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CXA, a health-focused digital insurance startup, raises $25M – TechCrunch

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CXA Group, a Singapore-based startup that helps make insurance more accessible and affordable, has raised $25 million for expansion in Asia and later into Europe and North America.

The startup takes a unique route to insurance. Rather than going to consumers directly, it taps corporations to offer their employees health flexible options. That’s to say that instead of rigid plans that force employees to use a certain gym or particular healthcare, a collection over 1,000 programs and options can be tailored to let employees pick what’s relevant or appealing to them. The ultimate goal is to bring value to employees to keep them healthier and lower the overall premiums for their employers.

“Our purpose is to empower personalized choices for better living for employees,” CXA founder and CEO Rosaline Koo told TechCrunch in an interview. “We use data and tech to recommend better choices.”

The company is primarily focused on China, Hong Kong and Southeast Asia where it claims to works with 600 enterprises including Fortune 500 firms. The company has over 200 staff, and it has acquired two traditional insurance brokerages in China to help grow its footprint, gain requisite licenses and its logistics in areas such as health checkups.

We last wrote about CXA in 2017 when it raised a $25 million Series B, and this new Series C round takes it to $58 million from investors to date. Existing backers include B Capital, the BCG-backed fund from Facebook co-founder Eduardo Saverin, EDBI — the investment arm of the Singapore Economic Development Board — and early Go-Jek backer Openspace Ventures, and they are joined by a glut of big-name backers in this round.

Those new investors include a lot of corporates. There’s HSBC, Singtel Innov8 (of Singaporean telco Singtel), Telkom Indonesia MDI Ventures (of Indonesia telco Telkom), Sumitomo Corporation Equity Asia (Japanese trading firm) Muang Thai Fuchsia Ventures (Thailand-based insurance firm), Humanica (Thailand-based HR firm) and PE firm Heritas Venture Fund.

“There are additional insurance companies and strategic partners that we aren’t listing,” said Koo.

Rosaline Koo is founder and CEO of CXA Group

That’s a very deliberate selection of large corporates which is part of a new strategy to widen CXA audience.

The company had initially gone after massive firms — it claims to reach a collective 400,000 employees — but now the goal is to reach SMEs and non-Fortune 500 enterprises. To do that, it is using the reach and connections of larger service companies to reach their customers.

“We believe that banks and telcos can cross-sell insurance and banking services,” said Koo, who grew up in LA and counts benefits broker Mercer on her resume. “With demographic and work life event data, plus health data, we’re able to target the right banking and insurance services.

“We can help move them away from spamming,” she added. “Because we will have the right data to really target the right offering to the right person at the right time. No firm wants an agent sitting in their canteen bothering their staff, now it’s all digital and we’re moving insurance and banking into a new paradigm.”

The ultimate goal is to combat a health problem that Koo believes is only getting worse in the Asia Pacific region.

“Chronic disease comes here 10 years before anywhere else,” she said, citing an Emory research paper which concluded that chronic diseases in Asia are “rising at a rate that exceeds global increases.”

“There’s such a crying need for solutions, but companies can’t force the brokers to lower costs as employees are getting sick… double-digit increases are normal, but we think this approach can help drop them. We want to start changing the cost of healthcare in Asia, where it is an epidemic, using data and personalization at scale in a way to help the community,” Koo added.

Talking to Koo makes it very clear that she is focused on growing CXA’s reach in Asia this year, but further down the line, there are ambitions to expand to other parts of the world. Europe and North America, she said, may come in 2020.

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Apple Unleashed: Everything we can expect

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Slightly over a month after its September event, Apple is set for an “Unleashed” October event. This second product launch of the fall on October 18 is scheduled a day before Google’s much-anticipated Pixel event. Strategically timed or not, the Apple event is not going to have any competitive iPhones to show. The highlight of the “Unleashed” event will be the new MacBook Pros powered by an upgraded in-house processor.

Once again, it wouldn’t be an in-person event; it will be livestreamed from Apple’s Cupertino headquarters for the world to follow. It will kick off at 10am Pacific Time on Monday, which is unusual, since Apple products are generally released on Tuesdays. To an extent, this is cleverly timed to hog up Google’s limelight.

Apple as we know has already launched iPhone 13 lineup along with the Apple Watch Series 7 and new iPads, it is exciting to understand what is in store for the latest launch event. We are definitely going to see the upgraded ARM-based M1 chipset – likely called M1X – which will find its way into the revamped MacBook Pros, in the Mac Mini, and maybe a larger iMac.

Perhaps, there is no concrete information about the M1X Macs but a recent leak does confirm the possibility of long-rumored AirPods 3 to join the party. The new AirPods were earlier expected to release along with the new iPhones, that hasn’t happened, so we are hopeful the earbuds will make an appearance on Monday.

How to watch the event?

Before we delve deeper into the expected products, let’s run through how you can watch the event live. In case you miss the livestreaming, we will be covering the product launches as and when they happen here on Slashgear.

The “Unleashed” event will be streamed live on Apple’s website or on the Apple TV app. It will also be aired on the Apple channel on YouTube, so you can tune in to your preferred medium at 10am PT on October 18.

The revamped MacBook Pro

The next-generation Apple processor designed specifically for the Mac is expected to get more than just an incremental upgrade. The M1 chip launched last year has proven its worth with powerful features and incredible efficiency. The chipset revolutionized the MacBook Pro in 2020; in 2021, the processor with upgraded performance and efficiency will power the notably distinct MacBook Pro beyond ordinary expectations.

