speed at which Internet companies enter the insurance industry is amazing!
In 2018, Ants initiated "mutual protection" and later changed its name to "mutual treasure". In 19 years, its members exceeded the 100 million mark. In January 2019, Didi launched "Dit and Mutual", Suning internally tested "Ning Hubao" in April, "360 Mutual Assistance" launched in June, "Meituan Mutual Assistance" launched in July, and "Gecko Mutual Assistance" invested by Weibo in October Go online, 3 months later, Sina Mutual Help went online, and Baidu "Lenghuo Mutual Help" went online in November. Of course, the water drops and easy chips have not been pulled down, and they have been laid out a long time ago. How did they bypass the insurance mechanism and start a business similar to insurance?
Mutual aid products are not insurance
Ants and Water Drops originally had insurance businesses. These insurance businesses were not actually their own, but represented the businesses of other insurance companies. They were just big insurance agents.
But Mutual Bao and Meituan Mutual Aid are completely different. They have nothing to do with insurance companies! This completely bypassed China's insurance system and created a brand new "insurance". For users, these are the same as insurance, and they cost less and make claims easier. But in terms of industry perception, none of these is insurance.
So how did these mutual aid products break through the blockades and quickly develop to the present situation?
A lot of things don’t break, it feels wonderful, once broken, it’s worthless. Such as this:
The responsible party for the mutual aid products is not Ant Financial
Hey, let’s open Alipay’s introduction about Huhebao:
did you see it? Ant Financial is not the responsible party of Hu Hu Bao, but as the initiator and organizer of Hu Hu Bao!
Why do they repeatedly emphasize that mutual aid is not insurance? As mentioned earlier, the state has very strict control over insurance. Internet companies have established platforms and acted as promoters and organizers of this matter, so the insurance law is invalid for them. how about it? Isn't this operation enough?
All you see, Internet companies just provide platforms and make rules. They were not the investigators, nor did they pay the money, nor did they pay the compensation. Hey, is it interesting?
Operation Mechanism of Mutual Aid Products
Yes, they are not the payer, the money is given by all Hu Hu Bao members.
Even the expenses for case review and other miscellaneous expenses are paid by all members. According to a single payment case of 300,000 yuan, the management fee = 300,000*0.08=24,000 yuan.
They are also not responsible for the review of the case. They will entrust an investigation agency to send investigators to investigate and review the case.
Even if there is a disagreement, it is decided by the mutual compensation trial team. Yes, that's right! The compensation trial team is also formed by all the friends who participated in Xiang Hu Bao!
Are these operations enough? It fully embodies the "platform" capability of Internet companies and throws everything out.
Benefits of mutual aid products
A friend just said, what good is it for all parties to play like this? Internet companies can’t afford to be profitable. Free is the most expensive reason. Everyone knows. So what’s the advantage?
From the perspective of users, mutual assistance products are simply a huge benefit. The more people who participate, the smallest leverage can be used to leverage huge returns (the successful compensation is basically an investment of dozens of yuan, with a return of 100,000/30 Million). Even, no invoice is needed to get paid! Even if the case is controversial, as long as the jury's speech is passionate and moving, it can still be paid.
But from a platform perspective, mutual assistance products are simply a super popular gathering artifact! A small amount of platform function development (relatively simple functions), a small amount of operational support (clear rules, no mass products, no activities required), a small amount of expense (8% of the management fee in the mutual aid fund can already cover most of the expenses) , But it can quickly gather a large number of users, especially middle-aged and elderly users who are difficult to reach (many young friends help parents insure their parents).
TIPS: Among the 100 million Hukoubao users, the post-80s accounted for 29.6%, and the post-90s accounted for 28.4%. About 60% of the users are from third-tier cities and below, and 1/3 of them are from rural areas and counties.
The circles are all engaged in the Internet, you know what users mean, and especially users with clear scenarios! These are all potential insurance customers with high intentions! This alone is better than a 100,000 insurance sales force! Admire it, and admire it tightly!
Often mixed with the Internet, there is a basket of brain holes~~. Learned, taught~~