The co-founders of Rey Assurance, Bobby Siagian and Evan Tanotogano. Photo credits: Rey insurance

Most people only think of health insurance when they need it. Otherwise, their guidelines are just paperwork on their files or cards in their wallet. The Indonesian insurance company Rey Assurance is breaking new ground. Once someone becomes a member, they also get access to a platform of health services, including AI-based self-assessment tools, 24/7 telemedicine advice at no additional charge, and pharmacy deliveries. The startup is kicking off stealth today after raising $ 1 million in pre-seed funding from the Trans-Pacific Technology Fund (TPTF).

Rey was founded this year by Evan Tanotogono, former head of digital channel at Sequis, one of Indonesia’s largest insurers, and Bobby Siagian, who held senior engineering roles at companies like Tokopedia and Sea Group. You will be joined by David Nugrho, an insurance industry veteran, as Chief Business Officer.

They founded Rey to counter the low prevalence of life and health insurance in Indonesia. “If you look at the causes and pain points, you see systemic problems here,” said Tanotogano. These include low awareness, expensive sales channels such as agents and telemarketers, high premiums and complicated policies.

“People feel that the product is really complex, the process is difficult, and they are not getting the best value for money. It’s been like that for many, many years, ”he told TechCrunch. “We believe that we cannot just go into the market and digitize part of the value chain.”

Plans start at around $ 4 a month as well are available for individuals or groups such as families and small businesses. Rey’s wellness ecosystem was created to provide customers with better value for money and to stand out from other companies in Indonesia’s growing insurtech industry. Some other startups that have recently raised funds include Lifepal, PasarPolis, and Qoala.

“If you look at insurance in Indonesia right now, with high premiums, maybe 80% or 90% of that goes into the distribution channel. If we optimize something for digital distribution now, we can lower the price and use the rest for the wellness features, ”added Tanotogano.

Glenn Kline, managing partner of TPTF, told TechCrunch that Rey’s founding team “really is the driver” for its investment. “We felt that these people really knew where the weaknesses were and they understand exactly how not to try to change the legacy system, but to create a whole new platform from the start where the core value proposition is an integrated solution is that is simple and easy. problem-free. “

Instead of doing the underwriting itself, Rey works with insurance partners to draft their own policies. The goal is a completely online onboarding process that only takes about five minutes, as well as a largely cashless application and reimbursement system via Rey’s payment cards. If their payment card cannot be used with a healthcare provider, claims can be made by uploading receipt photos to the app.

Tanotogano said this is much faster than traditional insurance providers, which take up to 14 working days to make a claim, and it can be done with Rey’s proprietary claims assessment technology.

Rey’s wellness ecosystem currently includes primary care services, including chat and video calling with medical providers. In the future, the platforms are to be supplemented by specialists.

Customers can also link their health wearables for incentives. For example, if they achieve certain step or activity goals, they will receive rewards such as discounts or shopping vouchers. Rey’s long-term plan is to tie wearables more closely to its insurance policies and use data to personalize policies and premiums.

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