Maria Health, a local digital platform for distribution of health insurance products, has secured has additional funding to meet the large and growing demand for health insurance in the Philippines.
The undisclosed amount of funding came from Singapore-based investment firm tryb Group.
Maria Health’s platform aggregates SME, individual, and family health plans providing education and comparison shopping from 20 of the top health insurance providers, primary care clinics and ambulatory service providers in the Philippines.
Their digital-first approach enables scalable sales and account management which helps SMEs and individuals make the right choice in coverage.
Spending on health expenditures in the Philippines has grown at almost 12% CAGR over the last ten years. tryb expects the trend to accelerate as wellness becomes a more important part of daily life in the Philippines.
To this end, the government has created a universal insurance plan with the goal of covering all Filipinos. Despite this, education and access are lacking. Maria Health aims to fill this gap through online education and distribution.
“Filipino SMEs are excited to offer group health insurance coverage to their employees. The process to do so is cumbersome, to say the least,” said Vincent Lau, Maria Health co-founder and CEO.
“Our mission is to provide simple, easy to access health insurance online for the Philippines. Our platform offers the right mix of education and convenience, backed by technology.”
Jason Strimpel, principal at tryb, said: “The market for health insurance in the Philippines is an incredible opportunity for a technology company. Maria’s digital acquisition and distribution strategy creates measurable unit economics. Filipinos spend more time online than any other country and are comfortable making important purchases online.”
He continued, “Maria not only builds trust through education, they offer a superior experience.”
Maria Health marks tryb’s continued focus on backing teams that are laying the groundwork for financial services technology in Southeast Asia.
“Maria is a great addition to the tryb portfolio. The team has built a trusted brand in a large market and is executing well. The investment aligns with our thesis that financial services in Southeast Asia need to catch up with technology adoption, digital commerce and mobile penetration. We’re excited to partner with a company doing such great work,” Strimpel concluded.