Philippines-based Maria Health, D2C insurtech platform raised funds from InLife

Maria Health, a Philippines-based online health insurance marketplace, and aggregator, has raised an unknown amount in a fundraising round headed by local insurer InLife.

Wavemaker Partners, tryb Group, a Singapore-based fintech investor, and Celo Foundation also participated in the round.

The funding will be used to further integrate the company’s technology with strategic health insurance carriers, as well as to brand and create sales automation solutions for agents and carriers.

Maria Health, a D2C marketplace that launched in 2017, intends to make comparing, choosing, and purchasing health insurance easier. In addition, its qualified agents provide assistance throughout the term of their insurance. They help by addressing inquiries regarding claims, insurance benefits/administration, payments, and renewals, among other things.

Families of Overseas Filipino Workers (OFWs) account for around 10% of Maria Health’s first-time coverage buyers (which make up 90% of its clients), and a startling 75% are women. Meanwhile, small businesses with two to 50 employees account for 80% of SME consumers.

For easy interactions with customers and insurers, the company has developed sales automation tools and direct interfaces. These technical advancements benefit the company’s 30,000 insured members.

Intellicare, Maxicare, MediCard, and PhilCare are among Maria Health’s partner brands, as are Aventus and High Precision, as well as major clinics and testing centers. It has also teamed up with Konsulta MD, the country’s largest telemedicine platform, as well as global insurance firms Allianze and Etiqa.

MariaHealth received an unknown amount of startup money from tryb Group in 2019. Participants included Gobi Partners, Wavemaker, Hustle Fund, and Grand Metro Holdings.

Insurtech is a burgeoning industry in South and Southeast Asia. Lifepal (which received $9 million in a Series A round in August this year) and PolicyStreet (which garnered $6 million in a Series A round in September) are the major participants in Southeast Asia. In India, Policybazaar, a renowned insurance aggregator with a business strategy similar to Maria Health, is preparing to offer on the stock exchange for $6 billion.