Brokerage tie-up to allow employees to donate unused benefits

Brokerage tie-up to allow employees to donate unused benefits | Insurance Business Asia

Brokerage tie-up to allow employees to donate unused benefits

Singapore-based insurance brokerage start-up CXA Group and the National Volunteer and Philanthropy Centre (NVPC) have partnered to allow companies and staff to donate unused employee benefits to charities.

The tie-up, known as the Collective Good initiative, could lead to several million dollars’ worth of employee benefits being donated to various charitable organisations across Singapore, the Straits Times reported.

Established in 2013, CXA is a corporate insurance start-up which provides coverage to 400,000 employees, according to its website. The benefits, known as Flex$, include insurance, healthcare, and gym services.

“At the end of each policy year – which is typically in December – employees of CXA clients often find themselves with unused Flex$, which will expire and are returned to the company,” said Rosaline Chow Koo, founder and CEO of CXA.

Rather than let the Flex$ go to waste, CSA is working with its client companies to provide options for money to be donated to charity, Koo added.

The Collective Good initiative is conjunction with NVPC's National Giving Week movement, which began on December 01. The initiative plans to raise SG$1 million in donations for the Community Chest of Singapore via the online giving platform Giving.sg.

“Through this partnership, we have been able to create a platform-to-platform strategy to help enable many more people to reach many more charities,” said NVPC chief executive Melissa Kwee.