The CXA platform uses technology and data to convert a company’s insurance spend into personalized benefits and wellness programs that enable firms to better control healthcare costs by empowering their employees to become healthier.
CXA Application for The Digital Insurer 2016 Awards for InsurTech Startups in Asia
Resolving Company and Employee Pain Points through Technology and Data
With chronic disease hitting Asia 10 years before the West, companies here are confronted with healthcare costs doubling every 3 to 7 years, yet these benefits are not appreciated by employees and HR is increasing burdened by the paper administration. CXA has resolved these pain points by providing firms with the technology and data to improve their workforce health, control premium inflation, facilitate employee choice and reduce administration.
CXA’s platform converts a company’s insurance spend into personalized benefits and wellness programs that enable firms to better control healthcare costs by empowering their employees to become healthier. Companies purchasing insurance through CXA’s brokerage receive the platform at no additional cost, together with its health analytics as well as flexible benefits and workplace wellness administration.
Employee Personalization via Mobile Workplace Wallet
CXA’s platform facilitates employee engagement with a benefits wallet for choosing the most appropriate insurance, wellness, investment and lifestyle options. This is important as most employees get one-size- fits-all insurance which typically only benefits those who require treatment. With CXA’s approach, employees who are healthy, or already covered by spousal benefits, can convert the insurance spend they do not need into “benefit dollars”.
Decision support tools provide guidance for employees to use their benefit dollars to purchase the most relevant mix of protection, prevention and health management services from a wide range of providers on CXA’s e-commerce store. Transactions are cashless and paperless: system-generated QR codes are accepted by the Vendor at the point-of-sale and reflected on the portal in real-time. CXA’s phone app can be used for wellness, self-funded and insured claims leveraging data exchanges with insurers.
The employee wallet mechanism enables employers to move to a fixed, predictable healthcare budget instead of bearing the full burden of health inflation.
CXA significantly reduces HR’s workload by aggregating all the players in the employee benefits value chain into a private marketplace and automating the paper, information and payment flows between employees, companies, insurers, hospitals, clinics, health screeners and wellness providers. Companies using the CXA platform are able to consolidate all of their existing insurance, wellness and health management vendors, data and activities into a one-stop HR shop.
Optimise Wellness at Work with Healthcare Big Data
The CXA platform works on multiple fronts, from combating rising premiums using its defined contribution mechanism and incentivizing healthier behaviour, to assisting in talent engagement by facilitating personalized benefits.
CXA’s face-ageing technology helps employees visualize how their lifestyle habits affect them. The proprietary lifestyle risk questionnaire provides every employee with a personalised assessment of their health status along with suggestions for improvement including personal health and wellness tips, tele- consultations, fitness activity suggestions and electronic activity sign-ups. Biometric data is also seamlessly uploaded from the labs onto the CXA platform and tracked year-on-year, at individual and aggregated office, country and firm-wide levels.
Using the data collected from claims, health screening and lifestyle risk questionnaires, CXA jointly developed a health score with the reinsurer, RGA. The scoring methodology is grounded in actuarial science, based on market knowledge gained from RGA’s US$3 trillion+ insurance in force globally and customized to Asia.
Every company receives an aggregate health score based on the overall health of its workforce and is given a forecast of its future premiums assuming they remain on the current trajectory. Should the workforce become healthier resulting in an improvement in the aggregate health score, RGA will extend discounts off the company’s premium. This allows employers to increase control over their future costs and to develop an ROI from their wellness initiatives and benefits programs.
To encourage employees to get healthier, companies can leverage CXA’s tools to reward employees with more benefit dollars or reduced premiums if they participate in wellness programs, lose weight, stop smoking, or improve their diabetes.
CXA has now worked with over 500 employers; many Fortune 500 employers conducted corporate wellness programs to capture baseline health data and to significantly increase employee participation rates. Clients are seeing up to 95% health screening and HRA completion and high participation in team challenges.
Affordable Flex Wellness Marketplace Accessible to SMEs
In a CXA survey of 122 firms conducted in March 2014, more than 75% of companies want flexible benefits but cite prohibitive cost and administrative burden as the main reasons for not implementing Flex. Our highly scalable and flexible platform however, is easily configured and deployed within weeks, greatly reducing the implementation time and associated costs, making the program affordable and accessible to all firms, including SMEs. CXA has worked with insurers in Singapore to jointly design packaged SME insurance wellness products for companies at every stage of their benefits evolution. The off-the-shelf SME solution includes a portal with benefits enrolment, claims submission, HRA, wellness recommendations & content and a wellness shop using credit cards. Companies can provide employees a wellness spending account, allow employees to opt down from unnecessary benefits or allow employees to purchase using credit cards or by selling their annual leave.
Disrupting the Employee Benefits Brokerage Industry in Asia
Within two years of launching in March 2014, CXA won over 500 corporate clients away from the global industry incumbents. CXA had so much market success that it was able to acquire Singapore’s largest homegrown employee benefits brokerage, was voted by HR for Vendor of the Year Awards in both Singapore and HK and secured US$8M in institutional funding. CXA is opening its 3rd brokerage in China after setting up HK last year and is working with Howden to offer pan-regional brokerage bundled with CXA’s platform across 10 Asian countries.
RGA will be bundling CXA’s voluntary benefits enrolment platform as part of its reinsurance offer. That way, insurers and banks can white-label CXA’s enterprise SAAS platform to distribute packaged group, voluntary and individual insurance with wellness to their captive corporate bases across Asia.
CXA has disrupted the employee benefits industry in Asia by completely redefining the role of the broker.