健康能“变现”？政策市场齐发力，万亿健康险转型提速

Core Insights - The commercial health insurance market in China is steadily growing, with premium income reaching 759.9 billion yuan in the first eight months of 2025, marking a year-on-year increase of 2.38%, approaching a trillion yuan scale [1][8] - The industry is undergoing a transformation from a "risk compensation" model to a "health management-driven" approach, driven by the "Healthy China" strategy and the acceleration of population aging [1][4] - Major companies like Ping An Health Insurance are leading the way in this transformation by integrating health services into their product offerings and creating a positive feedback loop between health behavior, rewards, and insurance coverage [4][5] Industry Challenges - Despite growth, the industry faces long-standing issues such as "easy to insure, difficult to service," and significant data barriers that hinder the integration of health management services with core insurance products [1][8] - The traditional economic compensation model is increasingly inadequate to meet the comprehensive health needs of residents throughout their life cycles, necessitating urgent transformation [4][8] Policy Support - The "14th Five-Year Plan" outlines clear directions for the construction of a health security system, emphasizing the integration of health insurance with health management [6][10] - Recent regulatory guidelines from the National Financial Supervision Administration aim to promote the development of health insurance, focusing on a new health service guarantee system that includes prevention, management, and post-coverage [6][10] Market Innovations - Leading companies are innovating by enhancing service density and depth, utilizing AI technology for comprehensive service systems, and offering immediate claims processing and digital chronic disease management solutions [5][7] - The introduction of health points mechanisms encourages customers to engage in healthy behaviors, which can lead to increased insurance coverage and reduced deductibles [5][9] Future Outlook - The commercial health insurance market is expected to play a crucial role in the multi-tiered health security system, supported by ongoing policy incentives, technological advancements, and collaborative ecosystem development [10] - The industry is positioned for significant growth as it adapts to the evolving needs of consumers and integrates health management into its core operations [7][10]