Ex-CXA exec’s new startup lets SME staff choose their own health perks

In this Q&A series, we suss out the opportunities, thinking, and motivations behind some of Asia’s promising startups. You can also catch our full startup coverage here.

The Covid-19 pandemic has changed the way that many of us work today. Shoes have been set aside for flip-flops, formal clothes have been swapped for casualwear, and Zoom has become the new meeting room. The abbreviation WFH, denoting “work from home,” has become a common term used by employees in their chats on Slack and other communication tools. 

While many organizations have embraced these changes, plenty of companies still have not changed how they approach the healthcare that they provide for their staff. They still offer standard insurance policies for their entire workforce, even though each employee has different health and wellness needs. 

This is a problem that Arjun Chopra saw during his stint as the head of ecommerce and market at insurer CXA Group. It also served as the rationale behind Singapore-based Ocktolife, a plug-and-play healthtech platform where the entrepreneur also serves as CEO.

Arjun Chopra / Photo credit: Ocktolife

Aiming to provide personalized employee benefits to underserved small and medium-sized enterprises (SMEs), Ocktolife lets employers ditch one-size-fits-all health insurance policies. Instead, employees will be given credits that they can then use to choose the health, wellness, and lifestyle offerings that they prefer.

How is your startup solving the problem?

Chopra: Employees can get holistic and personalized healthcare benefits that meet their needs, thus making them healthier and more engaged at work. Employers can also focus on a holistic [approach to their] employees’ well-being, creating health events and facilitating rewards. 

Meanwhile, partners such as insurance firms, brokers, and banks can accelerate their digital transformation by creating an optimized end-to-end digital offering. 

Who is your target customer?

Ocktolife is a white-label platform working in partnership with insurers, brokers, and banks and enabling them to reach and service the underserved SME segment in addition to their existing group clients. Typical businesses would range from five employees up to 500 employees.

Why is this the right time to do your startup?

Amid the ongoing pandemic, there is a huge need for companies to relook at how employee benefits are being deployed. With the transition to work-from-home culture for a diverse workforce, this is the time when employee well-being is most critical.

With good benefits in place, companies will be able to better attract and retain good talent while ensuring that their employees’ health and wellness are taken care of.