The Maria Health team
Maria Health, an online health insurance marketplace and aggregator in the Philippines, has bagged an undisclosed sum in a funding round led by local insurance major InLife.
Wavemaker Partners, Singapore-based fintech investor tryb Group, and Celo Foundation also joined the round.
The Manila-headquartered company will utilise the capital for deeper integration of its technologies with strategic health insurance carriers, besides branding and developing sales automation tools for agents and carriers.
Launched in 2017, Maria Health aims to simplify comparing, choosing and purchasing health insurance through its D2C marketplace. In addition, its team of licensed agents offer support during the duration of their policies. Specifically, they assist by answering questions about claims, policy benefits/administration, payments, and renewals.
About 10 per cent of Maria Health’s first-time coverage buyers (which comprises 90 per cent of its customers) are families of Overseas Filipino Workers (OFWs), and a staggering 75 per cent are women. Meanwhile, 80 per cent of SME consumers are considered small enterprises with two to 50 employees.
Also Read: Insurtech Maria Health raises additional seed funding from tryb Group
The firm has also built sales automation tools and direct integrations for convenient transactions with consumers and insurers. These technological developments enhance services for its 30,000 insured members.
Maria Health’s partner brands include Intellicare, Maxicare, MediCard, and PhilCare, besides leading clinics and diagnostics centres such as Aventus and High Precision. It has also partnered with Konsulta MD, the largest telemedicine platform in the country, and global insurance companies Allianze and Etiqa.
In 2019, tryb Group had invested an undisclosed amount of seed funding into MariaHealth. Gobi Partners, Wavemaker, Hustle Fund, and Grand Metro Holdings had also participated.
Insurtech is a hot sector across South and Southeast Asia. In Southeast Asia, leading players are Lifepal (raised US$9 million in Series A round in August this year) and PolicyStreet (bagged US$6 million in Series A in September). In India, Policybazaar, a leading insurance aggregator with a similar business model to Maria Health, is set for its US$6 billion IPO listing.
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Image Credit: Maria Health
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