Singapore-headquartered health technology startup CXA Group (http://www.cxagroup.com/) has partnered with Philips and a select group of Fortune 500 companies to pilot an integrated workplace health solution, with the support of Singapore-based EDBI.
The partnership is expected to unveil an end-to-end solution designed to help employers and employees manage the incidence of chronic illnesses and rising healthcare costs. This pioneering integrated digital personal health solution for the workplace will be revealed at a private event this month.
“We believe it takes a village to transform workplace wellness,” said founder and CEO of CXA Group, Rosaline Chow Koo. “The role of employers, employees and the supporting ecosystem of insurance, healthcare providers, and wellness vendors is key in building a culture of health at work and controlling the rising cost of healthcare in the region.”
In tandem with the launch of its latest platform features, CXA Group is hosting a symposium (https://www.gevme.com/HBAW2) to share best practices that will continue to revolutionise the state of workplace healthcare and transform employee benefits in Singapore and across Asia.
This is in the backdrop of health-related spending being the third-largest national expenditure item. Research finds that over the past five years, Singapore’s annual health care spending has more than doubled to around S$10 billion in FY2016 and is expected to continue to rise as the population ages.
As a result, employers in Asia are struggling with rapidly increasing benefits costs, while insurers are saddled with group medical products whose loss ratios make them unprofitable. HR leaders are expressing frustration at what they perceive as “black box” underwriting methodologies, and are willing to work to control costs by improving employee health and making better benefits decisions.
In this context, Koo added: “Our clients who are positively managing their workforce health should see lower premiums over the long term. If we get this right, we believe our collective efforts will translate into a positive impact on the state of health in Asia and should produce savings on healthcare costs beyond the corporate world.”