HSBC has joined a $25 million funding round for CXA Group, a Singapore-based health-focused insurance startup.
Singtel Innov8, Telkom Indonesia MDI Ventures, Sumitomo Corporation Equity Asia, Muang Thai Fuchsia Ventures, Humanica and Heritas Venture Fund joined HSBC in the round, the proceeds of which will be used to expand CXA across Asia Pacific.
CXA describes itself as a one-stop, predictive and data intelligence platform for better health and wealth, helping to address the escalating healthcare costs across Asia.
The firm argues that, with chronic diseases hitting people in Asia earlier than in the West, the antiquated pen-and-paper, one-size-fits-all approach to managing the associated costs was systemically wrong.
Its answer is a one-stop, self-service platform that allows employers to give their employees access to an ever-widening range of health, wealth and wellness offerings, personalised based on the individual's health and life-stage data. Employees can purchase offerings by drawing down on existing insurance policies provided by their employers and using funds that are then released into the platform's eWallet to make transactions cashless, fast and easy.
Through the aggregation, anonymisation and analysis of digitised health and life-stage data, CXA claims to help employers get to the root cause of their workforces' health issues and design specific interventions - such as corporate wellness and disease management initiatives - that will have the greatest impact on cost and health improvement.
Bryce Johns, group head, insurance, HSBC, says: "CXA is rapidly emerging as a leader in the Health and Insurtech space. It has an innovative platform-led approach to helping companies optimise their health spend through personalised engagement with employees about their physical and financial wellness."