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Indonesia-based With $1 million in investment, Rey Assurance introduces its comprehensive approach to insurance

Health insurance is something that most individuals only consider when they are in desperate need of it. Otherwise, their rules are merely files on paper or cards in their wallet. Rey Assurance, an Indonesian insurtech, is adopting a different approach. When a person joins, they have access to a platform of health services, which includes AI-based self-assessment tools, no-cost 24/7 telemedicine consultations, and pharmaceutical delivery. The business has already secured $1 million in pre-seed investment from the Trans-Pacific Technology Fund and is launching today (TPTF).

Evan Tanotogono, a former head of digital channel at Sequis, one of Indonesia’s leading insurers, and Bobby Siagian, a former lead engineer at Tokopedia and Sea Group, established Rey this year. David Nugrho, a veteran of the insurance industry, has joined them as their chief business officer.

They established Rey to address Indonesia’s poor life and health insurance penetration. “You’re looking at systemic problems here when you look at the core causes and pain points,” Tanotogono added. Low awareness, costly distribution channels including as agents and telemarketing, high premiums, and complex policies are among them.

“People believe that the product is overly complicated, that the procedure is cumbersome, and that they are not getting the greatest value for their money.” He told TechCrunch, “It’s been like that for many, many years.” “We don’t believe we can just enter the industry and digitise a portion of the value chain.”

Individual or group plans, such as those for families and small enterprises, start at around $4 USD per month. Rey’s wellness ecosystem was developed to provide clients with greater value for their money and to set the company apart from others in Indonesia’s burgeoning insurtech industry. Lifepal, PasarPolis, and Qoala are some of the other businesses that have recently received financing.

https://techcrunch.com/2021/08/19/indonesian-d2c-insurance-marketplace-lifepal-raises-9m-series-a/embed/#?secret=HEGO53he6q

TPTF managing partner Glenn Kline told TechCrunch that Rey’s founding team was “really the driver” for its investment. “We felt these people really know where the pain points are and they understand clearly how not to try to change the legacy system, but create a whole new platform from the very beginning, where the core value proposition is an integrated solution that is simple and hassle-free.” 

Instead of doing the underwriting themselves, Rey works with insurance partners to design proprietary policies. The goal is to have an onboarding process that is completely online and only takes about five minutes, and a mostly cashless claim and reimbursement system through Rey’s payment cards. If its payment card can’t be used at a healthcare provider, claims can be submitted by uploading receipt photos to the app. 

Rey’s wellness ecosystem currently covers primary care services, including chats and video calls with medical providers. In the future, it plans to add specialists to the platforms.All my best wishes to them.

Shishir Gupta, Founder and CEO, StartupLanes

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