Maria Well being, a web based medical insurance market and aggregator within the Philippines, has bagged an undisclosed sum in a funding spherical led by native insurance coverage main InLife.
Wavemaker Companions, Singapore-based fintech investor tryb Group, and Celo Basis additionally joined the spherical.
The Manila-headquartered firm will utilise the capital for deeper integration of its applied sciences with strategic medical insurance carriers, apart from branding and creating gross sales automation instruments for brokers and carriers.
Launched in 2017, Maria Well being goals to simplify evaluating, selecting and buying medical insurance by way of its D2C market. As well as, its workforce of licensed brokers provide help in the course of the period of their insurance policies. Particularly, they help by answering questions on claims, coverage advantages/administration, funds, and renewals.
About 10 per cent of Maria Well being’s first-time protection patrons (which includes 90 per cent of its prospects) are households of Abroad Filipino Employees (OFWs), and a staggering 75 per cent are ladies. In the meantime, 80 per cent of SME shoppers are thought-about small enterprises with two to 50 staff.
Additionally Learn: Insurtech Maria Well being raises further seed funding from tryb Group
The agency has additionally constructed gross sales automation instruments and direct integrations for handy transactions with shoppers and insurers. These technological developments improve companies for its 30,000 insured members.
Maria Well being’s companion manufacturers embody Intellicare, Maxicare, MediCard, and PhilCare, apart from main clinics and diagnostics centres corresponding to Aventus and Excessive Precision. It has additionally partnered with Konsulta MD, the biggest telemedicine platform within the nation, and international insurance coverage corporations Allianze and Etiqa.
In 2019, tryb Group had invested an undisclosed quantity of seed funding into MariaHealth. Gobi Companions, Wavemaker, Hustle Fund, and Grand Metro Holdings had additionally participated.
Insurtech is a scorching sector throughout South and Southeast Asia. In Southeast Asia, main gamers are Lifepal (raised US$9 million in Sequence A spherical in August this 12 months) and PolicyStreet (bagged US$6 million in Sequence A in September). In India, Policybazaar, a number one insurance coverage aggregator with an identical enterprise mannequin to Maria Well being, is about for its US$6 billion IPO itemizing.
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Picture Credit score: Maria Well being
The put up InLife leads funding spherical of Filipino D2C insurtech platform Maria Well being appeared first on e27.