Rey Assurance (Rey), an insurtech company in Indonesia, announced Wednesday $4.2 million in seed funding to advance its digital health products and leading technology platform.
The round was co-led by the Trans-Pacific Technology Fund (TPTF) and Genesia Ventures and joined by RDS, Rey said in a statement.
The company is also launching a new, disruptive suite of outpatient and inpatient products that have received approval from the Indonesian insurance regulator, Otoritas Jasa Keuangan (OJK).
The new products enable Rey’s members to personalize services with the level of cover that best matches their needs. Rey’s products are linked to the company’s proprietary cashless claims system, eliminating the tedious admission and discharging process at all healthcare providers.
The claim system includes ReyCard, a debit card that enables Rey’s Members to make payment simply and immediately at any healthcare provider of choice, even outside the traditional hospital network.
The combination of customizable products, cashless claims, provider flexibility, and the other optimizations the ecosystem provides delivers significant cost savings for members compared to traditional insurance.
“Unlike most legacy insurers, Rey prioritizes outpatient products that are affordable and painless, complemented by our best value inpatient products, which all feature experience-centric care and wellness features into our end-to-end health solution,” said Evan Tanotogono, Rey Chief Executive Officer and Co-Founder.
“We are grateful for the funding and expanded partnerships which support our mission to help improve health equity for all Indonesians while also shining a spotlight for other countries seeking to create a new paradigm for providing innovative insurance solutions for their population,” he added.
In another first for an Indonesian insurtech, Rey received ISO/IEC 27001 certification with the scope of “Information Security Management for Digital Insurance with Integrated Health Ecosystem”.
This certification demonstrates Rey’s commitment to the quality use of its Members’ data in the Company’s proprietary end-to-end health and wellness ecosystem that integrates 360-degree EHR, claim database and analytics, and primary care system with pharmacy formularium management.
“The opportunity to deliver life-changing products and services to address the significant unmet needs for the ~97% of the ~270 million Indonesian population is one of the major reasons TPTF decided to jointly lead the round with Genesia Ventures”, said Glenn Kline, Managing Partner of the TPTF.
Headquartered in Jakarta, Rey, led by an executive team with combined about 150 years of insurance industry experience, is the pioneer of a new age of insurance in Indonesia.
The company has redesigned the end-to-end insurance value chain by blending its unique technology platform – including artificial intelligence (AI), big data analytics, and cashless claim payments – with its proprietary health, life and critical illness insurance policies bundled into subscription-based offers for individuals and groups that eliminate complicated paper-based processes.
Rey integrates ground-breaking technologies into its insurance offerings, coupled with its health and wellness ecosystem, via strategic partners encompassing such areas as pharmacy, telemedicine, and cashless payment to provide the most holistic insurance offerings in Indonesia designed to improve the wellbeing of its individual and group members throughout all stages of life.
“It is not often that you find a team with this level of technology and industry expertise coupled with a ground-breaking concept of an integrated health and wellness ecosystem with cashless claims, telemedicine, managed care, life insurance, health insurance, critical illness insurance,” said Takahiro Suzuki, General Partner of Genesia Ventures.
“We are excited about collaborating with Rey’s leadership, TPTF and other world-class partners to solve a critical problem facing Indonesia,” he added.