InsurTech Rey Assurance has reeled in $1m in pre-seed funding to unveil its subscription-based digital insurance products in Indonesia.
Rey claims to be the first dedicated an integrated health, life and critical illness insurance company in Indonesia.
The firm said it has created a new ecosystem designed to support its members through all stages of life and claims it addressing the multiple unmet needs for the majority of the 270 milllion Indonesians who have not previously had access to affordable insurance offerings.
Rey will use the funding to push forward its digital life, health and critical illness products that it stated integrates managed care, pharmacy and telemedicine. The AI-based product offerings will be for individual and group members and are bundled with their unique health and wellness ecosystem.
According to Rey, the new $1m seed funding was provided by the Trans-Pacific Technology Fund.
Rey CEO and co-founder Evan Tanotogono said, “By unifying every type of core health, life, and critical illness insurance product, including underwriting, claims, reimbursements and payments with our technology platform, Rey’s membership model offers the greatest insurance value of any type of insurance in Indonesia for the large number of uninsured citizens.
“Rey’s vision is to not only improve inefficient legacy insurance systems but also create an entirely new approach to insurance that is more than just offering a policy. We have created proprietary insurance offerings that support our members by providing best-in-class care experience to improve their overall well-being. Rey is the future of insurance in Indonesia blending holistic care with innovative technology and services that are simple, affordable, and hassle-free.”
Trans-Pacific Technology Fund managing partner Glenn Kline added, “The new approach that Rey is implementing for improving the quality and length of life for Indonesians has tremendous synergies with our investment portfolio which is focused on partnering with innovators having an impact to address large unmet needs. In my over 30 years of investing in high-growth technology companies, this is one of the most remarkable stories that has the unique ability to transform the insurance, health and wellness sectors simultaneously.”
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