CXA Group founder and former CEO Rosaline Chow Koo has unveiled a new employee benefits startup called Covee.
Covee is developing an AI-powered platform that brings renewal automation, employee census management, claims analytics and benefits enrolment into one system.
It includes portals for brokers, employers and employees, alongside predictive analytics and integration with human resources information systems.
Brokers can also offer the platform under their own brands.
Its employer-funded Member Wallet allows employees to use allocated funds for preventive services that may not be covered by insurance.
Building on CXA
Koo founded CXA Group in 2013 to combine insurance broking with workplace health technology.
According to Koo, CXA grew to serve 500 large corporate clients and one million employees across Singapore, Hong Kong and China.
The company also raised US$60 million as it expanded into software distributed through banks, payroll providers and telecommunications companies.
In 2021, CXA sold its Singapore and Hong Kong brokerage operations to Pacific Prime and shifted its focus to software licensing.
The CXA solution later continued through deals with Pacific Prime in Singapore, HSBC Life in Hong Kong and a third party in China.
CXA announced plans to cease operations and enter voluntary liquidation in 2025.
Covee builds on the model developed at CXA while using AI to reduce administrative work for boutique benefits brokers.
Its technology is designed to automate repetitive tasks while leaving professional decisions to brokers.
Koo is building Covee with Wilson Wu, who previously worked on CXA’s China platform, and Brandon Wirakesuma, who brings consumer financial product experience from Meta and BlackRock.
Covee is funded and co-developed by BDV.
Featured image: Edited by Fintech News Singapore, based on image by MA Mahdi via Magnific
