软件与服务：医保数据赋能商保，释放数据乘数效应

Investment Rating - The investment rating for the industry is "Positive" and is maintained [5]. Core Insights - The National Healthcare Security Administration (NHSA) is exploring the empowerment of commercial insurance companies through medical insurance data, which could significantly enhance the efficiency of medical resource allocation and the quality of medical services, thereby unleashing a multiplier effect of data elements [2][5]. - The opening of medical insurance data is expected to activate further circulation and intersection of industry data, accelerating the development of the data element industry. Companies with data resources or capabilities in data product development, particularly those that have explored business models for data element transactions in the medical sector, are recommended for attention [2][7]. Summary by Sections Event Description - On November 27, the NHSA announced plans to empower commercial insurance companies with medical insurance data and synchronize settlements between medical insurance funds and commercial insurance [5]. Event Commentary - The multiplier effect of medical insurance data may substantially advance the development of commercial insurance. In 2023, the overall claims of commercial health insurance amounted to 300 billion, accounting for only 3.3% of the total health expenditure of 9 trillion. The lack of supporting medical and insurance data has hindered the development of health products for specific diseases and populations, leading to a vicious cycle in service and innovation. By utilizing medical and insurance data, commercial insurance companies can predict disease incidence, usage of medical services, and related costs, enabling precise product pricing and risk assessment, thus significantly reducing underwriting costs and fostering a positive interaction between commercial insurance and basic medical insurance [5][6]. Policy Support - With policy support, the development of medical insurance data is expected to enter a fast track. The NHSA has held discussions on empowering commercial health insurance with medical insurance data and has begun exploring mechanisms for sharing this data in regions like Shanghai and Zhejiang. For instance, Shanghai has established a big data innovation laboratory for medical insurance, completing calculations for nine commercial health insurance products [6]. Market Implications - The gradual opening of medical insurance data may serve as a stepping stone for exploring the market-oriented construction of data elements. The circulation of data elements requires the cultivation of data trading platforms, the establishment of trading rules, and the improvement of governance systems. However, the current rules and governance systems for data trading in China still need improvement, necessitating further exploration of data rights and pricing services. The opening and sharing of medical insurance data may set a benchmark for data circulation models in other industries, promoting the market-oriented construction of data elements across various sectors [6][7].