Rey Assurance, touted to be “the first dedicated and integrated health, life and critical illness insurtech company in Indonesia”, announced last Wednesday that it has received $4.2 million in seed funding from the Trans-Pacific Technology Fund, Genesia Ventures and RDS.
Also known as Rey, the membership-based online healthcare firm said in a press statement that it seeks “to advance its digital health products and leading technology platform” using the funding.
WHAT IT DOES
The Jakarta-headquartered company blends platforms including big data analytics, cashless claim payments and AI with its proprietary insurance policies bundled into subscription-based offers for its members. It aims to eliminate paper-based processes.
With strategic partners in telemedicine, pharmacy and cashless payment areas, the firm seeks to improve the wellbeing of its members.
“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.
WHY IT MATTERS
Besides the seed funding announcement, Rey said in the same statement that it “is launching a new, disruptive suite of outpatient and inpatient products”, which have been approved by Indonesia’s government agency Financial Services Authority (OJK).
Rey’s new products would enable its clients to personalise services that best match their level of cover needs. Its claim system includes a debit card known as ReyCard that allows its members to make payments at any healthcare provider, including those other than hospital chains. It adds that members would save up more than subscribing to traditional insurance agencies.
“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,” said Rey’s CEO and co-founder Evan Tanotogono.
ON THE RECORD
Rey has also received the ISO/IEC 27001 certification, with the scope of Information Security Management for Digital Insurance with Integrated Health Ecosystem. This signifies the insurtech company’s commitment to the use of its members’ data in the firm’s proprietary end-to-end health and wellness ecosystem, which integrates claim database and analytics, primary care system with pharmacy formularium management, as well as 360-degree EHR.
“The opportunity to deliver life-changing products and services to address the significant unmet needs for the (around) 97% of the (around) 270 million Indonesian population is one of the major reasons TPTF decided to jointly lead the round with Genesia Ventures,” said Glenn Kline, TPTF’s managing partner.