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Alipay, micro insurance, water droplets guarantee "flow three guarantees" - from traffic to kings, to win win in the industry.

2019-05-22 13:43. network Wen Wen

Recently, two Internet insurance innovative products have attracted the attention of people inside and outside the industry. The first is the "drug God insurance" launched by the micro insurance joint Taikang, which covers all the 12 high cost anticancer drugs outside the current social security catalog. The other is the first 60-80 year old medical insurance, which is jointly released by water droplets and guaranteed comfort insurance. It is a breakthrough product for its crowd and coverage.

Internet Co plays a role as an innovating pioneer in today's era. In the field of insurance, Internet insurance (brokerage) companies are also "unable to escape the custom". Because of the characteristics of the Internet gene itself, and with enough traffic as support, Internet insurance companies have a better understanding of users' pain points and create products that meet the needs of the times.

Taking a look at the Internet insurance market, the head enterprises are represented by Alipay, micro insurance and water drop insurance, forming the "Three Guarantees of traffic". These head enterprises also dominate the trend of Internet insurance innovation.

Details of Internet insurance platform

The concept of "Three Guarantees for traffic" is not a hard job. It has been divided into three categories: traffic type, intermediary type and scene type.

Internet traffic channels: Alipay, micro insurance, water drop protection, etc.

The advantage of the traffic channel is to be able to reach customers in a large area. The user preferences are more accurate than those of the direct insurance company, and better understand the needs of users. When properly applied, the capability of wind control can also be greatly improved. In terms of product iteration, traffic channels can cooperate well in various aspects such as product design, sales, wind control, claims and so on.

It is worth noting that the sustainable development of the flow based Internet platform is particularly important. If we want to seize the market and simply intervene in the platform at a lower price, the life cycle of the "rush" traffic product may be very short.

Internet scene channels: drops, millet, etc.

In the scene channel, the insurance channel can be built through the deep scene, and the number of interactions with users is more, the correlation degree is deep, and the potential demand is huge, such as millet docking "cell phone accident insurance", drip butt joint "auto insurance" and so on. Its core products usually have strong "scenario attributes", and wind control independence is a great challenge to the direct insurance company.

But at the same time, because of the scenario, insurance is only a "icing on the cake" composition for the channel. In order not to affect users' experience in their own scenes, the insurance entrance is often deeper. In terms of product innovation, the direct profit from innovation insurance is low, and the development cost is high. The difficulty of product promotion has become an inevitable problem.

Internet Intermediary channels: options, big children, Wukong insurance, etc.

The intermediary channel is similar to the operation insurance supermarket, which unify many other platforms, plays a "bridge" role between the insurance company and the platform, and obtains relative "front" resources through the activities of reducing prices or increasing the Commission, so as to meet the agent's demand = customer demand.

In the wind control mode, the intermediary channel is more similar to the traditional insurance sales, but often the agent's loyalty to the platform is generally low due to the expense problem. Secondly, in terms of products, intermediaries are less sensitive to products than traffic platforms and scene platforms.

"Traffic" is king, the influence of "Three Guarantees" is gradually expanding.

At present, there are more than 500 Internet insurance platforms on the market, which are divided into three categories. Among them, Alipay, micro insurance and water drop protection are recognized by the market and gradually stand out from the more than 500 platforms.

As a traffic giant, WeChat and paypal are excellent carriers for all kinds of financial products, including insurance products, but the thinking behind the two companies is different.

Among them, ant insurance is more inclined to the form of "insurance mall" - after screening, let insurance companies and fund companies enter Alipay platform to sell their products. Alipay, in a sense, is a national Internet Financial habit cultivator, from the financial payment cut into the insurance industry, but also allows users to Alipay insurance is more likely to generate a sense of trust.

Tencent wants to go further in the direction of customization. When it was launched a year ago, Wei Bao said that he wanted to be an agent sales platform for insurance products, but hoped to develop some customized insurance products in addition to highly homogenized insurance products on the market. Up to now, the insurance products in the micro insurance applet have increased from 1 on the line to 12, and the monthly life has also been 20 million.

