Rey Assurance co-founders Bobby Siagian and Evan Tanotogono
Health insurance coverage is the form of factor folks often solely take into consideration solely after they want it. Otherwise, their insurance policies are simply paperwork of their recordsdata or playing cards of their pockets. Indonesian insurtech Rey Assurance is taking a brand new strategy. Once somebody turns into a member, additionally they get entry to a platform of well being providers, together with AI-based self-assessment instruments, 24/7 telemedicine consultations for no added payment and pharmacy deliveries. The startup is launching out of stealth at the moment, having already raised $1 million in pre-seed funding from the Trans-Pacific Technology Fund (TPTF).
Rey was based this yr by Evan Tanotogono, former head of digital channel at Sequis, certainly one of Indonesia largest insurers, and Bobby Siagian, who held lead engineering roles at corporations together with Tokopedia and Sea Group. They are joined by insurance coverage business veteran David Nugrho as their chief enterprise officer.
They created Rey to handle the low penetration of life and medical insurance in Indonesia. “When you look at the root causes and pain points, you are looking at problems that are systemic here,” Tanotogono stated. These embrace low consciousness, costly distribution channels like brokers and telemarketing, excessive premiums and complex insurance policies.
“People feel like the product is really complex, the process is difficult and they don’t get the best value for the money. It’s been that way for many, many years,” he advised TechCrunch. “We believe that we cannot just go into the market and digitize part of the value chain.”
Plans begin from about $four USD per thirty days and can be found for particular person or teams, like households, and small companies. Rey’s wellness ecosystem was created to offer clients extra worth for his or her cash, and assist differentiate it from different corporations in Indonesia’s rising insurtech business. Some different startups which have just lately raised funding embrace Lifepal, PasarPolis and Qoala.
“Right now, if you look at insurance in Indonesia, if the premium is high, maybe 80% or 90% of that is used for the distribution channel. Now if we optimize something for digital distribution, then we can reduce the price and use the rest for the wellness features,” Tanotogono added.
TPTF managing accomplice Glenn Kline advised TechCrunch that Rey’s founding workforce was “really the driver” for its funding. “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 coverage companions to design proprietary insurance policies. The aim is to have an onboarding course of that’s fully on-line and solely takes about 5 minutes, and a principally cashless declare and reimbursement system via Rey’s cost playing cards. If its cost card can’t be used at healthcare supplier, claims could be submitted by importing receipt photographs to the app.
Tanotogono stated that is a lot quicker than conventional insurance coverage suppliers, which might take as much as 14 working days to reimburse a declare, and made potential with Rey’s proprietary declare adjudication expertise.
Rey’s wellness ecosystem presently covers major care providers, together with chats and video calls with medical suppliers. In the longer term, it plans so as to add specialists to the platforms.
Customers also can hyperlink their well being wearables for incentives. For instance, in the event that they hit sure step or exercise objectives, they get rewards like reductions or buying vouchers. Rey’s long-term plan is to hyperlink wearables extra deeply to its insurance coverage insurance policies, utilizing knowledge to personalize insurance policies and premiums.
