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How to evaluate the quality of insurance products?
First, does high pay mean good products?
The core logic of "compensation is higher than good products" is that the higher the payout ratio, the better for consumers. Because the higher the payout ratio, it proves that this product guarantees the just-needed, that is, the risk that will happen to everyone, and everyone can lose money from the insurance company.
Is it true?/You don't say. Half is right and the other half is wrong.
The wrong place first.
If we simply define odds = the premium of real lost money/total income.
Then "high odds" products can only show that the money lost by insurance companies can almost catch up with the premium of income.
Note: It is not that there are many people who lose money, but that the money paid by the insurance company can almost catch up with the premium of income.
If a lot of people are really compensated, it is indeed Pratt & Whitney, but this product, the insurance company returned the premiums paid by everyone to everyone in the form of claims. Excuse me, is this insurance?
If the number of people who get compensation is very small, but the amount of compensation is very high, what does that mean? Most low-risk users are raising money to help a few high-risk users.
Excuse me, is this insurance? It's possible! Because the basic principle of insurance is to protect "the risk of low probability of occurrence but high loss amount".
Then, since insurance is a low-risk probability event, why is payout ratio so high? There are three reasons:
1. The price is very cheap.
To develop cheap products, there are usually two needs:
(1) After obtaining the customer name, look for other products for transformation;
(2) Shareholders are philanthropists. Selling such products is not to make money, but to do public welfare.
2. Be targeted by the wool party
This product was targeted by the wool party and was seriously cheated. For example, the famous aviation delay insurance and accident insurance cheated the disaster area, "chopping fingers and defrauding 10 disability benefits".
3. Natural and man-made disasters
Sudden and unpredictable natural disasters or man-made disasters lead to centralized claims settlement. With so many "payout ratio high" situations, apart from professional insurance product actuaries, how many good products can consumers identify?
Therefore, the so-called "payout ratio's high products are good products" is not entirely wrong, but the logic behind it is not that if you look at "professionalism" alone, you can fully express it without substantive connotation.
What kind of "payout ratio high products" can be equated with good products?
Second, high compensation = a typical demonstration of good products
First of all, products with high odds, from a commercial point of view, are usually "short-lived"! This basic business logic, I believe everyone does not object to this view? The so-called "payout ratio high products are good products" should be changed. "Government-led products and high-payout ratio products are basically good products." This is why people always mention that national medical insurance and national pension are the best "insurance".
Payout ratio is high, which has great hidden dangers, but it is the basic welfare of citizens. The state must constantly maintain the effectiveness and sustainability of this system through various means (financial subsidies, centralized allocation by the central government, expanding investment means, merging into state-owned assets, and even delaying retirement).
However, according to the basic principles of insurance, national pension and medical insurance do not belong to the commercial insurance we often say. The commercial insurance we often talk about basically covers random events such as illness, death, accident and disability. The risk nature of each insured is relatively similar. For example, everyone is young and seldom gets sick. Moreover, the risk correlation between each insured is very low, and they will not get sick together.
Aging is not a random event, but a high probability event. In the matter of providing for the aged, the state is more responsible for the overall role of "income transfer" and "financial subsidies". Transfer the income generated by this generation of young people to subsidize the retirement expenses of the older generation.
The national medical insurance, although it is sick at random time, is not insurance. Because, in probability, old people and children are more likely to get sick than young people. When children buy residents' medical insurance, they have to pay very little premium (much lower than the risk probability of their children multiplied by the amount of compensation), not to mention the elderly, and they don't have to pay at all after retirement.
Then who pays the bill? Young people are subsidizing. Therefore, national medical insurance is not a serious insurance, because the amount of fees charged by individuals with different risks is different. Because it is a national welfare, it is also a kind of income transfer and subsidy in principle.
Third, good product logic in commercial insurance.
Everyone should understand the actuarial science of these two insurances led by the government. Let's go back to commercial insurance! What kind of commercial insurance is good insurance?
To achieve several basic principles, it is a good product.
1. Is the guarantee content just needed now?
For a normal person, the risk with small probability but big impact is just needed. For example, the risk of income interruption caused by premature death of family breadwinner or serious illness in advance.
