ConneXions 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.
As reported in e27, 27 August 2015 by Hannah Leung