Rey Insurtech Startup Announces 63 Billion Rupiah Funding

Startups insurtech Rey Assurance announced new funding of $4,2 million (over 63 billion Rupiah) led by Trans-Pacific Technology Fund (TPTF), Genesia Ventures, and PT Reycom Document Solusi (RDS).

TPTF is pre-early investors Rey, who injected $1 million in funds in September 2021. At the same time, the company also released support features for membership cards named ReyCare, ReyCard, and ReyFit.

In his official statement, Co-founder & CEO Rey Evan Wijaya Tanotogono explained that his company has a mission to create a healthier and more protected Indonesian society. Therefore, Rey opens the widest access to health insurance that is tailored to the needs and at affordable costs in order to get better health services.

"This is because insurance penetration in this country is still low and the existing health services are still concentrated in certain areas," he said.

New product

In the latest update, Rey added new protection products, namely ReyCare, ReyCard, and ReyFit to complement the health protection card that has been launched since the beginning, including outpatient and inpatient benefits.

ReCare is a feature that serves members to access all health services, ranging from chat doctor as much as possible to get appropriate triage and follow-up, prescription redemption online, making appointments with doctors, to processing payments at the hospital. Everything was done at no extra cost, done digitally via an app, and assisted by Rey's team.

By using the features chat provided doctors, users immediately get an initial diagnosis which can be followed by prescribing drugs by doctors on the ReyCare team. All doctors in the ReyCare team have been confirmed to have a Registration Certificate (STR) and Practice License (SIP) and carry out consultations based on SOPs in accordance with medical rules.

Doctor's prescriptions can also be redeemed directly through the application to be sent or taken by yourself. Everything is according to the preferences and convenience of the members. If given a recommendation to see a doctor face-to-face, the ReyCare team will assist in the process of selecting the hospital or doctor desired by members until an appointment is made.

Next up is ReyCard, a debit card based on the GPN network that can be used as a payment method cashless in any health facilities throughout Indonesia. Then, ReyFit, to motivate members to live healthier lives, one of which is with daily trackable targets for the number of steps and hydration levels.

Interestingly, ReyFit is not only intended for Rey members but also app users who are not yet members. If the user meets the health milestones will be given various prizes through ReyCoin.

Rey . Ecosystem

Since its inception, Rey has taken a new approach by taking a subscription model to change people's perspectives when buying insurance products. In the membership card, users can choose appropriate health protection products at affordable costs, just like accessing services streaming music and entertainment.

This protection product has been equipped with health ecosystem features, so Rey is here as a one-stop solution which protects and serves the health needs of its members. The health protection that is accessible through Rey currently includes outpatient and inpatient care.

When you first become a member, then membershipit already includes outpatient benefits provided from the Rey Outpatient Care policy and is equipped with Rey's main features, namely ReyCare, ReyCard, and ReyFit. All of them can be obtained with subscription prices starting from Rp. 35 thousand per month.

The Rey Outpatient Care policy also covers medical costs if members are required to seek treatment offline, including consultation with general practitioners and specialists, laboratory examinations, redeeming prescription drugs via applications, emergency outpatients due to accidents. If members want to add to the hospitalization, the price is affordable and can be adjusted according to needs.

Rey offers three inpatient coverage. As for the most comprehensive, Rey Complete Care,cover all health conditions as long as not included in the exception. Rey Complete Care provides coverage for inpatient medical expenses up to an annual limit of IDR 1 billion, 1 bed room treatment in Indonesia and Malaysia. Everything fits the bill or as charge.

Additional Rey Complete Care inpatient policies can be obtained by members, starting from Rp. 105 thousand per month. If members want more affordable protection, Rey provides Rey Accident & Infection Care, which is inpatient insurance that covers the risk of injury due to accidents and 16 infectious diseases.

Then, the Rey Accident & Infection Care Policy starts from Rp. 95 thousand per month. Then, Rey Critical Care which covers 9 risks of critical illness, including cancer, heart attack, stroke, to kidney failure. This product can be obtained starting from Rp. 10 thousand per month.

"With approach digitalfirst operationally as well as product access distribution, Rey can provide more affordable premiums to users. This is also reinforced by the optimization of integrated health services. In addition, with this approach, we can also present information more efficiently and straightforward so that each candidate member get the freedom to review, choose, and buy products that suit their needs as easily as access from their respective gadgets,” said Evan.

The membership premium payment process is also very easy, after the data entry process is completed, prospective members can choose the method membership on a monthly or yearly basis using a credit card, e-wallet (OVO, DANA, Shopee), or Virtual Account (VA) transfer.

Not only simplifying the buying process, the company also prioritizes convenience when making claims. Evan explained, the claim process is completely paperless (paperless) for inpatients and outpatients. Then, the claim process can be done simply by uploading photos of the required medical documents through the Rey application.

Second, when members undergo treatment, all processes from pre-admission, admission, to discharge will be accompanied by the ReyCare team. For the pre-admission process, members can contact the ReyCare team via chat available on the Rey app. The goal is that all processes can be prepared in advance by the ReyCare team so that there is no longer a process of waiting for hours at the hospital due to the lack of coordination between the hospital and the insurance company.

Third, members are also provided with a ReyCard, which is a payment card cashless which can be used in any hospital and health provider throughout Indonesia. ReyCard can be used on any EDC machine marked with GPN, just like a regular credit or debit card when making payments. With ReyCard, members no longer need to feel confined to a network of partner hospitals.

“Simplifying and digitizing the claims process is one of our focuses at Rey because we know how complex this process can be in offline conditions. However, to ensure the convenience of using Member services, we still apply human-assisted digital process with the ReyCare team on hand to help with every claim process.”

Evan also said that currently Rey has obtained ISO/IEC 27001:2013 certification for the coverage of Information Management Systems in providing digital insurance that is integrated with the health ecosystem. “We have achieved this achievement in less than a year since we were founded. The hope is that Rey members can trust more because of personal data, health data, and data teleconsultation What is on the Rey platform is managed according to the proper standards,” he concluded.