InsurTech broker Benix draws Humanica, others
Humanica is partnering with Fuchsia Venture Capital, a subsidiary of Muang Thai Group Holding, and CXA Group to invest 50 million baht in Benix, an insurtech digital broker startup.
Humanica will hold the majority stake of 51%, CXA Group will hold 25% and Fuchsia Venture Capital holds 24%.
Soontorn Dentham, Humanica's founder and chief, projected the investment in Benix will break even by 2022 and plans to list the company in the Stock Exchange of Thailand within five years. Benix's innovative benefits platform combined with a network of healthcare and wellness services will provide insurance, self-insured medical plans, flex benefits and consultations for employees, including those hired by the member companies.
"The flexi-benefits for employees are significant in today's business environment because companies must deal with workers from at across three generations who are working together but have different needs," said Pramote Sakkumjorn, managing director of Benix.
The platform can also help small-and-medium enterprises provide welfare benefit to their employees as it offers personalised insurance products to help employees achieve their own desired lifestyles and financial goals in the long term. Benix aims to reach a target of 50,000 employees from Humanica's customers using its platform within the first year of operations.
If accomplished, the next step is expanding to other companies, he said.
Humanica is providing outsourced HR and ERP solutions to more than 3,000 companies in Thailand, Singapore and Malaysia with workforce sizes from 100 to nearly 100,000. The total number of employees Humanica is providing services for is estimated to be 700,000.
The data on employees that joined Benix will be linked to the company's HR and then to the network of hospitals and insurance companies in the future.
Benix will help Humanica's customers manage employees' welfare and drive the company to fast growth, he said.
Humanica has investments in many startups focusing on fintech, healthtech, edtech -- all fields related to the company's core functions.
Fuchsia Venture Capital has also invested in insurtech, healthtech and biotech, with the aim of supporting Muang Thai Group Holding's strategies.