Singapore-based health technology startup CXA Group today announced it has received $25 million in series B investment from Facebook’s co-founder Eduardo Saverin’s B Capital Group and Singapore’s EDBI and has been valued at $100 million.
Other participating investors in the round include global life and health reinsurance company RGA, Philips Healthcare and existing investors NSI Ventures and Bioveda Capital. The company reportedly generates annual revenue of S$10 million and considers 45 Fortune 500 companies among its 500 corporate clients.
With the funding, CXA intends to disrupt the $100 billion employee benefits industry in Asia since clients with Pan-Asian operations will get to utilize their existing insurance spend via CXA’s brokerages to get integrated flexible benefits, data analytics as well as wellness and benefits administration through CXA’s platform.
It will focus on scaling its SaaS platform for distribution to SMEs and individuals via banks and insurers. It also plans to help employers across Asia regain control of rising healthcare costs.
CXA helps employers unlock wellness in the workplace, it enables conversion of existing benefits dollars into prevention and disease management. They get to enjoy the benefits without having to spend more. Employers can leverage the CXA platform to combine all their vendors into a one-stop marketplace, digitizing claims, health data and payment flows between employees, companies, insurers and providers.
Firms buying their insurance through CXA brokerages get the platform for free which includes flexible benefits and workplace wellness administration and data analytics. While the employees are provided with a fixed benefits wallet to choose the most relevant mix of insurance and wellness services from the available range of providers to suit their personal needs.
CXA Group uses health screening, lifestyle risks, sensor and claims data to predict future premiums. They design data-driven wellness and disease management programs to improve employee health. CXA is pre-negotiating reduced future premiums from insurers for firms who want to improve their population’s health. This will let employers understand the direct link between wellness initiatives to premium costs and finally have the ROI to justify their corporate health management programs.