Rey Indonesia Co-founder and CEO Evan Tanotogono

In Insurtech and Healthtech are rapidly evolving industries. Rey Indonesia Its innovative approach to healthcare insurance makes it stand out. By The startup transforms traditional health insurance in a subscription-based, all-encompassing service. It offers an experience similar to that of a Netflix Subscribe to healthcare, but not for subscriptions It It claims to have more than 10,000 active members, and it works with over 100 organisations.

In The startup will be in 2022. secured US$4.2 million Seed round led by Trans-Pacific Technology Fund, Genesia VenturesRDS and.

Rey The annual global Elevator Pitch Competition The (EPiC), organised by the Hong Kong Science The following are some examples of how to get started: Technology Parks Corporation (HKSTP ) April.

On On the sidelines of this event, we spoke to Rey’s co-founder and CEO Evan Tanotogono, who discussed the company’s unique value proposition, regulatory navigation, and expansion plans within Southeast Asia.

Edited excerpts:

Rey Indonesia It is at the intersection between insurtech, healthtech. How What do you mean by health protection or health insurance? How It is a good idea to use Rey How does it look from the point of view of a consumer?

At ReyWe redefine health care by offering a comprehensive membership that includes prevention and protection. Imagine You can also call it a Netflix Subscription for Healthcare

Also Read: Insurtech shines amidst overall funding decline in Indonesia in H1

This Our system is highly efficient due to the integrated approach. The claim ratio of our system is twice as favorable as that of other health insurance providers.

From A consumer’s perspective Rey It works like a subscription-based healthcare service. You Pay a monthly subscription fee or an annual subscription fee. In In return, you get access to a variety of services including nutritionist consultations, wearable devices that track your health metrics, and rewards for maintaining an active lifestyle.

When you’re unwell, you can speak with a doctor and get medicines, all included in your subscription. We Don’t charge more than the fixed subscription price, since everything is integrated with insurance regulations.

Do Do you have experience with different insurance companies?

We don’t work with many insurance companies because we are neither a broker nor are we a marketplace. We Design our own product, and work with one insurance company to register it with the regulator. EssentiallyWe operate as if we were an insurance company.

What What opportunities can you see? Rey The following are some examples of how to use Indonesia And elsewhere Southeast Asia?

Over 280 million people live in Indonesia Only 3% of Americans have private health insurance. This It is not only because insurance consumers are reluctant to purchase insurance but also because insurance providers struggle to sustainably supply it because of high claim losses. We By offering a subscription-based model, you can simplify the process and make it more appealing to consumers as well as insurance companies.

We We have more than 10,000 members who are active and we work with over 100 organisations on the islands. Last In one year, our revenue grew by seven times. This Our growth shows we deliver a health solution which resonates with both the consumers and the insurance industries.

Looking In the future, we expect to see growth in other emerging markets. Philippines, Vietnam. CambodiaWhere there are similar challenges. In Hong KongWe aim to use our technology to assist local insurance companies.

How Are you familiar with the regulatory requirements in the highly regulated Fintech and insurance industries?

We The only platform to be registered with both the financial and health regulators. We Bridge the gap between both industries by telling each regulator a compelling story. To We, as the financial regulators, stress the importance of addressing healthcare challenges within insurance framework.

To As the regulator of healthcare, we want to highlight our financial perspectives on digital health. This Dual registration shows our commitment to operate at the intersection of two industries.

How How do you promote your product in light of the low penetration rate? Indonesia?

Educating It’s important to know the market, but equally important is to make your product easy to sell. We Focus on providing a healthcare option that people can understand, and simplifying insurance into a monthly subscription model.

Also Read: AI’s transformative role: Making insurance accessible and affordable globally

This Our membership base includes many people from lower-tiered areas who had never purchased insurance. By We’ve been able to reach almost 100% of the market by making our product relatable. Indonesian provinces.

What What are your biggest challenges as you grow?

One Our business model is not suited to the traditional insurance broker or marketplace models. We Redefining health insurance can be seen by insurance companies as both a threat and an opportunity. We Our innovative approach can help them improve their claim ratios, and we are willing to collaborate.

Image Credit: Rey Indonesia.

The Postings by other people Rey seeks to redefine health insurance in Indonesia with a Netflix-style subscription model First on e27.

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