Therefore, longevity and serious illness are our immediate needs, and these two types of products must have good insurance.
Of course, for the wool party, the most important thing at the moment is to cheat money through flight extension. In essence, flight delay insurance is also a good insurance for TA. Of course, this kind of behavior is strongly discouraged in Bian Xiao, and insurance fraud and insurance fraud will eventually be reported to the credit information system.
2. Can the two complement each other?
Why does the country choose "medical care" and "old-age care" as the basic welfare of citizens? Because they are the basic guarantee for payout ratio residents! Although it may not be just needed by young people, people will get old one day, and medical care and old-age care will become just needed one day.
However, since it is a citizen's welfare provided by the state and needs the care of the whole people, there are certainly advantages and disadvantages. The advantage is that everyone can cover it, but the disadvantage is that the burden on the country is heavy and the guarantee gap is bound to exist.
Therefore, for national medical care and pension, commercial medical insurance and commercial pension insurance can provide an effective supplement that just needs protection.
3. Spend the same money to buy more protection, which is a good product!
This is the simplest logic!
Term life insurance:
This kind of products (simple liability, completely priced by life table) are getting closer and closer to the pricing truth within the scope of supervision.
Critical illness insurance:
Although new benchmarks are constantly emerging in the market, under the existing definition standards of serious diseases (mainly thyroid malignant tumors), all online celebrity products have basically reached the most extreme pricing level, and the basic responsibility difference of each product (serious diseases+mild diseases+moderate diseases) is basically maintained within 5%. However, some insurance companies are aware of consumers' panic about cancer, and introduce ultra-low-cost cancer secondary compensation liability (at least 50%-60% cheaper than similar products in the market) and the background of the group's central enterprises, thus creating a new serious illness of online celebrities.
Commercial endowment insurance:
The biggest difference between commercial medical insurance and national endowment insurance is that national endowment insurance uses other people's money to pay for your old-age expenses through state transfer, provided that you also pay the money to the previous generation for old-age care. Commercial endowment insurance means that we use our own money to prepare for the future pension through compulsory savings.
PS: Commercial pension insurance is very popular in many countries (such as the United States) because they don't have our country's pension system. These countries use tax incentives or tax deferred policies to let citizens save their future pension money first, and the government helps to preserve and increase the value of funds. When citizens get old, they can receive pensions from them for their own use.
Of course, good old-age insurance itself is also very important, which has a great relationship with the insurance company's pricing interest rate, the time to receive old-age insurance money, whether it has the right to receive old-age insurance money, the level of death responsibility and the level of cash value.
Generally speaking, the higher the pricing interest rate, the higher the "implied return on investment" of insurance companies, and the more pensions they can get in the future. For example, the simpler the liability for death, just get back the premium we paid. Most of the premiums we pay are used for compulsory old-age savings, and the more pensions we can receive in the future.
Commercial medical insurance:
As a commercial medical insurance, children, young people, middle-aged people and the elderly pay their premiums fairly according to their own risk probability, so they can be as fair as possible.
At present, domestic tax premium health insurance is definitely the most ideal commercial medical insurance, because of the long-term renewal guarantee and the minimum payout ratio requirements, which ensures that insurance companies can only operate at a low profit.
Other commercial medical insurance itself is mainly short-term insurance, and insurance companies themselves have great authority to adjust products according to medical inflation and claims. Therefore, the products that are optimistic and cost-effective now may not be good enough in the future.
So what kind of medical insurance is good besides tax-excellent products? The medical insurance bought by the youngest users is a good product. This is because the overall probability of illness and accidents among young people is low. Even if there are old people or children in the insurance, as long as the middle low-risk young users are old enough and have enough money to subsidize the medical expenses of high-risk users, the products can last for a long time.
Precautions for insurance:
The question about Zhihu is "How to analyze the quality of insurance products?" The summary is as follows:
1. Most of the products "underwritten" by the state are good, represented by medical care and old-age care;
2. Good commercial insurance is either a product that is just needed now to guarantee "low probability and high impact" or a supplement to government pension and medical care;
Finally, insurance should be "money-oriented", and the price is actually very important.
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