CXA’s insurtech revolution risks fizzling out

Once Asia’s fastest growing startup, Singapore-based insurance business CXA seems caught in a downward spiral. Having laid off employees and sold its brokerage business, CXA must now script an unlikely turnaround

Insurtech startup CXA’s vision of customising corporate healthcare coverage helped it draw marquee investors such as B Capital and Openspace Ventures

But CXA’s fortunes have turned since, with the company shedding staff in Singapore, shuttering its Vietnam tech hub, and selling its brokerage business

What precipitated this was an alleged failure to manage cash flow and development costs, leading to delays in rolling out platforms for customers

Now, CXA’s founder Rosaline Chow is trying to engineer a turnaround while investors scrutinise her decisions

For companies that offer employees health insurance, figuring out how to customise it to meet everyone’s needs can be a nightmare. That’s the pain point that insurtech startup CXA was looking to solve when it was founded in 2013.

Its founder, Rosaline Chow, was keenly aware of the challenge ahead of her. Having previously served as the Asia Pacific leader for Mercer Marsh Benefits, a corporate healthcare insurance provider, she knew the terrain all too well.

Chow’s vision was to build a white-label solution, which companies could roll out to their employees. Behind the scenes, CXA would handle the documentation of claims and deal with insurers.

AUTHOR

Benjamin Cher

Based in Singapore, Ben covers news and stories from the hub of Southeast Asia. He covers the intersection of technology and business, and how it affects Singapore and Southeast Asia. Ben was previously a reporter at The Edge Singapore.

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