Faced with high healthcare costs, Chris Teo was inspired and founded Mednefits to offer affordable healthcare to self-insured employers.
What’s your story?
Being a ‘victim’ of Singapore’s high healthcare cost in 2014 when I experienced the loss of my grandmother, I was inspired to tackle the rising cost in a sustainable and affordable manner.
Having spent 11 years in the insurance sector, I strongly believe more can be done to improve the industry. The current one-size fits all, health insurance model heavily favours big companies. When costs rise, the ones bearing the brunt are either the self-employed or SMEs (small-to-medium enterprise)- an underserved community. This is how Mednefits came to be: To bring simple, affordable and human care for SMEs and the self-employed.
What excites you most about your industry?
There is so much we can do to improve the insurance industry yet so little is being done. With the advancement of technology together with good design interface, we believe the employee benefits market can be further enhanced & optimized, and disrupted positively.
What’s your connection to Asia?
I was born and raised in Singapore.
Favourite city in Asia for business and why?
Singapore, for its business-friendly environment and being politically stable. Not to mention, a forward-looking, ever helpful government.
What’s the best piece of advice you ever received?
Focus on your customers and be the best in solving their problems.
Who inspires you?
What have you just learnt recently that blew you away?
17% of the world’s population consumes 80% of the world’s resources, leaving the remainder 5 billion to live on the remaining 20%. Social injustice is prevalent.
If you had your time again, what would you do differently?
I would have started a business earlier and do things that I genuinely like rather than things that earn money.
How do you unwind?
I am an avid gamer so I unwind by watching streams from gamers and playing games.
Favourite Asian destination for relaxation? Why?
Taiwan – love the yummy food, friendly people and warm culture.
Everyone in business should read this book:
Think and Grow Rich by Napoleon Hill. After reading this book, I was inspired to start my own company.
Shameless plug for your business:
Mednefits is the go-to platform for self-insured employers.
How can people connect with you?
I can be connected via LinkedIn – Chris Teo.
This interview is part of the ‘Callum Connect’ series of more than 500 interviews
Callum Laing is an entrepreneur and investor based in Singapore. He has previously started,
built and sold half a dozen businesses and is now a Partner at Unity-Group Private Equity and Co-Founder of The Marketing Group PLC. He is the author two best selling books ‘Progressive Partnerships’ and ‘Agglomerate’.