Despite the perception of the Singapore insurance industry to be all-encompassing, some gaps are still left unfilled. Compared to larger organisations, SMEs in Singapore do not have the advantage of size, making it near impossible for them to afford employee medical insurance.
While working in the insurance industry, this problem came to the attention of Chris Teo and Clarence Zhang. The small size of SMEs caused them to be unable to enjoy corporate rates from healthcare professionals, and insurance companies were only willing to offer outpatient and inpatient insurance together as a costly set.
Together with Hadiyanto Wibawa, the 3 friends set out to fill the missing piece of the puzzle, kicking off Mednefits in 2014.
“This got us to believe that we can use tech to lower healthcare cost and reduce administrative issues for SMEs.”
Pooling SMEs together via their digital platform, Mednefits is able to work out affordable plans with their healthcare partners. SMEs can utilise the platform at zero cost by renewing their insurance with Mednefits or for $99 per year for each employee. Mednefits customers are entitled to an array of benefits, some of which includes discounts for General Practitioners, Traditional Chinese Medicine and dental services.
Over 15,000 employees from 180 SMEs have been reaping the benefits of the digital platform ever since it was established 3 years ago. Furthermore, Mednefits does not extract fees from healthcare professionals, to fully push the cost savings to the SMEs.
Mednefits capitalises on technology to simplify and ease the access to healthcare. E-cards and healthcare providers search options are just some of the many features available to users of the Mednefits mobile application.
Similarly, the digital platform allows hassle-free claims on the healthcare partner’s end. Verifying the patient’s identity and keeping track of accounts have become much easier for nurses who are busy multi-tasking.
The latest feature from Mednefits is a credit platform for companies, which allows employees to use e-credits at establishments of participating healthcare partners. Employers are able to track employees’ claims in real-time, and no longer need to process paperwork for reimbursements.
“The real disruption is out business model. We are able to provide better benefits at no additional cost to all the SMEs in Singapore.”
Technology gave them the ability to innovate and enhance their product offerings, but what is more significant is how it has empowered Mednefits to address the key issue faced by SMEs in Singapore.
Adapted from the article “#SMETowkay: Making affordable healthcare for SMEs a reality” originally published on MCI Singapore.