Business
Today’s guest is Rosaline Koo – founder and CEO of CXA group, Asia’s leading Insurtech start-up running a Software-As-A Service health and wellness platform. We began our conversation with Rosaline’s personal story, how an accidental journey that provided her with the knowledge and network to launch and grow CXA, we examined how CXA disrupts the traditional insurance industry, its revenue streams, current and future value drivers and lastly, looking forward to its unicorn aspiration, profitability and exit plan. Key Take-aways Traditional insurance industry is laden with inefficiencies created by the layer of middlemen including brokers (usually 15% commission), agents (first-year premium as commission), third party administrators (TPAs) which charge clinics 15 to 35% of the medical bill CXA cuts away the middlemen and establishes direct-to-consumer channels connecting health and wellness providers to end consumers via their workplaces Through its platform, CXA offers employees the choice and option to extract value from the “free money” (i.e. voluntary contribution provided by employers as part of employee benefits) which goes back to the company if it remains unspent by the end of each policy year CXA’s key value propositions: 15 to 25% saving on employers’ healthcare cost; digitalised health and wellness ecosystem connecting all value chain players CXA is on path to achieve profitability by 2020 assuming no additional allocation to growth capital and attain its unicorn status within 3 years Tweetables “I feel like I've had a very accidental journey. There was no intention. So, it's just... maybe it's like Forrest Gump. Things just kind of happened.” @RozChowKoo “If your legacy is a channel that makes most of your money, anything that threatens them will threaten your whole firm because they will walk.” @RozChowKoo “Essentially, we are a marketplace that's a closed network with free money that if you don't spend it by the end of the policy year, it goes back to the company” @RozChowKoo Episode links CXA Group: https://www.cxagroup.com/ Roseline Koo: https://twitter.com/RozChowKoo English transcript: https://medium.com/@widelialiu/beyond-unicorn-asias-next-insurtech-unicorn-with-roseline-koo-from-cxa-4df66cc2e84