Medical insurance is the type of factor folks normally solely take into consideration solely after they want it. In any other case, their insurance policies are simply paperwork of their information or playing cards of their pockets. Indonesian insurtech Rey Assurance is taking a brand new method. As soon as somebody turns into a member, in addition they get entry to a platform of well being companies, together with AI-based self-assessment instruments, 24/7 telemedicine consultations for no added charge and pharmacy deliveries. The startup is launching out of stealth in the present day, having already raised $1 million in pre-seed funding from the Trans-Pacific Expertise Fund (TPTF).
Rey was based this yr by Evan Tanotogono, former head of digital channel at Sequis, one among Indonesia largest insurers, and Bobby Siagian, who held lead engineering roles at corporations together with Tokopedia and Sea Group. They’re 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 health insurance in Indonesia. “Once you have a look at the basis causes and ache factors, you’re looking at issues which might be systemic right here,” Tanotogono mentioned. These embrace low consciousness, costly distribution channels like brokers and telemarketing, excessive premiums and complex insurance policies.
“Individuals really feel just like the product is de facto advanced, the method is troublesome they usually don’t get the perfect worth for the cash. It’s been that approach for a lot of, a few years,” he advised FiratNews. “We consider that we can not simply go into the market and digitize a part of the worth chain.”
Plans begin from about $4 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 provide clients extra worth for his or her cash, and assist differentiate it from different corporations in Indonesia’s rising insurtech business. Another startups which have lately raised funding embrace Lifepal, PasarPolis and Qoala.
“Proper now, in case you have a look at insurance coverage in Indonesia, if the premium is excessive, perhaps 80% or 90% of that’s used for the distribution channel. Now if we optimize one thing for digital distribution, then we are able to cut back the worth and use the remaining for the wellness options,” Tanotogono added.
TPTF managing associate Glenn Kline advised FiratNews that Rey’s founding workforce was “actually the motive force” for its funding. “We felt these folks actually know the place the ache factors are they usually perceive clearly how to not attempt to change the legacy system, however create a complete new platform from the very starting, the place the core worth proposition is an built-in answer that’s easy and hassle-free.”
As an alternative of doing the underwriting themselves, Rey works with insurance coverage companions to design proprietary insurance policies. The purpose 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 by way of Rey’s cost playing cards. If its cost card can’t be used at healthcare supplier, claims could be submitted by importing receipt pictures to the app.
Tanotogono mentioned that is a lot sooner than conventional insurance coverage suppliers, which might take as much as 14 working days to reimburse a declare, and made attainable with Rey’s proprietary declare adjudication know-how.
Rey’s wellness ecosystem at the moment covers main care companies, together with chats and video calls with medical suppliers. Sooner or later, it plans so as to add specialists to the platforms.
Prospects may also hyperlink their well being wearables for incentives. For instance, in the event that they hit sure step or exercise targets, 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.