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ConneXionsAsia (CXA), which offers Asia’s first insurance and wellness marketplace, has launched its Hong Kong business following the approval of its brokerage license.
Having benefited from a US$8 million Series A funding in February, the new offering will enable CXA to further develop its network in Asia to serve multinational and local clients.
Rosaline Koo, CEO and founder at CXA commented: “CXA has launched in Hong Kong to support the growing number of multinationals interested in our regional services.
“We have an aggressive growth strategy to expand to 12 countries across Asia including China, key ASEAN countries, as well as Japan, Korea and India.”
The new office will be headed by Dr. Dawn Soo who has over 8 years of wellness and medical experience in Hong Kong, Singapore, Korea, Indonesia and Malaysia.
Prior to joining CXA, Soo co-founded technology start-up DocDoc, an appointment booking platform for patients in Singapore, and is now also the chief wellness officer for CXA.
She spoke of trends prevalent in the market: “Employee benefits spend is steadily increasing as more and more firms struggle to retain and attract talented individuals.
“CXA estimates companies are currently spending approximately US$60 billion in employee benefits insurance across Asia, including US$3 billion in Hong Kong.”
“We address employer pain points of worsening workplace health, spiraling healthcare costs, lack of ROI data, unappreciated one-size-fits-all benefits, and manual, paper-intensive administration,” she added.
The CXA health and benefits platform provides a customisable one-stop shop for HR to manage all existing insurance and wellness benefits vendors, data and activities.
Since its launch in March 2014, the firm has seen significant success with a growing list of more than 500 corporate clients, including over forty Fortune 500 companies.
By year-end, the platform aims to have over 100,000 members in countries including Hong Kong, Singapore, China, Philippines, Malaysia and Thailand.
In addition, CXA plans to offer the platform to bank and insurance distributors in Hong Kong on a private-label basis to distribute to SMEs via their bancassurance, agency and direct channels.