Manila, Philippines – MoneyHero Group has entered into a partnership with InsureMO to broaden the availability of digital insurance products in the Philippines through MoneyHero’s local platform, Moneymax.
The collaboration aims to support the growth of online insurance distribution in a market where coverage remains comparatively low despite rising demand.
Insurance uptake in the Philippines continues to trail other Asian markets, with penetration levels at roughly 2% of GDP, around half the regional average. Motor insurance coverage is also limited, with a substantial number of vehicles relying only on compulsory third-party policies rather than full protection.
“The Philippines is a priority market where digital distribution can directly improve insurance access,” Rajat Sharma, chief revenue officer at InsureMO, stated.
“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.”
Through the partnership, Moneymax will integrate InsureMO’s API-based infrastructure to help insurers introduce products more quickly and link them directly to MoneyHero’s distribution channels. The approach is intended to streamline product comparisons, shorten the purchasing process and improve access for Filipino households seeking online insurance options.
“This partnership is an important step in scaling our high-margin insurance vertical in the Philippines, replicating proven approaches from other Asian markets,” Shravan Thakur, chief commercial officer at MoneyHero Group, commented.
“Now, together with the deployment of InsureMO’s API-driven platform, we can better support both our commercial partners and customers.”
The initiative is expected to enhance the CX by enabling real-time quote comparisons and smoother digital journeys.
MoneyHero Group, which reaches a large base of users across Asia and operates the Philippines’ largest personal finance marketplace through Moneymax, plans to extend product choice by supporting faster rollouts and more competitive pricing from insurers using InsureMO’s platform.
The company’s existing relationships with insurers in the country, including Malayan, StrongHold, FPG and SGI, form part of its broader strategy to strengthen commercial partnerships and operational efficiency.
MoneyHero Group has also expanded its presence in the Philippines with a move to a new office in Bonifacio Global City (BGC) in Taguig to support its growing insurance operations.
