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.
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.
Google just added an insanely useful desktop search shortcut
Google has quietly rolled out a new search shortcut for desktop users that is deceptively useful during the workday. As of now, users can press a single key on Google’s search results page to pull back open the search field, updating the search term without ever lifting a hand to use the mouse or trackpad.
The new feature was ‘announced’ by a small message box desktop users see in the bottom corner of their search results page, as first spied by 9to5Google; it reads, ‘Press / to jump to the search box.’
When you press the ‘/’ button, your cursor moves to the text field at the end of your search query, enabling you to quickly remove and add terms or scroll down through the suggested search queries. The shortcut key only works when you’re on the search results page, not the home page.
This is ultimately a very small change, but one that proves insanely useful when you’re often using Google for work or school. The amount of time saved by avoiding the mouse entirely adds up over time, not to mention getting you to the search results you want faster.
It’s unclear whether the feature is now available for all Google Search users on desktop or if it is rolling out more slowly. Our own test of the new shortcut found that it worked, though we never saw the shortcut notification on the search results page.
Amazon may start asking even more of its delivery drivers
Amazon is reportedly set to trial a new home assembly service for larger items, where delivery drivers would also put together furniture, appliances, or other larger items. The move, which is said to be planned for just a handful of markets as the online retail behemoth gauges popularity and feasibility, could make home shopping even easier, though there are concerns that delivery drivers themselves may face impractical expectations.
Online shopping has surged during the pandemic, and Amazon has seen a considerable share of that extra business. Its subscription plan Amazon Prime, for example, surged by 50 million members in the space of a year, bringing the total to 200 million.
The retailer’s ambitions, however, go beyond dropping items off at the doorstep. While you can currently schedule the delivery of a particularly large item, and even have it left in a specific room, Amazon is said to be preparing an even more hands-on service. The assembly option would see the delivery person actually put the item together in the home, Bloomberg reports.
According to people familiar with the plans, they say, Amazon is looking to trial the premium service in Virginia and two other unnamed markets. Unlike Amazon Home Services – which offers recommended local contractors booked through Amazon’s system – assembly and installation of the purchases would be handled by the company’s own delivery staff.
Still, there’d be a limit to what could be offered. Amazon Home Services, for example, includes options for tasks like installing electric car chargers, something which would be beyond the remit of a delivery driver. Instead, it’s suggested, Amazon sees it more around doing basics like putting together sofas and living room furniture, or installing a straightforward appliance like a washing machine or dishwasher.
Amazon has declined to comment on the leak, but according to Bloomberg there’s some consternation among the company’s delivery drivers about just what might be expected of them. The retailer has already faced criticism about working conditions for delivery staff, with accusations of grueling workloads that leave them little time for bathroom breaks. Among the concerns were just how long Amazon managers might allot for assembly and installation, and the safety of spending extended periods inside customers’ homes during the pandemic which has helped make online shopping so popular.
Dogecoin goes up and Robinhood goes down
Some things in life you can count on, and it seems like Robinhood crashing just when the finance market is getting interesting is one of them. The popular finance service – which has seen particular success with first-time and novice investors – has been suffering several periods of downtime during volatility in crypto trading, particularly Elon Musk’s favored Dogecoin.
The cryptocurrency has certainly had a bizarre week – and, for that matter, an equally bizarre few months. Initially begun as a joke, the so-called “meme currency” gained traction when Tesla founder Elon Musk began pumping it on his Twitter account.
This past week, meanwhile, DOGE has surged in price. Although individual coins are still worth just a handful of cents, their value has shot up by almost 200-percent. Combined with the ease of entry, it’s left some holders with a huge return on their initial purchases, which were often made when Dogecoin was only a cent or two.
Problem is, you only see those returns when you sell, and that’s been tricky if you opted to purchase via Robinhood. The service has been encountering periods of downtime which just so happened to coincide with some of DOGE’s peaks over the past day or two.
“We’re experiencing intermittent issues with crypto trading due to heightened volumes,” Robinhood has warned on its support site at several points over the past 24 hours. “Because of this, some crypto trades may not execute right now.”
Within the past hour, Robinhood said that it had restored crypto trading “for most customers.” As for those who aren’t in that group, there’s only an apology to tide them over. “To anyone still affected, we’re sorry for the interruption,” the company added. “We’re working to restore service for everyone as soon as possible.
It’s not the first time Robinhood has left investors floundering. During the GameStop stock surge earlier this year, users suddenly found that they were unable to buy the volatile $GME stock. The limits were subsequently extended to other shares, including AMC. Robinhood defended its decision with an explanation of the mechanisms behind trading, but not before the moves caught the attention of lawmakers who have called for an investigation into whether it acted appropriately.
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