Indonesian insurtech startup Rey has secured an additional seed funding of $3.5 million led by new investors CyberAgent Capital, Arthazen Capital, and PT Gametraco Tunggal, according to a statement on Monday.
The round was also participated by Rey’s existing investors including Trans-Pacific Technology Fund (TPTF), Genesia Ventures, and Reycom Document Solusi (RDS). They had led Rey’s first seed round in July 2022.
The company will use the fresh funds to transform health protection into an end-to-end health service model (Prevention to Protection Integrated). The vision will be realised through the launch of health memberships for individuals and groups, which provide comprehensive health solutions in a single subscription, the company said in the statement.
The company is now expanding its service by providing technology for conventional insurance firms, helping them transform health protection from a policy into an end-to-end health solution. This innovation brings a fresh perspective to the third-party administration (TPA) model, which has traditionally been conventional, largely administrative, and transactional, typically engaging only during health claims.
Through active health management, Rey’s TPA provides not just claim administration services but also focuses on ongoing health service engagement, both preventive and curative. The service aims to address the serious challenges currently facing the industry due to deteriorating claim performance.
Evan Tanotogono, CEO and co-founder of Rey, emphasised the commitment to sustainable health protection. “At Rey, we’ve built a holistic health ecosystem, from telehealth as primary care, claim adjudication, and care management to fitness features focusing on user wellbeing and claim optimisation. These aspects have never been a priority for conventional TPA models,” says Tanotogono.
“We believe that providing health protection can be sustainable if the insurer is not at a loss. We also believe it’s impossible to solve the problems faced by health insurers without innovating in the field of health service technology itself,” he added.
Rey continues to pioneer innovation in healthcare, primarily aimed at the sustainability of health insurance and financing. Some of them are a generative AI-based expert system and electronic medical records (EMR) for health claims and underwriting. The technology has received positive responses and has been adopted by several insurance companies in Indonesia.
“We are proud of the numerous achievements we’ve accomplished in 2024. These successes motivate us to innovate further next year, focusing on innovations that prioritise the sustainability of comprehensive health protection,” Tanotogono concluded.
