People Mentality HR Tech feature: An interview with Mednefits co-founder and CEO Chris Teo.
We are glad to have had the opportunity to share more about the Mednefits story and how we bring better benefits to SMEs in an interview with People Mentality Inc. Here is a summary of the interview with Chris:
How did Mednefits start?
I noticed a big problem that SMEs were facing while I was working at AXA. There was no affordable option for SMEs who wanted to provide employee benefits. For traditional insurance, to get outpatient coverage, they are required to purchase hospital insurance too. Many cannot afford to pay $500 per employee so they turn to reimbursement. Mednefits was started to provide affordable healthcare for employees.
Why the name “Mednefits”?
It is the short form of “Medical Benefits” and represents the simple, affordable and humanised solution we want to provide for the underserved market.
One thing you would do differently if you could turn back time
One important thing would be to hire our in-house tech team at an earlier stage. With an outsourced tech provider, our goals were not aligned. We could not have developed and grown at this rate without an in-house design, product and tech team.
When things got tough, what kept you going?
It all boils down to solving the big problem. For 30 years, corporate healthcare hasn’t changed its one-size-fits-all solution. Every time we get a customer onto the Mednefits platform and help solve their problem, we get a boost in energy.
Top 3 features of the platform
- Affordable, quality healthcare
- Real-time analytics
- Personalisation for employees
Who should use this tool?
Owners of SMEs and HR professionals who would like to offer their talents a different corporate healthcare experience, the kind of we want for ourselves and our loved ones.
Message for HR practitioners
Corporate healthcare is a huge investment that many do not have control over. The yearly rising costs not only eats into the employees’ budget but the company’s profits as well. Let’s work together to redesign corporate healthcare and get the experience we want for ourselves and our loved ones.
How to find out more?
Closing thoughts from People Mentality:
“What I love about the Mednefits story is really about the intent to humanise this technology. Very often, we deploy technology and focus on the efficiency aspect while neglecting what we are really delivering – the impact on people’s lives. By reinventing the employee benefits space to make it affordable yet being able to deliver a great experience, that really stands out for me.”
Find out how Mednefits is making affordable healthcare a reality for SMEs in Singapore.
Adapted from the article People Mentality HR Tech Feature #9 – Mednefits, originally published on People Mentality Inc.