MoneyHero Limited , a leading tech- and AI-powered personal finance aggregation and comparison platform and a digital insurance brokerage provider in Greater Southeast Asia, announced a strategic partnership with InsureMO, an insurance innovation infrastructure platform, to expand digital insurance product offerings in the Philippines through MoneyHero’s local brand, Moneymax.
The Philippines has one of the lowest insurance penetration rates in Asia, at around 2% of GDP compared to the regional average of 4–5%, despite being one of the fastest-growing insurance markets. Motor insurance in particular is notably under-served: only about 1 in 3 vehicles on the road has comprehensive insurance coverage, with most drivers relying solely on mandatory third-party coverage#.
To address these gaps and scale general insurance and other products, Moneymax will deploy InsureMO’s API-driven platform to accelerate insurers’ time to market and connect them directly with MoneyHero’s distribution channels, making it faster and simpler for millions of Filipino households to compare and purchase insurance products online.
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Customer Impact
- Enhanced digital journey: This will provide a seamless experience that allows customers to compare real-time quotes, improving convenience and conversion.
- Broader reach: Serving millions of unique users across Asia, MoneyHero Group is the largest personal finance marketplace in the Philippines via MoneyMax.
- Greater product diversity: Insurers integrated with InsureMO can roll out new products via MoneyMax in weeks, giving consumers a wider selection and real-time competitive pricing.
- Strong commercial foundation: MoneyHero Group’s expanding strategic relationships with key insurers like Malayan, StrongHold, FPG and SGI in the Philippines enable integrated campaigns and streamlined fulfillment, enhancing operational control and customer experience while positioning MoneyMax as the go-to digital customer acquisition channel for commercial partners.
Leadership Commentary
Rajat Sharma, Chief Revenue Officer, InsureMO, said: “The Philippines is a priority market where digital distribution can directly improve insurance access. By working with MoneyHero Group, we are enabling insurers to reach customers faster and giving households a simpler way to find and buy the coverage they need.”
Shravan Thakur, Chief Commercial Officer, MoneyHero Group, said: “This partnership is an important step in scaling our high-margin insurance vertical in the Philippines, replicating proven approaches from other Asian markets. Starting with general insurance and expanding into other product lines, we aim to offer more choices and greater convenience to Filipinos across the country. We have strategically relocated and expanded our Philippines operations to a new office in Bonifacio Global City (BGC), Taguig, together with the deployment of InsureMO’s API-driven platform, we can better support both our commercial partners and customers.”
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