ConneXionsAsia Launches Hong Kong Office
Disrupts employee benefits with Asia’s first insurance and wellness marketplace
· Launches first Hong Kong integrated platform to optimize HR flex, wellness and benefits administration
· Employers who purchase their insurance via CXA’s brokerage get the platform for free
· Service now available in Hong Kong and Singapore for multinational and local companies
· Companies are spending approximately US$60 billion in group and voluntary insurance benefits across Asia, including US$3 billion in Hong Kong
· CXA platform to have over 500 firms and 100,000 members across Asia by year-end
Hong Kong, XX August 2015 – ConneXionsAsia (“CXA”), a technology company offering Asia’s first insurance and wellness marketplace, today announced the launch of its Hong Kong business following the approval of its brokerage license. Benefiting from an US$8 million Series A funding raised in February, the new Hong Kong offering will enable CXA to further develop its network in Asia to serve multinational and local clients.
CXA is a unique integrated health and benefits platform offering a customizable one-stop shop for HR to manage all their existing insurance and wellness benefits vendors, data and activities. CXA was founded to help companies unlock wellness in the workplace at no additional cost to employers, by shifting existing corporate healthcare expenditure from treatment to prevention. Employers who appoint CXA as their broker get the platform for free.
CXA helps companies improve their workforce health while capping premium inflation, enables personalized benefits and significantly reduces HR’s administration burden. CXA significantly improves user experience by digitizing all the insurance and claims paperwork. It aggregates all the players in employee benefits into a private marketplace and automates all the paper, data and payment flows between employees, companies, insurers, hospitals, clinics, health screeners and wellness providers.
CXA empowers employees to improve their health by accessing wellness services and insurance coverage options suited to their individual needs. With CXA’s approach, employees who are healthy, or already covered by the benefits of their working spouses, can convert the insurance dollars they do not need into “benefit dollars”. Employees can maximize these dollars on discounted health, insurance and wellness services from CXA’s online marketplace, or other company approved flexible benefits. In Hong Kong, CXA partners with all insurers and a number of high-quality wellness vendors including fitness studios, medical practitioners, health screening organizations and disease prevention associations.
Employees can also use the CXA platform to understand and store their health screening results, assess their lifestyle risks and get rewarded with additional spending dollars for making measurable lifestyle improvements. CXA’s analytics capabilities allow employers to measure the ROI effectiveness of their wellness initiatives and benefits plans. CXA captures and analyses data from medical claims, health screening results, activity tracking and lifestyle risk assessments. Companies use this data to prioritize the wellness interventions with the greatest impact on claims.
Since the platform launched in March 2014, CXA has had significant market success with a growing list of more than 500 corporate clients, including over forty Fortune 500 companies. By year-end, the CXA platform aims to have over 100,000 members in countries including Hong Kong, Singapore, China, Philippines, Malaysia and Thailand. In addition, CXA plans to offer the platform to bank and insurance distributors in Hong Kong on a private-label basis to distribute to SMEs via their bancassurance, agency and direct channels.
The Hong Kong office is headed by Dr. Dawn Soo who has over 8 years of wellness and medical experience in Hong Kong, Singapore, Korea, Indonesia and Malaysia. Prior to joining CXA, Dawn co-founded technology start-up DocDoc, a successful appointment booking platform for patients in Singapore.
Rosaline Koo, CEO and Founder at CXA commented, “CXA has launched in Hong Kong to support the growing number of multinationals interested in our regional services. We have an aggressive growth strategy to expand to 12 countries across Asia including China, key ASEAN countries, as well as Japan, Korea and India. Our flexible benefits platform allows employees to shift their unused insurance dollars to prevention while helping employers to cap their premium inflation. The wellness platform incentivizes employees to improve their health.”
Dawn Soo, Chief Wellness Officer and Head of Hong Kong office, concluded, “Employee benefits spend is steadily increasing as more and more firms struggle to retain and attract talented individuals. CXA estimates companies are currently spending approximately US$60 billion in employee benefits insurance across Asia, including US$3 billion in Hong Kong. CXA’s revolutionary platform presents employees with a real opportunity to differentiate their employee benefits programmes in order to brand themselves as employers of choice. We address employer pain points of worsening workplace health, spiraling healthcare costs, lack of ROI data, unappreciated one-size-fits-all benefits, and manual, paper-intensive administration.”