Rey Insurtech Startup Announces 63 Billion Rupiah Funding
Insurtech startup 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 Rey’s pre-early investor who invested $1 million in September 2021. At the same time, the company also released support features for membership cards named ReyCare, ReyCard, and ReyFit.
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 possible 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 existing health services are still concentrated in certain areas,” he said.
Rey’s New Product
In the latest update, Rey added new protection products, namely ReyCare, ReyCard, and ReyFit to complement the health protection card that was launched from the start, including outpatient and inpatient benefits.
ReCare is a feature that serves members to access all health services, from unlimited doctor chat to get appropriate triage and follow-up actions, online prescription redemption, making doctor’s appointments, to processing payments at the hospital.
Everything was done at no extra cost, done digitally via the app, and assisted by Rey’s team. By using the provided doctor chat feature, 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 also 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 the process of selecting the hospital or doctor desired by members until they make an appointment.
Next is ReyCard, a debit card based on the GPN network that can be used as a cashless payment method at 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.
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, such as accessing music and entertainment streaming services.
This protection product has been equipped with health ecosystem features, so Rey is here as a one-stop solution that 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, your membership includes outpatient benefits provided by the Rey Outpatient Care policy and is equipped with Rey’s main features, namely ReyCare, ReyCard, and ReyFit. Everything 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 offline treatment, including consultation with general practitioners and specialists, laboratory examinations, redeeming drug prescriptions via applications, emergency outpatient treatment 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, it covers all health conditions as long as they are 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 according to the bill or as charge.