Jakarta. Jakarta-based health insurance technology startup Rey has raised an additional $3.5 million (Rp 53 billion) in funding from new investors CyberAgent Capital, Arthazen Capital, and Gametraco Tunggal. Existing investors, including Trans Pacific Technology Fund, Genesia Ventures, and Reycom Document Solusi, also contributed to the funding round.

CEO Evan Tanotogono said the company is developing AI-based tools for claims processing and underwriting to improve efficiency and ensure the sustainability of health insurance. "A health protection program can only be sustainable if the insurer avoids losses, and addressing healthcare challenges is essential to achieving this," he said on Monday.

Rey's claim loss ratio stands at around 50 percent, significantly lower than the industry average of 105.7 percent, according to the Indonesian Life Insurance Association (AAJI) for the first half of 2024.

Founded in 2021, Rey aims to revolutionize health insurance with a digital platform offering health memberships that include outpatient and inpatient care, along with wellness programs. The company’s services have reached over 50,000 people and more than 100 organizations.

Rey has also been recognized for its participation in the Ministry of Health’s Digital Health Innovation Sandbox and as a finalist at the Fintech Elevator Pitch Competition in Hong Kong earlier this year.