MoneyHero Limited, an online platform that helps people compare financial products and buy insurance, has partnered with insurance technology (insurtech) firm InsureMO to make digital insurance easier to access in the Philippines through its local brand, Moneymax.
Moneymax will use InsureMO’s technology to help insurance companies sell their products online faster and connect directly to MoneyHero’s digital channels. This setup is meant to make it simpler for Filipinos to compare insurance options and purchase coverage online.
“The Philippines is a priority market where digital distribution can directly improve insurance access,” said Rajat Sharma, chief revenue officer of InsureMO. “Our strategic partnership with Moneymax extends our collaboration with MoneyHero Group into another underpenetrated market, and with our API-first platform and robust technology, we are excited to help Moneymax rapidly launch and innovate across multiple insurance products and providers, reaching customers seamlessly across the country.”
Insurance coverage in the Philippines is still low compared with other Asian countries. Insurance penetration is estimated at around 2% of gross domestic product, below the regional average of about 4%-5%. Motor insurance is one of the weakest areas. Only about one in three vehicles has full insurance coverage, while most drivers rely only on the required third-party insurance.
Moneymax plans to start by offering more general insurance products, such as motor insurance, and later add other types of coverage. By linking insurers directly to MoneyHero’s online platforms, the companies aim to shorten the time needed to launch new products and make the buying process easier for households.
“This partnership is an important step in scaling our high-margin insurance vertical in the Philippines, replicating proven approaches from other Asian markets,” said Shravan Thakur, chief commercial officer of MoneyHero Group. “Starting with general insurance and expanding into other product lines, we aim to offer more choices and greater convenience to Filipinos across the country.”
Thakur also said MoneyHero Group has expanded its presence in the Philippines, including opening a new office in Bonifacio Global City in Taguig. He said this move, along with the use of InsureMO’s platform, will help the company better support its business partners and customers.
For consumers, the partnership means they can view insurance quotes online in real time and compare options more easily. Insurers using InsureMO’s system can also roll out new products on Moneymax within weeks, which could give buyers more choices and clearer pricing.
MoneyHero Group serves millions of users across Asia and operates Moneymax as its marketplace in the Philippines. It works with local insurers such as Malayan, Stronghold, FPG, and SGI to support smoother insurance processing as more services move online.