Singapore-based ConneXionsAsia (CXA) recently opened an office in Hong Kong, following the approval of its brokerage licence.
The move will help to further develop its network in Asia to serve multinational and local clients, said Roasaline Koo, CEO and Founder of CXA. It also supports the company's plan to expand to 12 countries across Asia including China, key ASEAN countries, as well as Japan, Korea and India.
The Hong Kong office is headed by Dr Dawn Soo who has over eight years of wellness and medical experience in Hong Kong, Singapore, Korea, Indonesia and Malaysia. Prior to joining CXA, Dr Soo co-founded technology startup DocDoc, an appointment booking platform for patients in Singapore.
CXA aims to help companies improve their workforce health while capping premium inflation by enabling personalised benefits and reducing HR's administration burden. Its online platform 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.
The platform also allows employees to choose the wellness services and insurance coverage options suited to their individual needs. By doing so, 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 maximise 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 wellness vendors including fitness studios, medical practitioners, health screening organisations 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.
"Our platform allows employees to shift their unused insurance dollars to prevention while helping employers to cap their premium inflation. This incentivises employees to improve their health," said Koo.
Using CXA's analytics capabilities, employers could measure the effectiveness of their wellness initiatives and benefits plans too. Since CXA captures and analyses data from medical claims, health screening results, activity tracking and lifestyle risk assessments, companies could use this data to prioritise the wellness interventions with the greatest impact on claims.
"CXA's platform addresses employers' pain points of worsening workplace health, spiraling healthcare costs, lack of return on investment data, unappreciated one-size-fits-all benefits, and manual, paper-intensive administration. This presents organisations with an opportunity to differentiate their employee benefits programmes to brand themselves as employers of choice. "
Launched in March 2014, the CXA platform currently has more than 500 corporate clients. It aims to have over 100,000 members in Hong Kong, Singapore, China, Philippines, Malaysia and Thailand by the end of this year.
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