Insurtech Startup CXA Sells Brokerage Arm As it Pivots to SaaS Business
by Fintech News Singapore February 5, 2021Singapore-based insurtech company, CXA Group will be restructuring by selling off its brokerage arm to focus solely on the development and global expansion of its enterprise SaaS business.
CXA will be selling its brokerage business in Singapore and Hong Kong to Pacific Prime, a specialist global employee benefits brokers for an undisclosed sum.
Under the new direction, CXA will direct its resources to supporting banks, insurers, and payroll companies to enhance its financial and digital service offerings.
CXA said that by white-labelling its enterprise-grade SAAS platform, corporate and retail customers of banks and insurers can access a range of discounted benefits, health and wellness offerings that are personalised based on each user’s health and life-stage data.
Corporate employees may purchase offerings via the integrated platform by utilising existing flexible benefits provided by their employers in the platform’s e-wallet.
To date, CXA reported successful implementations include digital SME and retail bancassurance platforms in China, Hong Kong and Singapore and an employee benefits and health platform in Thailand.
CXA said that it will be aggressively expanding into new markets across Asia and into Europe as part its new focused strategy.
Rosaline Chow Koo, Founder and CEO, CXA Group commented,
Rosaline Chow Koo
“CXA’s white-label platform gives distributors the ability to digitise their insurance and healthcare services and reduce their time to market. As a result, our SaaS business grew 218% during 2020 and drove 45% revenue growth across CXA.
The stellar growth of CXA’s SaaS business has prompted a new strategic approach for the organisation which focuses entirely on this high-growth, scalable technology.”
Featured image: Rosaline Chow Koo, Founder and CEO, CXA Group, image via CXA