Compared with the top two Internet giants, the competitive advantage of water drop protection is not inferior. Although there is a certain gap between the "ball level APP" which covers more than 1 billion of Alipay and WeChat in terms of body size, it has also opened up a huge market with its own unique development features. The number of independent users paid by the water drop babysitting company has reached 250 million. It is also known as the "four kings of the sinking market" by the media.

On the one hand, as an investment platform for Tencent, it fully drives the low cost traffic flow with the help of WeChat social scene; on the other hand, the collaborative platform of brothers, such as water droplet protection and water droplet financing and water droplet mutual help, provides users with a perfect protection path from "ex ante guarantee" to "ex post salvage"; lastly, and most importantly, water droplets have the ability of self hematopoiesis, and users are more precise based on the platform's long-term awareness of users' insurance awareness.

In terms of products, "flow three guarantees" use Internet thinking to reverse develop customized new products according to users' rigid needs, and because of the concentration of traffic, enough users' data and data levels can be obtained, which can actuate actuarial and wind control scientifically, and scientifically determine the premium rate, so as to ensure the success of new product customization.

Such a process forms a closed loop, and its influence directly radiate the entire insurance industry, thus attracting more and more traditional insurance companies to enter. At present, Internet insurance and traditional insurance are no longer the 22 opposite state. Based on the Internet thinking and the promotion of Internet genes, the Internet insurance platform has become ecological with traditional insurance.

The core and cornerstone of Internet business is traffic. In the Internet insurance, the traffic platform has become one of its own. With the increasing concentration of traffic on large platforms, the head pattern is becoming clearer and clearer. "Traffic Three Guarantees" was born here.

Case dismantling

Water droplet guarantee - capital approved traffic insurance platform

In May 9, 2019, it was the birthday of the water droplet company at the age of 3, and coincided with the 2nd Anniversary establishment of the water drop protection company.

Let's go back to the time 2 years ago. In 2017, the Internet insurance circuit took an unprecedented break, and BATJ and TMD platform entered in succession. At that time, the Internet insurance broker platform did not have a strong voice, and two years later, the Internet insurance third party platform's participation in the entire insurance market is getting higher and higher. The growth case of water drop protection is also valuable for the development of the whole industry.

In March 27th, the water droplet parent company announced the completion of the 500 million yuan B round of financing, ranking first in the first quarter of the Internet insurance financing table in 2019. It is also the largest amount of Internet health insurance and health insurance coverage since the capital cold winter of 2018. Behind the huge financing is the recognition of capital for water drop protection. It also releases a very obvious signal: the competition pattern of players in the industry has been determined, and the traffic platform will soon become the mainstream.

2019Q1 Internet insurance financing

Company name financing wheel amount time investor

Water droplets guaranteed B round 500 million yuan 3.27 Tencent (lead), Gao Rong capital, IDG capital, blue Chi venture, Innovation workshop, Yuri Milner, Wu Xiaoguang

Bean bag net C round 95 million yuan 3.15 Bo will capital (lead), Ben wing capital, Hao XinDa, and Ruiye industry.

Start ship technology B rounds of tens of millions of RMB 3.18 investment funds

Multi guaranteed fish A rounds of tens of millions of RMB 2.11 Bertelsmann Asia Investment Fund (real investment fund), real fund, filling capital

Jingshi network A round did not disclose 3.21 Fengyang capital

3.2 financial investments in D

Start with traffic

As an Internet traffic platform, traffic is the priority of water droplets to protect entrepreneurship.

CEO Shen Peng, a water drop company, mentioned in an interview before: "as an Internet insurance start-up company, we are not competitive with traditional insurance companies, but we understand the Internet, so the first position was to make the traffic first and then make insurance. From the perspective of the Internet, there are many innovations in Internet insurance. We are positioning ourselves as a relatively high traffic volume relative to the insurance companies, so that insurance companies feel that we are partners and have the advantages they do not have.

Relying on the flow of deep ploughing scene, the water drop protection constructs a unique business logic, while also rapidly expanding the market scale. At present, the water droplets are located in the water droplet ecology, which has reached 250 million independently. With a billion scale units, only a few platforms in the market can achieve this result. Water drop protection is not the same as Alipay and micro insurance.

Edge innovation - covering all groups.

