Mingxin Health Co-Hosts 2022 Health Insurance and Health Management Integration Summit in Shenzhen and Advances Hong Kong IPO Filing
On August 20, the “2022 Summit on the Integrated Development of Health Insurance and Health Management,” co-hosted by China Banking and Insurance News and the China Health Promotion Foundation, with support from Medbanks Health, was successfully held in Shenzhen. Themed “Integration for Mutual Benefit, Inclusive Sharing,” the summit brought together regulatory authorities, insurance institutions, health management organizations, and experts and scholars to offer insights and recommendations on the integrated and innovative development of health insurance and health management.
“Vigorously developing health insurance and continuously improving health management services is not only an intrinsic requirement for the insurance industry to return to its roots in risk protection, but also a powerful manifestation of the political and people-oriented nature of financial work,” said Zhang Lixing, Secretary of the Party Committee and Director of the Shenzhen Banking and Insurance Regulatory Bureau, at the summit.
Zhang Xiaodong, Founder and CEO of Magnesium Health, was invited to attend the summit and delivered a keynote speech titled “Building the Foundation of Healthcare Services to Promote High-Quality Development of Health Insurance.” He shared Magnesium Health’s explorations and insights into promoting the integrated development of health insurance and health management. Zhang stated that Magnesium Health connects and empowers the healthcare and insurance industries through technology and innovation, contributing to the construction of an inclusive and shared broader health ecosystem. Through its business segments, including Kangfu Health, Kangfu Smart Pharmacy, and Kangfu Smart Insurance, the company enhances pharmaceutical accessibility, reduces medication costs, benefits a wide user base, and contributes to building a multi-tiered medical security system.
In recent years, from the central government to various ministries, a series of policy documents guiding the development of health insurance have been intensively issued, whether in terms of top-level design for national industries or guidance for industry development, so as to support commercial health insurance in playing a greater role in the multi-tiered medical security system.
“Healthcare services are a core need for households and one of the foundations for the high-quality development of health insurance.” Zhang Xiaodong believes that medical and healthcare resources and service capabilities are gradually becoming key infrastructure capabilities for commercial health insurance, including access to advanced pharmaceuticals and medical devices, a curated medical provider network, convenient medical claims processing, and full-cycle health management.
Magnesium Health Founder and CEO Zhang Xiaodong Delivers Keynote Address
Commercial health insurance is not only a payer outside of basic medical insurance but is increasingly becoming an entry point for users to access high-quality medical and healthcare resources. Zhang Xiaodong believes that, on the one hand, the accelerated approval and market launch of advanced pharmaceuticals and medical devices, such as innovative specialty drugs and CAR-T therapy, have driven the continuous iteration and upgrading of commercial health insurance, thereby meeting the specific medical needs of more patients. On the other hand, the implementation and improvement of premium health services—such as full-process family doctor care, expert-led whole-course disease management, and global medical treatment arrangements—as well as health management services including health assessments, early disease screening, and chronic disease management, have enhanced users’ sense of gain from insurance products.
By building the integrated health management service platform “Kangfu Health,” Magnesium Health connects high-quality medical and health resources, including access to advanced global pharmaceuticals and medical devices, direct consultation with renowned physicians worldwide, a wide range of multi-sector health services, and premium wellness and care services at Hainan Ruijin Hospital. This initiative supports the innovation and upgrading of health insurance, primarily manifested in: driving innovation in pharmaceutical and medical device coverage to facilitate the enhancement of health insurance products; leveraging technology empowerment to provide professional solutions for B-side clients, thereby boosting channel sales; and establishing a one-stop health management platform to offer users more reassuring medical service protection, making “quality healthcare affordable.”
At the summit, Xu Jinghui, former General Manager of Dajia Insurance Group, pointed out in his keynote speech titled “Industry Integration: Co-Creating a New Era for Health Insurance Development” that in recent years, the concept of “Health Insurance+” has gained significant traction, becoming a hotspot and focal point for capital aggregation, industry synergy, and cross-sector corporate expansion. Currently, the insurance industry is entering a new era of integrated development with the broader health industry, characterized by trends such as policy integration, customer base integration, business integration, and capital integration.
Xu Jinghui, Former General Manager of Dajia Insurance Group, Delivers Keynote Speech
He further stated that building a virtuous, integrated industrial value chain requires sustained innovation and breakthroughs in three key areas to inject new momentum into the integrated development of the health industry: first, leveraging the value-discovery function of industrial capital; second, enhancing resource utilization efficiency under market-sharing frameworks; and third, intensifying product innovation driven by comprehensive information and data integrity.
Regarding how health insurance can achieve high-quality development, Zhou Yanli, a member of the National Committee of the Chinese People’s Political Consultative Conference and former Vice Chairman of the China Insurance Regulatory Commission, offered several recommendations: strengthen top-level design to clarify the functional positioning of health insurance; standardize product design to meet multi-tiered health protection needs; enhance professional capabilities and explore development models with Chinese characteristics; strengthen external coordination to promote effective collaboration between the insurance industry, healthcare security administrations, and medical institutions; and intensify public education on insurance knowledge to foster a favorable environment for development.
Against this backdrop, Magnesium Health is committed to leveraging technology and innovation to bridge the healthcare, pharmaceutical, and health insurance industries, collaborating with industry partners to build a comprehensive health ecosystem. For instance, by supporting the development of Huimin Bao (inclusive supplementary medical insurance) initiatives across China, the company actively promotes the deep integration of health insurance and health management, thereby providing users and their families with more comprehensive, cost-effective, and high-quality medical and health services. To date, Magnesium Health has cumulatively serviced 180 million insurance policies, benefiting approximately 2 million households, and saving consumers over RMB 2 billion in medical expenses.
The development of China’s multi-tiered healthcare security system relies on the joint participation of the insurance and healthcare industries. The long-term, healthy growth of health insurance also requires deep integration between the insurance and healthcare sectors. Only through multi-party collaboration for mutual benefit can high-quality, sustainable development be ensured. In the future, Magnesium Health will remain committed to its corporate vision of “Protection for All, Health for Every Family,” actively promoting the integrated development of the broader healthcare industry and ensuring that higher-quality medical and health services benefit every household.