Rey Assurance, which claims to be the first dedicated and integrated health, life and critical illness Insurtech company in Indonesia, recently announced $4.2 million in seed funding to advance its digital health products and tech platform.
In addition to announcing the funding from the Trans-Pacific Technology Fund (TPTF), Genesia Ventures, and RDS, the firm is “launching a new, disruptive suite of outpatient and inpatient products that have received approval from the Indonesian insurance regulator, Otoritas Jasa Keuangan (OJK).”
The 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.”
Evan Tanotogono, Rey CEO and Co-Founder, said:
“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. 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.”
In another first for an Indonesian Insurtech, Rey reportedly “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.”
Glenn Kline, Managing Partner of the Trans-Pacific Technology Fund, remarked:
“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.”
In addition to Rey’s CEO Evan Tanotogono, who previously served as the Head of Digital Channel at Sequis, a major local life & health insurer in Indonesia, Rey’s other co-founders include:
- David Nugroho, Chief Business Officer: David is a 25+-year insurance industry veteran who most recently served as Chief Digital Partnership Officer at Prudential.
- Bobby Siagian, Chief Technology Officer: Bobby has over 10+ years of experience, having worked as a senior technology leader for over 10 years at IBM, Sea, and recently Tokopedia.
- Rosi Setyo Nugroho, Vice President of Product: A licensed pharmacist and with a Master’s degree from New York University Robert F. Wagner Graduate School in Health Policy & Management, Rosi has ~10 years’ healthcare experience including playing a critical role in building a digital primary care system that is used by one of the largest managed care insurers in Indonesia.
Takahiro Suzuki, General Partner of Genesia Ventures, stated:
“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. We are excited about collaborating with Rey’s leadership, TPTF and other world-class partners to solve a critical problem facing Indonesia.”
Headquartered in Jakarta, Rey, led by an executive team with combined ~150 years of insurance industry experience, claims to be “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 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 various 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.”