Rey Assurance, an Indonesia-based integrated health, life and critical illness InsurTech, has raised $4.2m in seed funding.
The round saw participation from Trans-Pacific Technology Fund (TPTF), Genesia Ventures, and RDS.
Headquartered in Jakarta, Rey describes itself as “the pioneer of a new age of insurance in Indonesia.”
The InsurTech said it has redesigned the end-to-end insurance value chain by blending its 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.
Alongside the fresh funding, Rey is launching a suite of outpatient and inpatient products that have received approval from the Indonesian insurance regulator, Otoritas Jasa Keuangan (OJK).
The products will enable Rey’s members to personalised service with the level of cover that best matches their needs. Rey’s products are linked to the company’s proprietary cashless claims system, so this also eliminates the tedious admission and discharging process at all healthcare providers.
Rey said the funding will advance its digital health products and technology platform.
The InsurTech also recently received ISO/IEC 27001 certification with the scope of “Information Security Management for Digital Insurance with Integrated Health Ecosystem”.
Evan Tanotogono, Rey CEO and co-founder, said, “Unlike most legacy insurers, Rey prioritises 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.”
Indonesia-based InsurTech startup Qoala recently secured $65m in its Series B funding round. Qoala distributes retail insurance products to consumers for bike, car, home and health through its omni-channel platform.
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