Xiang Hu Bao ushered in the fate of being "abandoned" by others?
Recently, many people on the Internet are "escaping" from Xiang Hu Bao. The reason is that the amount of sharing in Xiang Hu Bao is getting higher and higher, which has risen from a few cents to 5 to 6 yuan. In addition, the number of non-compensation incidents has also increased. This helped the masses withdraw from Xiang Hu Bao.
However, from the recent sudden deaths of Pinduoduo employees, it can be seen that Internet workers are accelerating their "involution", and everyone has to run by overdrawing the future in order to survive in this busy society. . At this time, there are more and more people suffering from chronic diseases and cancer in the social group. For a "guarantee", everyone joins the ranks of buying mutual aid products.
So, why did Hu Hubao, which had a good reputation and over 100 million users before, ushered in the crisis of "escape" from the crowd? What's wrong with Xiang Hu Bao? Is it still reliable? Does Xiang Hu Bao help each other or the Ant Group?
Internet people "escape" mutual treasure
Internet people who are overdrawn in the future do not trust Mutual Bao, but they also do not trust their own bodies.
Since last year, the troubled mutual treasure life can be considered difficult. First, there were successive denials of compensation, and then the number of users plummeted. Everyone urgently "escaped" from each other.
According to the data released by Xiang Hu Bao, the number of people allocated in the first phase of January 2021 is 101 million, and the number of people allocated in the first phase of November 2020 is 105.8 million. The number of people who have fallen in two months will exceed 4 million!
It can be seen that there are more and more voices of dissatisfaction with Mutual Bao. However, have you ever thought about these issues, what is the motivation for hundreds of millions of people to buy Xiang Hu Bao? Some people are starting to withdraw from Hu Hu Bao now.
As you may know, Xiang Hu Bao is a product of Ant Group. Essentially, it is a kind of network mutual assistance program that advocates "one person has difficulties, and many people share it." And most people’s motivation for buying Xiang Hu Bao is "to help each other, but also to give themselves a piece of protection."
However, the motivation behind the analysis is the increase in the number of patients in today's society. The masses are beginning to doubt their physical condition and buy themselves a "cheap" disease protection in advance.
In fact, it is not unreasonable that Xiang Hubao's popularity has exceeded 100 million. According to the contents of the Shanghai International Health Expo, the proportion of deaths caused by chronic diseases in my country has increased from 73.8% in 1991 to the current 85%. In the next 10 years, the number of chronic patients will increase rapidly, or increase by two to three times in the next 20 years.
The increase in the number of chronic diseases and various diseases is behind the sharp increase in the pressure in people's lives. On the one hand, there are various serious illness mutual aid actions and fundraising information in the circle of friends, on the other hand, the sudden death of workers on the Internet is "flying all over the sky". It also convinced everyone that they "cannot get sick" and can only overdraft hard "liver" work in the future.
However, the increase in the number of chronic diseases and various diseases has also led to a surge in demand in the insurance market. However, compared to regular insurance products, mutual aid products have become the first choice for people who "cannot get sick" because of their low cost and simple procedures. So why don’t everyone trust Mutual Bao?
Not a "life-saving talisman" for users, but a "touchstone" for Ali
Xiang Hu Bao is not everyone's "life-saving talisman", but the financial ambition of the Ant Group.
Many people may think that Hu Hu Bao is no different from an insurance product, but it is not an insurance product but a mutual aid plan.
Compared with regular insurance products, Hukoubao has lower entry barriers and limited protection content, which is not fixed and can be changed at any time; in addition, Huhubao is within the scope of non-legal control and faces issues such as being removed at any time.
It is also because the purchase procedure of the mutual assistance platform is too simple, which has increased the probability of rejections caused by non-compliance with the conditions of joining and assistance. Therefore, the reasons for everyone to withdraw from Xiang Hu Bao are also focused on these points: 1. The amount of apportionment and the sudden increase in the denial of compensation 2. The trust problem caused by "not an insurance product" 3. The experience is not good and the protection content is limited; 4. Unknowingly being added, there is a problem of private deduction.
Source: Tencent
However, Xiang Hu Bao is a huge drain for Ant Group, adding impetus to Ali's financial ambitions.
Yin Ming, vice president of Ant Group, once said: "Hubei Bao's 8% management fee cannot cover all costs, so we do not consider profitability, but will reduce costs through technical means and strive to achieve breakeven."
The model adopted by Xiang Hu Bao is to charge an annual management fee of 8% in addition to the mutual aid fund for assistance. However, this relatively low management fee is actually difficult to maintain the costs of case investigation and review, product operation, and technical input. Therefore, the profit and loss of Xiang Hu Bao has always been concerned by the outside world.
It can be seen that Xiang Hu Bao is not a profitable project of Ant Group, but its function is:
1. Build a huge traffic pool and serve as a drainage utility for insurance financial products.
2. Ant Group's "satisfaction and internal help", mutual treasure is an innovative model in the financial insurance business, aimed at the hundreds of billions of Internet insurance market.
According to data from the Insurance Industry Association of China, in 2019, the Internet life insurance market achieved a total of 185.77 billion yuan in scale premiums, a year-on-year increase of 55.7% compared to 2018. It can be seen that the Internet insurance industry market has reached a market scale of 100 billion yuan, and the acceleration of the digital wave in the future will also promote the development of the Internet insurance industry.
