Yanting Sim · · 7 min readHow this company is using data to shake up the billion-dollar employee benefits industry
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What if you got to choose exactly what you do with your employee benefits?
The money has already been set aside, but you’ve already got sufficient insurance coverage. More insurance? Not necessarily the best use of good money.
But what if you could put that into a yoga class? Or some sports shoes? Or a weight management program?
Since 2013, ConneXionsAsia, or CXA for short, has allowed companies to do just that, shifting the cost from treatment to prevention.
CXA is an employee benefits platform hoping to shake up the billion-dollar industry. Founded by employee benefits brokerage veteran Rosaline Koo, the company has raised US$8m in a Series A round in 2015 and US$25m in February 2017 for a valuation of over US$100m.
Their first three clients were Fortune 500 companies.
The team is currently 190 members strong, with offices in Singapore, Hong Kong, and China.
Curious about how the engineering team put together a platform to support all this, I met with the company’s CTO and CIO, Ofir Shalev, to find out.
Ofir Shalev, the CTO and CIO at CXA. Hailing from Israel, Ofir is a Singapore PR and has been in Singapore for 10 years now. Photo credit: Sim Yanting.
The CXA platform
The idea for CXA first came about when Rosaline noticed that common pain points were not being addressed in the employee benefits industry.
Healthcare costs were increasing every year, employee health continued to worsen at double digit rates, especially in Asia, and employees were provided with one-size-fits-all benefit plans that did not add value. In turn, the HR team had no data to justify their ROI on health and wellness.
To add to that, the HR team was constantly flooded with paperwork when trying to process claims.
That was when she decided to use her savings to turn things around.
The role of data in the healthcare industry
The engineering culture at CXA
Join CXA
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