11-Month-Old Local Startup CXA Acquires 21-Year-Old Pan Group, Singapore’s Largest Homegrown Employee Benefits Brokerage
ConneXionsAsia (CXA), the technology startup that built Asia’s first end-to-end employee benefits platform, has successfully completed acquisition of the Pan Group (Pan), Singapore’s largest homegrown employee benefits brokerage. The move is poised to disrupt the S$3.75 billion employee benefits industry in Asia (S$850 million in Singapore), as clients will now be able to leverage their existing insurance and healthcare spend to get integrated flexible benefits, workplace wellness and benefits administration through CXA’s brokerage.
Pan (comprising Pan Resources and PanFlex) will retain its name, management team, and all 70 staff who will now be part of the CXA group. Founding CEO Mrs. Young King Chew will continue to lead Pan. Staff strength is expected to grow as CXA looks to rapidly roll out its platform across Asia through insurance, bank and brokerage distribution partners.
Commenting on this deal, Rosaline Koo, the 52-year-old Founder and CEO of CXA said:
“I’m delighted to partner with Mrs. Young to fulfil my dream of shifting the focus of workplace benefits from treatment to prevention in order to reduce long-term healthcare cost and enhance productivity. CXA’s platform will eliminate tedious manual benefits administration and cap benefits spend for employers. We will reduce the burden of duplicate coverage for working couples and increase employee satisfaction by allowing them to proactively take charge of their health. Employees can now choose from a provider network of relevant wellness products and services along with traditional insurance products depending on their life stage and health needs.”
64-year-old Mrs. Young added:
“Pan has always been a leader in providing innovative customer centric solutions for employee benefits. We developed the first e-claims portal and 24/7 helpline in Asia. Thus, when CXA came calling, we realised that their game-changing platform will provide significant value-add to our customers as they can now tap on the CXA platform to manage benefits administration, perform data analytics, and provide a menu of insurance and wellness benefits options for their employees, all at no additional cost. I have full confidence that Pan’s clients and staff will reap the benefits of our “marriage.”
Established in February 2013, CXA is a technology startup founded by veteran industry professional Rosaline Koo. Prior to establishing CXA, Rosaline led Mercer Marsh Benefits, the largest employee benefits brokerage and HR benefits consultancy in Asia Pacific, overseeing a 14-country operation with over 400 staff and growing the business by 8-fold during her 8-year tenure. She has an unparalleled understanding of the challenges as well as opportunities of a sector which is still operating on an antiquated paper-based model and therefore ripe for transformation. Her passion and conviction led her to inject a significant personal investment to fund the platform development and recruit a world-class team to execute her vision. Hailing from 3 continents, the CXA team has a combined experience of 150 years in the insurance, finance, health and wellness sectors.
About Pan Group
Focused on group insurance since 1993, Pan Resources is Singapore’s largest local registered insurance broker providing employee benefits consulting, procurement and administration outsourcing. Pan developed the first e-claims portal in Asia and is renowned in the industry for superior customer service, strong processes and dedication to quality – values which the tireless Mrs Young brought to Pan from her experience in banking and MAS supervision. Pan has earned a loyal following of more than 800 clients comprising large multinationals, institutions as well as small and medium enterprises.