Rey Assurance Announces Funding Extension & Partnerships with Xendit, AXA Life & Health Reinsurance Solutions for its Innovative Cashless Claims
Rey integrates cashless claims payment technology into its proprietary health and wellness ecosystem, opening the entire healthcare network to its Members along with easy admission and discharge processes
SINGAPORE and JAKARTA, Indonesia, Nov. 18, 2021 /PRNewswire-PRWeb/ -- Rey Assurance ("Rey" or "the Company"), the first dedicated and integrated health, life and critical illness insurtech company in Indonesia, announced an extension to its pre-seed financing. Following the earlier funding, Rey has established new partnerships with fintech unicorn Xendit, top global reinsurer AXA Life & Health Reinsurance Solutions ("ALHRS"), and other industry leaders to launch Rey's cashless claims as a major differentiator for the Company's insurance integrated ecosystem. The Company's new cashless claims card is being integrated into Rey's full suite of product offerings.
Rey's innovative cashless claim model enables its Members to access healthcare at any offline providers of their choice, making the existing, restrictive provider network obsolete. In addition, Rey's new cashless claim platform eliminates the tedious admission and discharging process at all healthcare providers. Payment is made simply and immediately, with only a swipe of the Rey Card.
Rey and Xendit are integrating their respective technology platforms, combining Rey's digitized claim adjudication process with Xendit's infrastructure, to make the payment process seamless for Rey's Members and healthcare providers. Rey will leverage ALHRS's deep expertise in health, life, and critical illness risks to jointly develop proprietary products offered through Rey's subscription-based insurance memberships, as well as data-driven processes and approaches supporting them. The combination of ALHRS and Xendit enables Rey to build a reimagined cashless claim process powered by advanced analytics and automated processes. The new cashless claim system will be implemented as an integral part of Rey's flexible and intelligent managed care platform comprising telemedicine, pharmacy delivery, and wellness.
When a new Rey Member signs up, they will receive a Rey Card once they have passed the verification from Bank Sahabat Sampoerna as the card issuer. Once activated, the card is ready to be used for selected treatments once an eligible health claim has been processed through the Rey adjudication process. Claims administration and adjudication will be managed by Rey and continuously improved by leveraging the operational expertise of ALHRS.
Rey also plans to make the Rey Card and ecosystem available as a service to other insurers and corporations. By using Rey's new cashless claims, insurers and corporations would have cashless experience at any healthcare provider, initially focusing in Indonesia, while also enjoying much better services and optimized claim risks. This cashless claims-as-a-service model is a new revenue stream for Rey that the Company plans to expand internationally after launching in Indonesia, particularly leveraging the relationship ALHRS has with over 1 million providers globally.
"Within a short period, Rey has leveraged our pre-seed funding and funding extension to attract world-class partners to rapidly mature the quality of our ecosystem," said Evan Tanotogono, Rey CEO and Co-Founder. "Today's announcement is a major milestone in our goal of creating a new breed of insurance in Indonesia with digital-first products and services, making health, life and critical illness coverage more accessible. affordable, and enjoyable for the people."
About Rey Assurance Pte Ltd
Rey, headquartered in Singapore with operations in Jakarta, is led by an executive team with combined ~150 years of insurance industry experience, and is the pioneer of a new age of insurance. 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 designed to improve the wellbeing of its individual and group members throughout all stages of life.
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]
SOURCE Rey Assurance
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