Singaporean insurtech CHOYS, a digital employee wellbeing insurtech, has partnered with Singlife and buy-now-pay-later startup Fluid for an employee insurance and benefits plan for small and medium enterprises (SMEs).
The offering has no upfront costs, scales from just two employees, and offers options of 3 or 6-month instalments, the businesses said. They also provide access to CHOYS’ B2B platform which provides personalised benefits, insurance, and other well-being support for employees.
“We understand the unique challenges SMEs face in balancing short-term needs with long-term investments,” CHOYS co-founder and CEO Sharon Li said.
“We’re committed to making employee wellbeing accessible and affordable, empowering SMEs to thrive in today’s competitive landscape.”
Compared to other SME on the market, the new solution is aimed specifically at tackling challenges faced by SME business owners, Li told (Re)in Asia. “From the startup and SME employees’ standpoint, we prioritise enhancing engagement and their experience with group insurance, ensuring they receive comprehensive care from their employer.”
While buy-now-pay-later isn’t a new concept in the consumer context, CHOYS’ partnership represents its extension into the business-to-business realm, Li added.
“While addressing SME insurance pain points and engaging with founders, we identified affordability and flexibility as significant barriers to accessing employee benefits,” she said.
Singlife says the partnership had been part of its plan to improve and provide better propositions for its partners and customers. The insurer offers comprehensive cover for small business owners under its SME Connect initiative.
“We are excited to collaborate with CHOYS and Fluid, and we believe it truly demonstrates our objective to promote financial freedom, and strengthen the employee benefits space,” said Varun Mittal, Head of Innovation and Ecosystem at Singlife.
This offering comes as SMEs in Singapore face strong competition for talent, with 39% of organisations saying that they lost out on hiring new talent in the last six months as they couldn’t compete on salary and benefits according to a survey by global talent services company Morgan McKinley.
90% of employees polled in Singapore’s SMEs said they wanted more medical and employee benefits, like coverage for in-patient and outpatient medical expenses, according to a 2022 Prudential poll. Six in 10 respondents said they were more willing to join an SME that provided medical benefits, while four in 10 said they were more likely to stay in a company that provided the same benefits.