Hukou Bao was previously renamed from "Mutual Insurance", which is actually a "touchstone" for Ant Group in the insurance industry.
The non-insurance model adopted by Xiang Hu Bao is itself a measure to test the market again and again. It has accumulated hundreds of millions of users, which is also a beautiful "trial" report card of Ant Group in the insurance market. Therefore, Xiang Hu Bao does not care about profit, but reaps the audience who wants to buy insurance with a lower entry threshold, further cultivates the habit of buying insurance, and builds a huge traffic pool for its own insurance financial products to drain the effect.
Yin Ming, the vice president of Ant Group, also said, "Mutual treasure and insurance are not in competition with each other. What Mutual treasure satisfies basic protection needs and can cultivate the public's awareness and habits of protection." Behind this, it is revealed that Ali's financial ambitions provide the cornerstone for its entry into the 100 billion-level Internet insurance market.
On the other hand, Ali has already anticipated the drawbacks of Hu Hubao and the phenomenon of user "escape", and has already preset the "Escape of the Golden Cicada" route.
Because Xiang Hu Bao is a non-licensed product, there are legal risks. Therefore, the Ant Group conceived the "unpacking" method early in the morning. Its prospectus mentioned that, "If for various reasons Hu Hu Bao cannot meet the compliance requirements and is not suitable for Ant Group to continue to operate as a listed company, we will divest each other. Bao, take various measures on its own or urge a third party to undertake it."
On the whole, each treasure is not everyone's "lucky break", but ants Group's flow pool, Ali to display their financial ambitions "litmus test" in the future public protection awareness and insurance used to upgrade its related financial products also have a Good source. However, what is the future of Mutual Bao, who is caught in the turmoil of public opinion?
Will Hu Hubao "die"?
Xiang Hu Bao will not "die" in the future, it will not be "abandoned" by the ant group, but will exist in another form.
In recent years, the mutual treasure has been turbulent, and Ant Group's life is not easy. The listing process of Ant Group was blocked, Alipay removed a series of Internet deposit products, and Ali ushered in an antitrust investigation. Everything seems to confirm that Ali's financial ambitions are not easy to go.
However, for the industry in which Xiang Hubao is located, the future potential is still huge. Zhang Lin, a representative of the National People's Congress and director of the Institute of Risk Management and Insurance Actuarial Studies of Hunan University, once pointed out that as of May 2020, the cumulative number of domestic network mutual aid members reached 330 million. The Ant Group’s "White Paper on Mutual Assistance on the Internet" also predicts that the number of participants on my country’s online mutual assistance platform will reach 450 million in 2025.
It can be seen that the market scale of this non-standard mutual assistance industry is still promising. As a result, before and after the launch of Xiang Hu Bao, multiple online mutual assistance platforms appeared on the market, including Diepiao Chai, Easy Chai, and the later Meituan Mutual Help. Among them, there are many companies that have received investment. For example, Water Drop Chip recently received an additional US$150 million investment from Tencent Holdings, and the company was then revealed to be listed in the United States in the first quarter of 2021.
As the leading product in the mutual aid industry, Xiang Hu Bao has also been recognized in the market. But compared to Meituan Mutual Assistance, the scope of its protection is not as wide as the latter does not limit the types of diseases. In addition, mutual protection such as the exit mechanism is also higher. The key point is 6 exit buttons, Meituan Mutual Assistance only needs one time. It can be seen that there are still many problems with Xiang Hu Bao, but the Ant Group may not abandon it.
Nowadays, the mutual aid industry has also been affirmed by the national policy on a small scale. In March 2020, the "Opinions of the CPC Central Committee and the State Council on Deepening the Reform of the Medical Security System" mentioned that "by 2030, it will be fully established with basic medical insurance as the main body. Medical assistance is the foundation to supplement the medical security system that is jointly developed by medical insurance, commercial health insurance, charitable donations, and mutual medical assistance."
It can be seen that if the mutual aid industry can develop towards standards and standardization in the future, there is no shortage of good tracks. As a result, the Ant Group will not give up this track easily. In the future, it will be separated from its own business and will only continue to work for the Ant Group in another form.
But on the other hand, there are also many problems in the mutual aid industry. In addition to the claims and price increases that have been revealed above, there are also serious industry homogeneity, highly similar operating models, and difficult profitability.
The most notable thing is that in the storm in the Internet finance industry in 2020, various Internet finance companies correspondingly removed deposits and other products. Although mutual products are not Internet financial products, they have the same attributes. It is foreseeable that policy management will become more and more stringent. .
This shows that Ali’s financial ambitions are to be used in the mutual assistance industry, and as more and more people complain about mutual treasure, Ant Group has to further tighten product standards to avoid being targeted by the law.
On the whole, Xiang Hubao can only move towards a more standardized and standardized development in the future, and Ali’s financial ambitions go beyond this. Currently, Xiang Hubao may not be "abandoned" by Ali. If it is separated from the Ant Group business in the future, it will only be Give up in the balance of interests, but the "relay baton" of Hu Hubao will still be undertaken by Ant Group insurance products.
Author: Yexiao An
Article source: Songguo Finance, please indicate the copyright for reprinting.