Insurtech Startup Rey Announces Additional Funding of IDR 53 Billion

Startups insurtech Rey announced an additional funding of $3,5 million or equivalent to Rp53 billion. This funding was led by CyberAgent Capital, Arthazen Capital, and PT Gametraco Tunggal, and supported by previous investors, including Trans Pacific Technology Fund (TPTF), Genesia Ventures, and Reycom Document Solusi (RDS).

With this fresh funding, Rey wants to strengthen its vision to transform health protection through holistic, affordable, and fully digital services. To date, Rey has served more than 50.000 users and 100 organizations.

In addition to offering individual and organizational health services, Rey recorded success with an integrated insurance product claim ratio of only around 50%, much lower than conventional health insurance which reached 105,7% in the first half of 2024. Rey has also never raised premiums since 2022, making it a competitive solution.

Rey's Innovation

Rey was also selected as one of the organizers of Digital Health Innovation (IDK) in the Ministry of Health's Regulatory Sandbox in 2024. Previously, Rey completed the OJK's Digital Financial Innovation Regulatory Sandbox, confirming his role as a pioneer in the integration of health and financial services.

Rey offers a new solution for the third party administration (TPA) system which has tended to be administrative. Through its technology and ecosystem, Rey introduces active health management, which prioritizes sustainable health involvement, both preventive and curative. This step is a solution to the challenges of the health insurance industry which is facing increasing claims.

As a pioneer in this industry, Rey also developed a data-based system. generative AI and electronic medical records for claims and underwriting. This technology has been presented at the Indonesia Underwriting Summit 2024 and is claimed to have received a positive response from various insurance companies in Indonesia.

2024 will be a busy year for Rey, with new funding, participation in the Ministry of Health's IDK program, completion of the OJK Regulatory Sandbox, and international achievements by entering the Top 4 at the Fintech Elevator Pitch Competition in Hong Kong.

"We are proud of this year's achievements and will continue to innovate to provide sustainable health protection solutions," said Co-Founder & CEO Rey Evan Tanotogono.

Previously Rey last announced funding in July 2022. At that time the company announced new funding of $ 4,2 million (more than 63 billion Rupiah) led by Trans-Pacific Technology Fund (TPTF), Genesia Ventures, and PT Reycom Document Solusi (RDS).

TPTF is Rey's pre-seed investor, injecting $1 million in funding in September 2021. At the same time, the company also released supporting features for membership cards called ReyCare, ReyCard, and ReyFit.

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Disclosure: This article was produced with AI technology and supervision of the content writer