Get Additional Investment, Rey Assurance Releases Cashless Claim Card
Insurtech startup Rey Assurance announced the acquisition of additional pre-early funding with an undisclosed nominal and investors. Previously, in mid-September, the company announced a $1 million pre-stage funding from the Trans-Pacific Technology Fund.
In Indonesia, other TPTF portfolios are Prixa, and Kata.ai. Along with this latest news, the company announced a new partnership with Xendit, a leading global reinsurer AXA Life & Health Reinsurance Solutions (ALHRS), and other industry leaders.
This partnership is part of the launch of Rey’s new product, namely cashless claims which are the main differentiator of the integrated insurance ecosystem carried by the Company. This cashless claim card is entering the stage of integration into Rey’s full suite of product offerings.
Rey’s cashless claims model allows its members to access healthcare at their preferred offline provider. In addition, this claims platform eliminates the time-consuming administrative processes that were previously applicable in all healthcare providers. Now users can simply swipe the Rey Card.
In an official statement, Co-founder and CEO Rey Evan Tanotogono explained, in a short time the company has taken advantage of funding and funding expansion to attract world-class partners in maturing the quality of Rey’s ecosystem.
“Today’s announcement is a major milestone in our goal of creating a new type of insurance in Indonesia with digital-first products and services, making health, life and critical illness coverage more accessible. affordable, and fun for the community,” he said.
Partnership with Xendit
He continued, the partnership with Xendit allows the respective technology platforms to be integrated with each other to handle the claims handling process and make the payment process seamless for Rey members and healthcare providers.
Rey will leverage ALHRS’ deep expertise in health, life and critical illness risks to co-develop the exclusive products offered through Rey’s subscription-based insurance membership, and the data-driven processes and approaches that support them.
ALHRS and Xendit combinations allowed Rey to build a cashless claims process backed by advanced analytics and automated processes.
This new system will be implemented as an integral part of Rey’s flexible and intelligent managed care platform comprising pharmacy delivery, telemedicine, and healthcare.
If new members register, they will receive a Rey card after passing verification from Bank Sahabat Sampoerna as the card issuer. Rey also plans to make the Rey card and ecosystem available as a service to insurance companies and other companies.
Insurers and companies will have a cashless experience at any healthcare provider, initially focused on Indonesia, while also enjoying much better service and optimized claims risk.
This cashless claim model is a new source of revenue for Rey. The plan is to expand internationally once it is launched in Indonesia, utilizing the ALHRS network which has more than 1 million providers worldwide.
Take A New Approach
Evan explained that Rey took a subscription model as the approach taken in marketing insurance products. According to him, the insurance industry has a very complicated issue, because its penetration is still low, making it difficult to grow significantly.
Therefore, the subscription model is believed to be able to change people’s mindset in buying insurance products. The mindset that he wants to create is to buy a product as part of a large ecosystem where Rey has access to that ecosystem.
“What we did was actually change the concept from ‘product that is just a policy’ to ‘product that takes care of you’. We think we need to take a different approach, and people cannot expect different results if they only do the same thing,” he said. Evan.
Currently, Rey only offers three subscription options, namely at a price of IDR 69 thousand / month, IDR 89 thousand / month, and IDR 99 thousand / month which includes a bundle of outpatient services, teleconsultation, symptom checks, and insurance.