Tryb Group Invests into Filipino Insurance Marketplace Maria Healthby Fintechnews Singapore May 13, 2019
Maria Health, a Filipino aggregator for health insurance, has secured an undisclosed amount of seed funding from the tryb group, with participation from Gobi Ventures, Wavemaker, Hustle Fund and Grand Metro Holdings.
Maria Health will use the additional funding to accelerate their scaling efforts in the Philippines, seeing themselves as a first-mover in the market and pushing hard to maintain their advantage.
Spending on health expenditures in the Philippines has been on a gradual incline over the years, and according to the Philipine Statistics Authority, total health expenditures grew by 8% percent between 2016 and 2017. Households spent the highest in health expenditures in 2017.
Tryb is places its bets on the health kick to accelerate as wellness becomes more important in the Philippines, particularly after the government embarks on its universal insurance plan for Filipinos.
With health and insurance literacy lacking among the Philippine populations, tryb opines that Maria Health could fill the gap with its online comparison and distribution platform.
Maria Health’s digital-first approach account management should help SMEs and private parties make more informed choices about their coverage. Maria’s platform aggregates SME, individual and family health plans providing education and comparison shopping from twenty health insurance providers, primary care clinics and ambulatory service providers in the Philippines.
Vincent Lau, Maria Health Co-founder and CEO said:
“The process [for SMEs to offer group health insurance to their employees] is cumbersome, to say the least.”
“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.”
Featured image via Maria Health