Insular Life
(InLife), the largest Filipino insurer, today announced that it has invested a
significant amount in Maria Health, the only health insurance marketplace in
the Philippines and a licensed insurance aggregator.
The investment
will earn InLife a seat on the board of the rising technology company that
provides Filipino SMEs and individuals with various insurance health options
that would best suit their needs.
“InLife and Maria Health share the same advocacy --
that of financial inclusion. Our investment is very timely as we mark our 111th
anniversary in the business and move forward to meet the needs of our customers
through innovation. With InLife’s stake
in Maria Health, we are also spurring our digital adoption as we transform into
an internet economy,” said Noemi Azura, President and CEO of Insular Health
Care.
This is not the
first time that the two companies have worked together. InLife, through its
InLife Sheroes, initially partnered with Maria Health back in 2018. In 2019,
InLife Healthcare premiered with Maria Health.
InLife and Maria Health both have a largely female clientele. Ten percent of Maria Health’s
first-time coverage buyers (which comprises 90 percent of its customers) are
families of OFWs, 75 percent of which are women.
“Health, now more
than ever, has become a top priority, and there has been an increased awareness
and interest in insurance. As we empower Filipino women toward financial
literacy, we also provide them the means to choose what’s best for them,” Ms.
Azura said.
Maria Health was
founded in 2017 by Vincent Lau and Paul Rivera to
address the underinsurance gap in the Philippines. During that time, only five
percent of 100 million Filipinos had access to a health insurance plan,
resulting in out-of-pocket healthcare expenses reaching a massive $25 billion.
Lau,
the CEO of Maria Health, has over 10 years of experience in consulting for
Fortune 500 companies and startup companies in Silicon Valley. Rivera, Director
of Maria Health, is the CEO and co-founder of
Kalibrr and also the co-founder of
Remedy, a wellness company in the Philippines and was recently named a World
Economic Forum Young Leader in 2021.
“The key to
starting a business is always talking to customers. So, it was only after
digging into this problem more and talking to hundreds of customers that we
realized that people are underinsured not because they don’t want health
insurance, but because they didn’t know where to start and didn’t have access
to information. That’s when we decided to move health insurance online,” Lau
said.
The second
milestone, according to Lau, happened when it became clear to them that while
there was a demand problem, there was no platform that connected those looking
for health insurance and those who were providing it.
When Maria Health
launched, it was able to seal a partnership with five of the biggest health
maintenance organizations (HMOs) in the Philippines, which represent 80 percent
of the market.
“The first
cardinal rule in starting a company,” Lau advised would-be entrepreneurs, “is
to try to solve a real problem.”
“If you’re not
solving a real problem, you’re not adding value. No one’s willing to pay for
your product or service. The second step is to solve the problem. As
entrepreneurs, we think of ourselves as the heroes who will create the future.
What I’ve learned in Maria Health is that the real heroes are your customers,”
he said.
Ms. Azura pointed
out that with the two companies working together, they can better address the
insurance gap in the Philippines, and serve Filipinos.
“Wherever you are
in the Philippines, you will have the chance to choose the best insurance for
you and your loved ones. If you’re a small business owner who wants to provide
your employees with health insurance, you now have the information and option
to choose the one that’s right for you,” she said.
About The
Insular Life Assurance Company, Ltd
Insular Life (InLife) is the
first, largest, and only mutual Filipino life insurance company in the country
with over 111 years of uninterrupted service. We apply over a hundred years of
experience in financial protection, risk management,
savings, and investment to help you make confident decisions for you
and your loved ones.
As a mutual life insurance
company, our accountability is to our policyholders. They can be assured of being protected by a
company that has an asset base of over P148 billion and net worth of P37
billion. We have a nationwide presence in 57 branches all over the country, and
an expanded digital footprint to serve our customers, wherever and whenever
they want. Our success is anchored on the growth and security of our partners,
policyholders and beneficiaries, because we exist to offer a lifetime
for good for everyone. For more information, visit www.insularlife.com.ph.
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