Rosaline Koo made a huge bet with CXA. Not long after she started up the healthcare products marketplace, it acquired Singapore’s third-largest homegrown insurance brokerage, Pan Group. Rosaline injected all her life savings and took out a loan to finance the purchase and build the venture.
It’s now paying off.
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CXA today announced it has become a US$100 million company following a US$25 million series B investment, co-led by Facebook co-founder Eduardo Saverin’s B Capital Group and Singapore-based EDBI. Global life and health reinsurance company RGA, Philips Healthcare, maker of data-driven medical devices and disease management programs, and existing investors NSI Ventures and Bioveda Capital also put in some cash.
Rosaline will use the funds to take CXA beyond Singapore and Hong Kong to markets like China, India, Japan, South Korea, Taiwan, Indonesia, Malaysia, the Philippines, and Thailand.
CXA lets employees choose a mix of insurance and wellness benefits that best suits them. So rather than having, say, a US$1,000 one-size-fits-all insurance coverage, which you rarely or never use, you can free up that money and decide where you want to spend it. CXA aggregates all providers in its platform – from insurers to gyms and yoga studios.
Employers can use the service to consolidate their vendors, digitize claims, and manage payments. Using CXA’s big data, they will be able to directly link their wellness and disease management programs to health outcomes and premium reductions.
“We’re bringing evidence-based wellness into the workplace to improve employee health in order to control rising employer healthcare costs,” says Rosaline. “Instead of just offering advice, we actually deliver solutions to companies by aggregating the providers, the data analytics, and the tools. Our goal is to shift the focus of insurance from treatment to prevention and to empower employees to take personal responsibility for their health.”
Rosaline knows the sector inside-out. Before her startup venture, she led Mercer Marsh Benefits, the largest employee benefits brokerage and HR benefits consultancy in Asia Pacific, overseeing a 14-country operation with over 400 staff and growing the business eightfold.
CXA now caters to 500 corporate clients, 45 of which are Fortune 500 companies. It’s reached US$10 million in annual revenue.
The company’s regional expansion includes distribution deals with banks and insurers, who will white-label its platform to cross-sell individual insurance products. It has just piloted its first deal, with more in the works.
Feature image via Tech in Asia.