Core Viewpoint - The article emphasizes the need for the Huiminbao products to shift from continuous expansion to iterative improvement in order to achieve high-quality development after experiencing product changes and market competition from 2020 to 2024 [1][5]. Pricing and Market Dynamics - The average price of Huiminbao products has risen to 95 yuan, an increase of nearly 30 yuan compared to the approximately 60 yuan price level in 2021 [3][7]. - The rising prices are attributed to two main factors: differentiated pricing based on the insured's age and health status, and the expansion of coverage which increases the claims pressure [7][8]. - The current operational Huiminbao products include 137 that cover special drug responsibilities, with a focus on major diseases and rare diseases [7]. Challenges and Risks - The concept of "death spiral" is introduced, where the increasing number of healthy individuals not receiving claims leads to a reluctance to pay for rising premiums, potentially resulting in a loss of policyholders and premium income [4][9]. - The overall participation rate in Huiminbao is currently low, and a decline in this rate could force further price increases, creating an unsustainable cycle [9][12]. Target Demographics - Different demographic groups exhibit varying attitudes towards Huiminbao. Middle-aged and elderly groups show increasing willingness to purchase, while young healthy individuals are less inclined due to perceived lack of value [12][13]. - To attract younger, healthier individuals, various strategies are being implemented, such as family or group insurance discounts [13][14]. Enhancing Value Proposition - Insurance companies are focusing on improving the perceived value of Huiminbao by enhancing service experiences, such as offering health management services and quick claims processing [16][17]. - The introduction of "add-on packages" aims to lower the claims threshold and enhance the perceived value of Huiminbao, thereby increasing participation rates [18].