When Apple introduced the M1 chip, it informed that the transition from Intel to Apple’s own silicon will take about “two years” to complete. Into the second year now, we expect the journey is almost complete and the potent new chipset is ready. It can replace the Intel processing in the larger-screen MacBook Pro and take the performance of the smaller Pro to an exciting new high.

Actually, two MacBook Pro variants are launching this year. The 13.3-inch model from the previous year goes out and a resized 14-inch MacBook Pro will debut, which is likely to arrive alongside a 16-inch model. Since both the variants will run on the same graphics-enhancing M1X processor, Apple may deliver two separate options of its SoC for either MacBook. The difference may be in the GPU and storage variants.

Besides the incredible processing, the MacBook Pro is for the first time in five years allegedly receiving a redesign in line with the trusted form factor of the iPhone 13. The flat-edge design that launched with the iPhone 12, will add a nice appeal to the new MacBook Pro that will arrive without the Touch Bar but a 1080p webcam.

The laptop is also likely to arrive with mini-LED panel boasting 120Hz refresh rate. There is a chance it will feature a thinner bezel and include slots for SD card and HDMI. The MagSafe charging is allegedly making a comeback to the Apple MacBook Pro.

AirPods 3

The probable launch of AirPods 3 is a rumor that doesn’t seem to settle. Whenever we discuss the pre-launch expectation of an Apple event the next-generation AirPods invariably pop up in discussion. The much-anticipated earbuds might launch this time after failing us in September when they should have logically arrived with the iPhones.

The redesigned, entry-level AirPods 3 are likely to launch with a shorter stem and a wireless charging case, similar to the AirPods Pro. There have been leaks suggesting them with silicone ear tips. Despite how close they get to the AirPods Pro, the third-gen AirPods will be an affordable alternative without ANC.

The final thoughts

In the lead-up to the second fall event, there have been half-baked stories about a few other probabilities. Notable Apple analyst Mark Gurman thinks a high-end Mac Mini powered by the improved in-house chip is on the cards. Announcement of a release date for the company’s macOS Monterey is also likely at the event. The desktop operating system was previewed at the WWDC 2021, albeit a small update, it will still be exciting to know a possible date for its release.

This is more or less what we can expect. Apple however has a knack for pulling out the unexpected, so we’ll only know what’s what on Monday when Apple goes Unleashed. There could be some surprises but 14 and 16-inch MacBook Pros powered by M1X SoC is going to be the biggest highlight.

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Tinder’s latest feature helps users find dates for in-person weddings

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If taking a total stranger as your plus one to a wedding doesn’t sound like a bad idea to you, Tinder is back with a new feature that’ll make the entire process easier. The company has announced a feature called Plus One that, as you’d expect, lets users alert others that they’re looking for a date to take to a wedding.

Tinder announced its new Plus One feature on Thursday, stating that it has teamed up with WeddingWire to help users find someone to take as a date to a wedding. The feature is available in the app’s Explore section, ensuring users are able to make their particular needs known to others who may want to tag along.

The team-up with WeddingWire, meanwhile, is to launch a ‘Wedding Guest Grant’ giveaway that’s now live. With this, the first 100 people to join the Plus One section in Explore will get $460 toward the cost of a wedding — the average amount WeddingWire says people spend to show up as guests.

Many in the industry are bracing for an anticipated onslaught in weddings later this year and through 2022. The reason is — you guessed it — because of the wedding postponements that occurred in 2020 and most of 2021 due to the pandemic.

The combination of readily available vaccines in many places, as well as cheap rapid COVID-19 tests and loosened travel restrictions, have made in-person weddings a safer option again. According to Tinder, it has seen the number of users adding “plus one” to their profiles increase 45-percent since the start of 2021.

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Steam Blockchain games ban: Good news for NFT and crypto alike

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An update to Valve’s rules for games on Steam effectively bans all Blockchain games that use cryptocurrencies or NFTs. This is GOOD news if you’re a cryptocurrency or NFT holder, at the moment, as it represents another public acknowledgement of the real-world value of cryptocurrencies and NFTs alike.

It’s not clear yet if this means that any sort of game using ANY sort of blockchain tech will be removed – but it DOES stop all blockchain-based digital tokens from playing a part in games on Steam. Information was shared by the folks behind the game Age of Rust, a game that’s built with blockchain tech that allows the exchange of NFT in accordance with puzzle solving gameplay.

SEE TOO: What is NFT? (for the crypto-newb)

If we’re looking at the situation from the perspective of the developers of a game like Age of Rust, this is certainly a setback. It might just be a temporary setback, but it IS a setback. These developers will need to find a new way to distribute their games – which might mean they need to work with less well-known game hosting platforms.

The developers of Age of Rust suggested that Valve told them that “Steam’s point of view is that items have value and they don’t allow items that can have real-world value on their platform.” So if you were wondering if a company as big as Valve considered those bits of code you were earning in your games to have any value outside of the games you’ve been playing… there’s your answer.

Now it’ll be interesting to see the point at which Valve must acknowledge the difference between in-game cryptocurrency and NFT exchange and in-game purchases, and whether there’ll be any further distinction between the two in future updates to Steam’s set of rules for hosted games. Given Steam’s use of tradeable achievement cards, tokens, and the like, it would not be shocking to find Valve incorporating non-fungible tokens (NFTs) into their platform at a higher level in the near future.

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