Jakarta-based InsurTech startup, Rey, has secured an additional $3.5m in funding as it seeks to expand its AI-powered health insurance platform.
The investment round was backed by CyberAgent Capital, Arthazen Capital, and Gametraco Tunggal, along with participation from existing investors, according to InsurTech Insights.
Rey, founded in 2021 by former Sequis head of digital channel Evan Tanotogono and lead engineer Bobby Siagian, offers a digital health insurance platform.
The company provides health memberships that cover both outpatient and inpatient care, as well as wellness programmes aimed at improving overall health management. Chief business officer David Nugrho, an insurance industry veteran, also joined the leadership team to help steer the company’s growth.
The startup plans to use the $3.5m to enhance its AI tools for claims processing and underwriting.
Rey’s digital platform has already reached over 50,000 people and more than 100 organisations, demonstrating significant traction. Additionally, its claims management system boasts a loss ratio much lower than the industry average, showcasing the platform’s efficiency in handling insurance claims.
In previous investment rounds, Rey has garnered substantial financial backing, although specific details of earlier fundraising were not disclosed.
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