Rey Assurance Health Insurance - Indonesia

Indonesian insurtech - Rey Assurance - is taking a new approach on Health Insurance. A  member is eligible to access a platform of health services, including AI-based self-assessment tools, 24/7 telemedicine consultations for no added fee and pharmacy deliveries. The startup is launching out of stealth today, having already raised $1 million in pre-seed funding from the Trans-Pacific Technology Fund (TPTF).

Rey Assurance focus on addressing the low penetration of life and health insurance in Indonesia. The root causes and pain points are systemic in Indonesia here, including  low awareness, expensive distribution channels like agents and telemarketing, high premiums and complicated policies. Indonesian feels like the product is really complex, the process is difficult and they don’t get the best value for the money.

Plans start from about $4 USD per month and are available for individual or groups, like families and small businesses. Rey’s wellness ecosystem was created to give customers more value for their money and help differentiate it from other companies in Indonesia's growing insurtech industry. Some other startups that have recently raised funding include Lifepal, PasarPolis and Qoala.

Approximately 80% or 90% of health insurance are sold using traditional distribution channel (mainly agency). Rey Assurance aims to optimize digital distribution, reducing the price and use the rest for the wellness features.

Instead of doing the underwriting themselves, Rey works with insurance partners to design proprietary policies. The goal is to have an onboarding process that is completely online and only takes about five minutes, and a mostly cashless claim and reimbursement system through Rey’s payment cards. If its payment card can’t be used at a healthcare provider, claims can be submitted by uploading receipt photos to the app. Traditional insurance providers, takes up to 14 working days to reimburse a claim.

Rey’s wellness ecosystem currently covers primary care services, including chats and video calls with medical providers. In the future, it plans to add specialists to the platforms.

Customers can also link their health wearables for incentives. For example, if they hit certain step or activity goals, they get rewards like discounts or shopping vouchers. Rey’s long-term plan is to link wearables more deeply to its insurance policies, using data to personalize policies and premiums.