ImpactAlpha, March 20 — Chronic diseases like diabetes and heart disease are rising in Asia faster than anywhere else in the world, largely because of changes in lifestyle behaviors. Singapore-based CXA Group is tackling the issue by trying to improve individuals’ health and wellness and lower healthcare costs.
The insurance brokerage works with employers to offer health insurance packages for their employees, coupled with flexible services and programs for employees. It offers more than 1,000 programs, including fitness facilities and healthcare providers, to incentivize employees to focus on wellness, TechCrunch reports. The idea is this lowers employers long-term insurance premiums.
CXA’s website says the company has enrolled 400,000 users in 600 companies, mostly from large companies in China, Hong Kong and Southeast Asia.
CXA has raised $25 million in a bridge funding round from B Capital, Singapore Economic Development Board’s investment arm EDBI, Openspace Ventures, and a number of corporate backers, including HSBC and Sumitomo Corporation.
Funding will be used to support expansion to small- and mid-sized businesses, primarily by cross-selling its insurance through third parties like banks and telecomms. It also plans to launch in North America and Europe by 2020.