Maria Health, BillEase partner to make insurance products more affordable

Maria Health, the country’s first and only health insurance marketplace, and FDFC, the fintech company which powers the Buy Now Pay Later app BillEase, announce today the launch of their payment partnership to make healthcare and insurance products more accessible and affordable through an installment payment solution.

Through the collaboration, BillEase, which provides a low cost credit line for online consumers with no debit or credit card using a proprietary algorithm, is now embedded as a payment method at Maria Health checkout, allowing customers to avail cardless installment.

“As the leading insurance services platform in the Philippines, we are thrilled to partner with BillEase to bring a first of its kind insurance and pay later solution to Filipinos, providing them convenient and affordable access to combined healthcare and financial services wherever they are in the country,” Vincent Lau, Maria Health CEO and co-founder said.

“Ultimately, our goal is to provide simple, easy to access health insurance online through the delivery of both personalized education and flexible payment options and we see working with a trusted partner like BillEase on providing a marquee solution as a key step in making healthcare more holistic, accessible and affordable.”

Maria Health is a venture capital-backed insurtech company that aggregates SME, individual, and family healthcare plans. The company is known for providing bite size insurance products that are accessible to Filipinos in need of a custom healthcare coverage. It also provides education and data-driven comparison of the top health insurance providers, primary care clinics, and ambulatory service providers in the Philippines.

With the partnership, anyone who wants to avail insurance can select BillEase at Maria Health checkout to choose three payment options and customize their payment schedule based on their preference. Pay Later lets customers pay their insurance on their next pay day with no interest. Pay in Installments enables customers to spread the cost of the insurance product over time at a low interest rate, giving them flexibility and increased purchasing power. Pay with Down Payment allows customers to avail health coverage beyond their credit limit with a partial upfront payment.

“We are focused on helping consumers take full control of their financial future, spend more responsibly, and achieve financial freedom. To this end, we continuously search for strong partners like Maria Health with unique product offerings to deliver better outcomes for customers. Partnering with Maria Health is a natural step in our strategy to enhance our customer-centric buy now, pay later (BNPL) platform and provide indirect services to our existing customers. Maria Health would be a significant value add to customers who would like to avail sachet-like insurance products,” Georg Steiger, FDFC CEO and co-founder said.

In the current environment, flexible payments for everyday purchases go a long way in reducing financial burdens and help consumers financially afloat. Until recently, installments have been card-based and predominantly offered only by banks. But the rise of technology-enabled financial services companies like BillEase now makes it easier for uncarded and unbanked Filipinos to avail installment offerings.

With its growing complementary payment options, Maria Health aims to democratize access to healthcare coverage and address the massive health insurance gap in the Philippines, where the underinsurance gap is estimated to be around PhP373 billion mainly fueled by out-of-pocket health expenses of Filipino households.