The Pan Group, one of the largest employee benefits brokers in Singapore, has been bought by ConneXionsAsia, a technology firm which owns an end-to-end employee benefits platform.
As a result, ConneXionsAsia claims Pan’s clients will now be able to leverage their existing insurance and healthcare spend “to get integrated flexible benefits, workplace wellness and benefits administration.”
Pan will retain its name, management team, and all 70 staff will become part of the CXA group. Founding CEO Young King Chew will continue to lead Pan. CXA is looking to roll out its platform across Asia through insurance, bank and brokerage distribution partners.
Commenting on the deal, Rosaline Koo, pictured, 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 was founded in February 2013, and Koo previously headed up Mercer Marsh Benefits in Asia-Pacific.
The Singapore employee benefits market is worth S$3.75bn ($850m).
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