CXA Group

CXA Group

CXA is Asia’s first one-stop workplace platform that transforms your current healthcare spend into a benefits and wellness program where employees choose their path to good health.

Country: Southeast Asia, China
Industry: Health Insurance, Employee Benefits
Founded: 2013
Founders: Rosaline Chow Koo

CXA Group to Pilot Integrated Workplace Health Management Solution

As reported in Human Resources Online (found here):

Singapore-headquartered health technology startup CXA Group has partnered with Philips and a select group of Fortune 500 companies to pilot an integrated workplace health solution, with the support of Singapore-based EDBI.

The partnership is expected to unveil an end-to-end solution designed to help employers and employees manage the incidence of chronic illnesses and rising healthcare costs. This pioneering integrated digital personal health solution for the workplace will be revealed at a private event this month.

“We believe it takes a village to transform workplace wellness,” said founder and CEO of CXA Group, Rosaline Chow Koo. “The role of employers, employees and the supporting ecosystem of insurance, healthcare providers, and wellness vendors is key in building a culture of health at work and controlling the rising cost of healthcare in the region.”

In this context, Koo added: “Our clients who are positively managing their workforce health should see lower premiums over the long term. If we get this right, we believe our collective efforts will translate into a positive impact on the state of health in Asia and should produce savings on healthcare costs beyond the corporate world.”

Facebook Co-Founder Saverin Backs Health Marketplace Startup CXA

As originally reported by Yoolim Lee in Bloomberg (original article can be found here), we're very excited to announce the CXA Group's $25 Million Series B.

Facebook's co-founder Eduardo Saverin’s B Capital Group has led a new financing round for a Singapore-based online health insurance service that values the startup at $100 million.

Singaporean government investment vehicle EDBI jointly led the $25 million round in CXA Group alongside Saverin’s outfit, the startup said in a statement Wednesday. New investors Royal Philips NV and RGAx, a unit of Reinsurance Group of America Inc., and existing backers NSI Ventures and BioVeda Capital also joined the round.

CXA Bags Top Insurance Awards

CXA was just awarded The Digital Insurance Asia Insurance Innovation Award last 23 November 2016, besting finalists Zhong An Insurance, FWD and Allianz! See video here on the awarding ceremony and more info on the finalists here.

On 24 November 2016, CXA won the HR Vendor of the Year for Best Corporate Wellness Consultant (Gold Award) and Best Compensation and Wellness Benefits Consultant (Bronze Award) together with other reputable insurance firms globally as finalists.

CXA Expands Asia Footprint, Bob Charles Leads Hong Kong Business

As reported by Aditi Sharma Kalra on Human Resources Online. Original article can be found here.

CXA Group (ConneXionsAsia) has appointed Bob Charles as country head for Hong Kong, in a move to continue to expand its footprint in Asia.

Charles was most recently managing director at Willis Towers Watson, bringing over 20 years of business leadership, client relationship management and consulting experience, having led 2,500 consultants based in 22 offices across 12 countries in Asia Pacific and four business lines: insurance, investment, retirement, and talent and rewards.

He is credited with growing the Willis Towers Watson business by 160% between 2008 and 2016.

Singapore Medtech Startup ConneXions Asia Launches In Hong Kong

As reported by Hannah Leung in e27 (found here):

ConneXion Asia (CXA), a Singapore-based health platform started by Rosaline Koo, has launched in Hong Kong. The launch comes after CXA raised US$8 million in Series A funding in early February 2014, with annual revenues for the startup hitting US$6 million within the first year.

CXA’s digital platform tackles a sore issue in the health industry: companies buy compulsory insurance for their employees, but the blanket benefits often go wasted. Why not provide personalised benefits?

It allows employees to select benefits based on their needs, whether on preventative measures such as gym and wellness services or other company approved flexible benefits. Employees get an instant assessment of key health and lifestyle risks, and employers do not see the data. The company receives a referral fee from its merchant partners.

In Hong Kong, the vendors will comprise popular yoga classes, gyms and medical groups primarily located around Central.

“We definitely see a strong demand for workplace wellness services in Hong Kong. Most employers understand it plays a key role in benefits but are uncertain how they should go about developing and implementing these services,” said Dawn Soo, Head of the Hong Kong CXA office.

The process puts Big Data to work. By aggregating hospital visits, claims, wearable and activity data, CXA can calculate the effect on a claimant’s cost depending on employees’ change to their lifestyle.

Wearables and smartphone apps to track healthy lifestyles are on the rise and using Big Data to identify potential problem areas in patients and spot future interventions — predictive analytics — is a way to improve multiple areas of health care.

It’s estimated that companies are currently spending US$3 billion in employee benefits insurance in Hong Kong and US$60 billion across Asia.

Since the startup launched in March 2014, CXA has had significant market success, working with over 500 corporate clients, including over 40 Fortune 500 companies. Employers who choose it as their broker get the platform for free.

By year-end, it aims to have over 100,000 members and a presence in countries including China, the Philippines, Malaysia and Thailand.

Employee Health And Wellness Marketplace CXA Raises $8M Series A

As reported by Terrance Lee in Tech in Asia (found here):

CXA, a Singapore-headquartered insurance and wellness marketplace, has raised US$8 million in a series A round at an undisclosed valuation. The company had an eventful start. Not long after it was founded by employee benefits brokerage veteran Rosaline Koo, it acquired Pan Group, the third-largest home-grown group insurance brokerage in Singapore.

Koo was not able to raise money to fund her purchase, and that meant taking out a loan and putting in over US$4 million of her family’s savings to birth the venture. The bet is paying off. Since March 2014, CXA has signed up 20 new Fortune 500 corporate clients. 12 have already implemented the platform.

The startup reached US$6 million in annual revenue (US$1.5 million came from the marketplace and the rest from its brokerage business), a customer base of over 500 firms, and a stacked team consisting of three PhDs and four computing science Master’s students.

That’s enough to convince NSI Ventures, the venture capital arm of private equity firm Northstar, to lead the series A round. Also involved in this round are F&H – an investor in ecommerce sites Reebonz and Luxola as well as blogger influencer network Gushcloud – and BioVeda, a noted Singapore-based healthtech investor that’s working with the Singapore government to co-fund startups. With the money, CXA is planning to expand to 12 countries in Asia.

“We selected Northstar because of their successful track record in fintech investing, with several portfolio companies in banking, insurance, brokerage, and payments. We picked F&H because of John Wu’s connection to Alibaba, ecommerce, and China. And Bioveda for their healthcare contacts. Our angels are all owners of brokerage and flex firms in different countries so we will leverage them to expand regionally and internationally,” says Koo.

While employee benefits platforms are dime a dozen, CXA is unique in several ways. It collects employee data to tailor benefits to better suit their needs. That means staff who already have insurance can redeem something else using CXA’s platform.

Companies save money by giving employees exactly what they want instead of blanket coverage, harnessing staff data to improve their benefits package, and cutting down on paperwork by digitizing benefits administration. It’s also a health advisor, gathering employee health data – medical claims, health screening results, wellness activity tracking, and lifestyle risks are just some examples – and recommending steps to improve their wellbeing.

CXA’s business model is also noteworthy. It white-labels its platform for banks and insurance providers who in turn offer the service to small and medium enterprises as well as individuals. The acquisition of Pan Group means the company owns its distribution channel – clients who buy insurance through CXA get access to the platform free-of-charge.