Indonesian insurtech Rey Assurance nabs $4.2m funds in seed round

The round was co-led by the Trans-Pacific Technology Fund and Genesia Ventures.

Rey Assurance has raised $4.2m in a seed funding round led by the Trans-Pacific Technology Fund (TPTF), Genesia Ventures, and RDS.

In addition to announcing the funding, the Indonesian insurtech firm is launching a new, disruptive suite of outpatient and inpatient products that have received approval from the Indonesian insurance regulator, Otoritas Jasa Keuangan (OJK).

The new products enable Rey’s Members to personalize services with the level of cover that best matches their needs. Rey’s products are linked to the company’s proprietary cashless claims system, eliminating the tedious admission and discharging process at all healthcare providers. 

The claim system includes ReyCard, a debit card that enables Rey’s Members to make payments simply and immediately at any healthcare provider of choice, even outside the traditional hospital network. The combination of customizable products, cashless claims, provides flexibility, and the other optimizations the ecosystem provides delivers significant cost savings for Members compared to traditional insurance.

READ MORE: Rey Assurance boosts cashless claims with AXA partnership

“We are grateful for the funding and expanded partnerships which support our mission to help improve health equity for all Indonesians while also shining a spotlight for other countries seeking to create a new paradigm for providing innovative insurance solutions for their population,”  said Evan Tanotogono, Rey CEO and co-founder. 

The fresh funds will be used to advance the firm's digital health products and its technology platform.