Sailing through Challenges, Blooming in Prosperity
Looking back at 2024, we’ve experienced the trials of sailing through many challenges. Yet, as we reflect at year-end, we celebrate remarkable achievements. My heartfelt thanks go to every MSHer for your relentless dedication, and to our loyal clients and partners for standing with us through every storm.
Businesses that survive economic downturns excel in achieving optimal balance between efficiency and cost in their industry. Our steady growth is built on years of strategic foresight: leveraging technology, building an efficient organization, and optimizing our operation to strengthen MSH’s resilience.
Under the combined impact of global economic and geopolitical complexities, many companies have faced significant operational strains. Meanwhile, medical inflation has surged by double digits, prompting workforce reductions and adjustments in employee benefits. Providing businesses with cost-effective, stable, and sustainable employee benefits requires our expertise in data analytics, actuarial science, and operational practices. On the other hand, Chinese companies expanding overseas increasingly demand robust high-end medical insurance. The international health insurance solution provided by MSH, with its global service capabilities and medical network, becomes an essential tool for these companies to attract and retain key talents globally.
On the individual medical insurance side, the government is pushing through the reform on social medical insurance (DRG-based payment), and the healthcare services and their consumption are evolving in a multi-level manner, reflecting different needs and preferences. More people crave for better healthcare, and private medical insurance has become indispensable for safeguarding the health and finances of individuals and families. In 2024, our mid-end individual plan - Elite Choice, proudly debuted on the Shanghai government's service APP. This allows Shanghai residents to purchase Elite Choice with their social medical insurance’s personal account balances. We’ve also worked with partners to explore internet distribution model and HMO products customized for Chinese market. During economic downturns, the critical role of insurance becomes even more important. As high-quality necessities, our products continue to show robust growth momentum.
Operational excellence is never achieved by relying on some external consulting experts. Instead, it is our frontline employees who serve as the most professional consultants, architects, executors, and communicators. Through seamless collaboration across our departments, we continue to depict the roadmap of our intelligent digital transformation of our business processes, significantly improving service response time and customer satisfaction.
We invest continuously in our self-developed AI-driven digital platforms, including MSH Service for insurance member service, MSH Health for health management service, and MSH Cloud, a SaaS platform for medical providers to address their needs on managing private medical insurance. Just as a good horse needs the right saddle, the ever-evolving high-end medical insurance industry demands the most advanced, secure, and seamless ecosystem to operate effectively.
This year, we achieved ISO 27701 Privacy Information Management System Certification for the first time, adding to our existing ISO 9001 Quality Management System Certification, ISO 27001 Information Security Management System Certification, and the Ministry of Public Security’s Level-3 Certification for Information System Security. The measures we have taken include data encryption, secure storage, and personal data separation to meet various insurers’ compliance requirements. These efforts solidify our robust data security and privacy protection framework.
We continue to refine our big data monitoring mechanism comprised of data warehouse, anti-fraud risk control system, and BI (business intelligence) system. We are introducing AI decision-making in more service processes. We are accelerating our paces in system automation. With these efforts, we believe that ‘instant responses’, ‘instant payments’, and ‘instant claim settlements’ will soon become a reality.
We strive to create an open environment by removing organizational boundaries, both internally and externally. We are eager to connect throughout the high-end medical insurance ecosystem, ensuring mutual benefits are achieved by seamless collaboration with providers and insurers. We are building our core competencies around innovation and high-quality services, to remain competitive in the future. This year, we have also introduced insurance technology solution and health management solution. We are committed to advancing cooperative and mutually beneficial development in the medical insurance value chain, fostering an environment where all partners thrive.
A strong organization shall be able to unlock individual potential, offer opportunities to create value, and witness personal limits being surpassed for its staff. As Ren Zhengfei, Chairman of Huawei, once said, “Let those who hear the gunfire call for artillery and lead the battle.” Bold thinking and decisive execution stem from shared values and clear organizational goals.
It's often said that we must stick to doing the hard but right things. However, I feel that doing the right things is easier. The challenge lies in overcoming inner doubts, greed, and hesitation. If one can clear their mind of distractions, it becomes much easier to make the right decisions. This year, we have encountered several instances of insurance abuse and social media pressure involving distorted facts. Yet, we stood firm, maintaining unwavering integrity and a commitment to ethical standards. We resisted unethical practices and maintained a zero-tolerance policy toward misconduct. Ultimately, this approach earned us positive recognition within the industry.
Love, excellence, responsibility, innovation, teamwork, and integrity are the corporate values that we have consistently upheld and practiced. They are the perpetual spring of our vitality. These values are not only in our hearts but in our daily actions. Reflecting on the countless thrilling moments of the year, it is our shared values that guided us through challenges and made the impossible possible. A saying goes, “Always turn your face toward the sun, and the shadows will fall behind you. Miracles will naturally follow.”
As 2025 approaches, the global landscape and China’s economy remain full of uncertainties. While pessimists predict that it can always get worse, business inherently thrives on navigating through the challenges. Over the past 24 years, our company has faced unique trials and discovered distinct opportunities every year. This is where the charm of business lies. What we can do is to strive upward, grow outward, embrace change, and become better versions of ourselves and of our company.
Let us follow our heart, ride the waves, and explore the mountains, the seas, and the world. No matter what lies ahead, the blossoming, thriving spring of health insurance is destined to come!
