Health insurance is the form of factor individuals normally solely take into consideration solely once they want it. Otherwise, their insurance policies are simply paperwork in their recordsdata or playing cards in their pockets. Indonesian insurtech Rey Assurance is taking a brand new approach. Once somebody turns into a member, additionally 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 Technology Fund (TPTF).
Rey was based this 12 months 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 are joined by insurance business veteran David Nugrho as their chief enterprise officer.
They created Rey to handle the low penetration of life and well being insurance in Indonesia. “When you take a look at the basis causes and ache factors, you’re looking at issues which can be systemic right here,” Tanotogono mentioned. These embody low consciousness, costly distribution channels like brokers and telemarketing, excessive premiums and complex insurance policies.
“People 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 method for a lot of, a few years,” he advised TechCrunch. “We imagine 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 give clients extra worth for his or her cash, and assist differentiate it from different corporations in Indonesia’s rising insurtech business. Some different startups which have not too long ago raised funding embody Lifepal, PasarPolis and Qoala.
“Right now, in the event you take a look at insurance 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 value and use the remainder for the wellness options,” Tanotogono added.
TPTF managing associate Glenn Kline advised TechCrunch that Rey’s founding group was “actually the driving force” for its funding. “We felt these individuals actually know the place the ache factors are they usually perceive clearly how not to attempt to change the legacy system, however create an entire new platform from the very starting, the place the core worth proposition is an built-in answer that’s easy and hassle-free.”
Instead of doing the underwriting themselves, Rey works with insurance companions to design proprietary insurance policies. The aim is to have an onboarding course of that’s utterly on-line and solely takes about 5 minutes, and a largely cashless declare and reimbursement system via Rey’s fee playing cards. If its fee card can’t be used at healthcare supplier, claims could be submitted by importing receipt photographs to the app.
Tanotogono mentioned that is a lot sooner than conventional insurance suppliers, which may take up to 14 working days to reimburse a declare, and made potential with Rey’s proprietary declare adjudication know-how.
Rey’s wellness ecosystem at present covers main care companies, together with chats and video calls with medical suppliers. In the longer term, it plans to add specialists to the platforms.
Customers also can 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 insurance policies, utilizing knowledge to personalize insurance policies and premiums.