Philippine-based health insurance marketplace Maria Health announced today that it has raised an undisclosed round of funding with the country’s largest insurer InLife.
InLife led the round with participation from other big names such as Wavemaker, Tryb, and CELO Foundation.
Noemi Azura, President and CEO of Insular Health Care, said both companies share the same advocacy in financial inclusion.
The investment is timely since the company is also marking its 111th anniversary in the business.
“With InLife’s stake in Maria Health, we are also spurring our digital adoption as we transform into an internet economy,” Azura said in a statement.
This is not the first time both companies have worked together. The startup partnered with InLife in 2018 through its InLife Sheroes. In 2019, InLife Healthcare premiered with Maria Health.
Vincent Lau, the CEO of Maria Health, said they saw an opportunity to build a direct-to-consumer brand, to democratize access to health insurance while opening access to new markets for their insurance partners through technology.
Since it was found in 2017, Maria Health has simplified choosing and purchasing health insurance through a direct-to-consumer online marketplace. It addressed the underinsurance gap in the Philippines.
Rene Reinsberg, President of CELO Foundation, said they are excited about this new partnership with the insurtech firm to make healthcare more accessible.
With the funding, the startup said it will allocate its proceeds towards deeper integration with its strategic health insurance carriers for smoother and more convenient transactions to support this continued growth.
It added that proceeds will also develop sales automation tools for Maria Health’s agents and carriers and strengthen brand awareness in the marketplace.
Unlike other Insuretech companies, Maria Health takes a different approach due to its marketplace catering only to customers looking for health insurance.
It believes that the Philippines is a global market, with over 10 million Overseas Filipino Workers (OFWs) bringing in $40 billion in remittances.