Rey Assurance Receives $1M Pre-Seed Funding to Launch First Subscription-Based Digital Insurance Products with Integrated Health & Wellness Ecosystem in Indonesia

SINGAPORE and JAKARTA, Indonesia, Sept. 13, 2021 /PRNewswire-PRWeb/ -- Rey Assurance ("Rey" or "the Company"), the first dedicated and integrated health, life and critical illness insurtech company in Indonesia, today announced the launch of the Company's AI-based proprietary product offerings for individual and group members, bundled with its unique health and wellness ecosystem. In addition to unveiling its new type of insurance in Indonesia, Rey – which is led by an executive team with combined ~100 years' insurance industry experience – announced it previously raised approximately US$1 million in pre-seed funding from the Trans-Pacific Technology Fund.

Rey is a new breed of insurtech company blending technology, monthly subscription-based insurance memberships that eliminate complicated paper-based processes, including enrollment and claim submission/reimbursement. Rey has created a new ecosystem designed to support its members through all stages of life. Rey is addressing the multiple unmet needs for the majority of ~270 million Indonesians who, until now, have only had access to expensive and complicated offerings either via traditional insurers or marketplaces.

Rey's unique digital offerings bundle proprietary health, life, and critical insurance products with AI-powered managed care services and wellness management. The Company's managed care services encompass telemedicine, pharmacy, and medicine delivery for its individual and group members. In addition, Rey utilizes big data analytics from consumer wearables to personalize member wellness management experience, including rewards to promote healthier lifestyles.

According to a recent report from the World Bank, there are more than 150,000,000 middle class Indonesians that are priced out of traditional private health, life, and critical illness insurance. Rey's digital insurance offerings enable the Company to quickly and profitably scale, reaching members throughout Indonesia. Rey's unique model is building a member community via simple and affordable membership plans to access its integrated digital insurance platform and personalized health ecosystem. The Company's monthly subscription model delivers exponential cost savings for Indonesians, compared to traditional insurance products.

"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," said Evan Tanotogono, Rey CEO and Co-Founder. "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."

Headquartered in Taipei, Taiwan, the Trans-Pacific Technology Fund ("TPTF") is collaborating with Rey on the Company's initial launch. TPTF is also supporting Rey's access to strategic healthcare, technology, and insurance services partners that will elevate the value of Rey's offerings to its members.

"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," said Glenn Kline, Managing Partner, Trans-Pacific Technology Fund. "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."

About Rey Assurance Pte Ltd
Headquartered in Jakarta, Rey, led by an executive team with combined ~100 years of insurance industry experience, is the pioneer of a new age of insurance in Indonesia. The Company has redesigned the end-to-end insurance value chain by blending its unique technology platform – including AI, big data analytics, and cashless claim payments – with its proprietary health, life and critical illness insurance policies bundled into subscription-based offers for individuals and groups that eliminate complicated paper-based processes. Rey integrates ground-breaking technologies into its insurance offerings, coupled with its health and wellness ecosystem, via strategic partners encompassing such areas as pharmacy, telemedicine and cashless payment to provide the most holistic insurance offerings in Indonesia designed to improve the wellbeing of its individual and group members throughout all stages of life.

About the Trans-Pacific Technology Fund, L.P.
The Trans-Pacific Technology Fund (TPTF) is an international venture capital fund with offices in Taiwan, Japan, and the United States. TPTF makes multi-stage investments in high-growth technology companies across Asia and in the United States. Please visit http://www.tptf.co, for more information on TPTF and our portfolio companies.

Press Contact
Kellen Davison
For Rey Assurance
[email protected]    
360-685-8256 / 647-313-2182

Media Contact

Kellen Davison, Rey Assurance, +1 360-685-8256, [email protected]

Twitter, Facebook

SOURCE Rey Assurance