ISSUE #64 – With his app tailored to the Singapore market, UEX CEO, Grégoire Rastoul looks to enable a more holistic approach to health insurance.
How was the idea for this app born? Why the interest in health insurance?
I studied at the Lycée Français de Singapour with my current UEX partner Clément Bhoutelier and we wanted to come back to Singapore after a few years working in France. At the time, we were managing large insurance programmes in Asia and figured that there was an opportunity to make a difference in the local health insurance area.
Today, only 20% of foreigners benefit from health-inclusive expatriation contracts while the rest work on local contracts – we now refer to this market segment as “international mobile” rather than “expat”. With this change of status, access to healthcare has become more complicated for non-Singaporeans and non-PRs. Health remains one of the key priorities for foreigners in Singapore so foreigners need to become more familiar with local health costs to ensure they have sufficient coverage through their employee benefit programmes.
That is why we aimed to reconcile corporate health insurance programmes and individual health insurance needs by setting up Insurtech UEX in Singapore. Using our knowledge in insurance and technology, we created this fully online health insurance app for both individual customers and SMEs, with the objective to raise awareness around health consumption in Singapore and how to afford it.
How does the app work? How is the health insurance experience different for end users?
With our online UEX hub, we enable customers to share and get access to informative about health, which is the first step of the UEX journey. Indeed, before we even talk about insurance, the UEX team wants to understand users’ healthcare habits: their preferred health institution, health condition, professional and personal situation. So our first goal social, as we seek to raise awareness about the healthcare system in Singapore, the costs and how it works.
Then technology comes into play. Using the UEX app, individuals or SMEs can create their own profile, and customise each family member’s health coverage. Now they can do so as they know the cost and understand the value of each insurance coverage. Because UEX technology is dynamic, the user also sees the price changing in real time!
The programme developed by UEX with AXA Singapore teams allows users to choose different levels of coverage whatever the product, all with only one simplified, full online subscription and payment process.
The app is accessible on desktop, tablet and mobile.
Using the UEX app, individuals or SMEs can create their own profile, and customise each family member’s health coverage.
How do you work with insurance companies?
Today, AXA is our main partner. As UEX is an online platform, we have what we call “generic and documented API” through which we can connect to any web interface – we are a sort of PayPal of insurance. Thanks to this technology, we can very quickly test many different user experience journeys or connect to any other websites. That is the reason why insurance companies are interested in partnering with us. It can help them quickly deploy their online multichannel strategy. For instance, we are currently working on Integrated Shield Plans for Singaporean millennials to test new interactions with them. That is an exciting development!
UEX is the first 100% Digital Health Insurance Distribution Platform. Find out more about UEX on the Smart Health platform.
Interview with Grégoire Rastoul, CEO, UEX
Published in FOCUS Magazine — Issue #3 2017 “In the Pink of Health”