To take the lead in the Internet health insurance track, comprehensive strength should not only have the advantages of flow and mode, but also an important competitive factor. What is temperature? It can draw close distance with users, really think of users, enhance user's viscosity and service quality, that is, companies with temperature.

Marginal innovation is one of the entrepreneurial theories of water drop companies. It covers people who cannot cover traditional insurance: sinking market, Internet 80, post-90s youth, elderly people and so on.

The user portrait of the water drop company has a very distinctive sinking feature. According to public data, nearly 60% users of the water drop company are residents from three or four tier cities. Compared with the second tier urban residents, the insurance consciousness of the sinking market users is weak, which is a long neglected market for insurance giants. The coverage of commercial insurance in these markets is very low, and the "poverty caused by illness" is easy to happen in the sinking market.

For the Internet platform, the more people's needs are met, the better the penetration and sustainability of this business mode will be. With the 345 line cities and township markets as the main market, the new incremental space has been excavated. The marginal innovation theory of water drop protection has been practiced in recent years, and remarkable results have been achieved.

Strong partners

If you want to go far, it is essential to have excellent small partners. Looking at the "friend circle" of water droplets protection, all the big names are gathered.

As an investor in water droplet protection, Tencent does not need to say that the figure of the giant can be seen in every stage of the water drop guarantee. From the close cooperation between the two sides, it can be seen that Tencent has a favorable attitude towards water drop protection. In addition to the cooperation with the major Internet platforms, water drop insurance has begun to join hands with traditional insurance companies, and is committed to product innovation.

In March 28th, the water droplet insured Taiping property insurance issued the "Taiping water drop million million medical insurance 2019 series products". This cross-border cooperation has integrated the brand strength of Taiping property insurance and the "flow + scenario" advantage of water drop protection. It has set a benchmark for the joint research and development of health insurance products by the traditional insurance companies and the new Internet format through the empowerment of medical insurance and personalized configuration.

Two years later, the water drops quickly entered the first tier industry, and for an Internet insurance platform, two years is just the beginning and the future can be expected.

Look forward to

Internet insurance is badly in need of innovation. Accelerating transformation is particularly important.

By the year 2019, the pattern of Internet insurance industry has become increasingly stable, and the market dividend has been consumed to the present stage, and all parties are exploring the next direction of development, that is, the new business growth point. Through the development of 2018, we can see that the demand for Internet insurance is more and more obvious nowadays.

The China Insurance Association has released an analysis report on the operation of the Internet personal insurance market in 2018. Overall, the Internet personal insurance scale premiums 119 billion 320 million in 2018, down 13.7% compared with the same period last year, and the scale premium continued to decline. In terms of products, the Internet health insurance increased significantly, up 108.3% over the same period, accounting for the first time to 10.3%. In response to the above data changes, the China Insurance Association also pointed out that there are still many challenges in the Internet personal insurance market, including lack of innovation and single structure of products, single risk identification and control methods, and risk exposure of insurance companies.

This is also true of the entire Internet insurance industry. Data show that China's Internet security has reached 222 million, and the average age of users who purchase insurance for the first time is 28.7. Education, stable income and acceptance of Internet products are the main characteristics of this age group. They have more diversified and individualized demand for insurance products. This prompted the industry to speed up the pace of innovation, "flow three guarantees" is destined to play a leading role in this.

• the birth of the first tier, to promote the overall development of the industry.

With the intensification of market competition and the continuous expansion of Internet insurance business, business competition and cooperation development among different companies will emerge in the future. Before that, the leading role of the head enterprise is crucial to the future direction of the industry.

As a pilot organization of traditional insurance reform, the companies of the first tier of Internet insurance have played a leading and exemplary role for other innovative enterprises and post entry traditional insurance companies, and promoted the continuous exploration and development of the industry. At the early stage of the development of Internet insurance industry, all of them support the sustainable development of Internet insurance business by absorbing technical talents, expanding their business scope and launching innovative products.

Up to now, the first tier companies already have many advantages, including talent pool, technology accumulation, huge user flow, and so on, which enable them to have the absolute advantage of exploring new directions. We can foresee that in the future Internet insurance industry, the first tier will surely push the industry forward.

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