Online insurance sales platform Maria Health and fintech company FDFC (which powers the Buy Now Pay Later app BillEase), launched a payment partnership, which will allow existing and potential policyholders to pay with installment payment solutions.
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 of cardless installment.
“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, CEO and co-founder of Maria Health.
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Maria Health is a venture capital-backed insurtech company that aggregates small and medium enterprises, individual, and family healthcare plans. The company is known for providing bite-size insurance products that are accessible to Filipinos in need of 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.
Flexible payment options
“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,” Lau said.
With the partnership, anyone who wants to avail of 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 payday with no interest. Pay in Installments enables customers to spread the cost of the insurance product overtime 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,” said Georg Steiger, CEO and co-founder, FDFC.
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.