Health Tech Startup Benefits Workplace Wellness
Singapore-based ConnexionsAsia (CXA) is helping companies improve employees’ health and productivity through innovations in employee benefit
CXA has developed an innovative online platform enabling companies to offer flexible benefits for their employees. It works on a credit system that allows employees to choose how their given budget is spent in accordance with their individual needs, whether it be a fitness programme, a gym membership or healthcare services for personal and family needs. Its Singapore headquarters has about 150 staff, serving companies ranging from SMEs to Fortune 100 companies.
“This way of doing flex benefits is a win-win because employers can control their budget and employees now all get a choice,” Dawn Soo, Chief Wellness Officer/ Head of Hong Kong office, CXA Insurance Brokers Ltd, said.
Soo and Rosaline Koo, the founder of CXA, visited Hong Kong in 2014 to do market research before setting up here. They first got advice from InvestHK on market information and referrals to service providers. With the encouragement of InvestHK, the company entered the StartmeupHK global competition in 2014, and was selected as one of the finalists to pitch at the Venture Forum.
“The StartmeupHK Venture Forum was really useful for us to educate our potential clients about what flex benefits are. We were able to get new clients and business partners because of this forum,” Soo said.
After receiving its insurance broker license in May 2015, CXA opened its Hong Kong office, which has sales, marketing and vendor management functions. Soo said the company will open an office in Mainland China in the second quarter of next year. Meanwhile, CXA continues to develop its technology platform in Singapore.
“The regional decision makers for human resources tend to sit either in Singapore or Hong Kong. The Hong Kong team usually looks after Mainland China as well. These markets are very synergistic, which is why we wanted to open in Hong Kong first — to look after clients with a base in Hong Kong and a small team in Mainland China,” Soo explained.
CXA was recently selected as a finalist in the HR Magazine’s employer compensation-and-benefits category award. Its short-term plan is to focus on serving a few clients well — as it usually takes several years for a company to be fully converted to flex benefits — and on educating insurers to support flex benefits. In the medium term, in addition to hiring veterans from the insurance field, CXA also plans to train up young graduates with its own curriculum.
Tuesday, January 19, 2016
Further Reading (Please click here to download Acrobat Reader)
- Health Tech Startup Benefits Workplace Wellness PDF (97.55 KB)
- Based in Singapore, established in Hong Kong in May 2015
- Asia’s first marketplace for employee flex benefits