LivWell, a leading Singapore-based InsurTech firm, has announced plans to broaden its OneHealth employee benefits scheme in Vietnam. The expansion includes the development of specialized insurance solutions, focused on various health conditions.
The company’s decision to expand its services and offerings was announced during a strategic conference held in Ho Chi Minh City, where LivWell also revealed new partnership agreements with InSmart and DiaB.
LivWell aims to transform OneHealth from a traditional employee benefits solution, primarily focused on medical expense reimbursement, into a comprehensive healthcare platform. This integrated platform is aimed at consolidating preventive care, financial protection and long-term health support.
This all-inclusive platform combines numerous elements of health, including insurance, healthcare services, wellness incentive programs, and health monitoring tools, all within a single application.
For employers, OneHealth delivers a unified view of workforce health and benefits utilization, aiding benefits management. Meanwhile, employees can use the LivWell app to monitor their health indicators while availing themselves of health screenings, workplace wellness activities, and healthcare services.
Emphasizing the need for proactive health management, Nikhil Verma, Co-Founder and Group CEO of LivWell, said, “We aim to help organizations cultivate healthier workplaces where health is proactively managed and every employee gets the necessary support throughout their wellness journey.”
LivWell cited studies to illustrate that a staggering 70% of adults believe wellness programs boost workplace productivity. However, Vietnamese households continue to pay nearly 39.5-40% of healthcare expenses out of pocket, despite having public and private health coverage. This figure starkly contrasts with the World Health Organization’s recommended out-of-pocket expenses in the range of 15-20%.
LivWell’s partnerships with InSmart and DiaB aim to address these issues. The collaboration allows users to submit insurance claims and monitor benefits through the LivWell app, in addition to providing remote consultations, personalized nutrition guidance, and chronic disease management services.
Additionally, LivWell announced plans to create insurance products specifically for individuals with certain health conditions, starting with cancer. Noting the financial burden of cancer treatment, the company mentioned that patients often pay up to 70% of the treatment cost by themselves.
Balakrishnan Ambat, Co-Founder and CEO of LivWell Vietnam, reiterated the company’s commitment to not only providing for treatment costs but also encouraging healthier lifestyles to prevent illness.
LivWell’s expanded ecosystem and future condition-focused insurance products intend to contribute to the evolution of employee health benefits in Vietnam, by aiding businesses in investing in workforce wellbeing and expanding access to healthcare services throughout different life stages.
Since 2020, LivWell has served over 320,000 users and supported more than 450 businesses, including small and medium-sized enterprises, with employee benefits and wellness programs.
What is LivWell’s OneHealth?
OneHealth is an employee benefits solution by LivWell. The company plans to transform it into a comprehensive healthcare platform integrating preventive care, financial protection, and long-term health support.
What are some of the features of the OneHealth platform?
OneHealth combines health insurance, healthcare services, wellness incentive programs, and health monitoring tools within a single application. It provides employees with health screenings, workplace wellness activities, and healthcare services.
What is the aim of LivWell’s partnerships with InSmart and DiaB?
The collaborations with InSmart and DiaB will allow users to submit insurance claims and monitor benefits through the LivWell app. They will also provide remote consultations, personalized nutrition guidance, and chronic disease management services.
