The insurance market here may seem well served but the co-founders of Singapore-based start-up Mednefits spotted a gap. They realised that small and medium-sized enterprises (SMEs) were unable to find budget-friendly basic insurance plans for outpatient costs.
That inspired them, in January 2015, to start Mednefits, which operates as a traditional insurance broker pooling together SMEs to negotiate better rates for outpatient coverage. It also negotiates corporate rates with healthcare providers which usually only multinational companies have done. It also uses technology to build a platform to help healthcare providers process claims and benefits, cutting out third-party administrators. Lee Xin En speaks to one of the co-founders, Mr Chris Teo, 33, to find out how it intends to serve the SMEs and self-employed.