<article>Jakarta-based insurtech startup Rey Assurance has raised $3.8 million in a seed funding round from Genesia Ventures, Vertika Corporation, and PT Reycom Document Solusi, according to regulatory filings. </article>

Jakarta-based insurtech startup Rey Assurance has raised $3.8 million in a seed funding round from Genesia Ventures, Vertika Corporation, and PT Reycom Document Solusi, according to regulatory filings. 
Genesia Ventures contributed $2 million to the round, while AI company Vertika invested $1.6 million, according to Rey Assurance’s filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
Indonesian IT company Reycom, meanwhile, put in $200,000. 
ACRA filings only reflect the equity funding secured so far by a company. The overall round could be larger and have other components such as debt.
Rey Assurance had raised $370,000 from Vertika Corporation in 2021 via convertible notes, its ACRA filings show. Those notes will also convert into seed shares in the latest round.
Both Rey Assurance and Genesia Ventures have yet to respond to DealStreetAsia’s request for comment at the time of publication.
Established in 2021, Rey Assurance is headquartered in Singapore with operations in Jakarta, Indonesia. The company was founded by Evan Tanotogono and Bobby Siagian. Prior to establishing the startup, Tanotogono was the head of digital channels at Sequis, while Siagian held several lead engineering roles at companies such as Tokopedia and Bizzy Indonesia.
Rey utilises technologies such as artificial intelligence and big data analytics to provide monthly subscription-based insurance memberships without requiring a complex paper-based process. The startup also offers services such as doctor consultations, pharmacy, and medicine delivery for individuals and groups.
Rey had raised $1 million in pre-seed funding from the Trans-Pacific Technology Fund (TPTF) in September last year. In November, the company established partnerships with fintech unicorn Xendit and insurance firm AXA Life &amp; Health Reinsurance Solutions to launch cashless claims that are integrated into Rey&#8217;s suite of product offerings.
Genesia Ventures is an early-stage investor based in Japan. In February this year, it hit the first close of its third fund, Genesia Venture Fund 3 Investment Limited Partnership, at approximately <a href="https://www.dealstreetasia.com/stories/japan-genesia-first-close-280388" target="_blank" rel="noopener">$90 million</a>. The fund invests up to a maximum of $4 million per deal, including follow-on investments. Besides Rey Assurance, Genesia has backed insurtech platform Qoala.
With insurance penetration in Indonesia currently at 2%, insurtech solutions providers, including aggregators and marketplaces that provide access to insurance products for consumers, are in demand. 
Earlier this month, Qoala raised <a href="https://www.dealstreetasia.com/stories/qoala-series-b-funding-292280">$65 million </a>in a Series B funding round led by European investment firm Eurazeo. Other recent deals in this space include Fuse’s<a href="https://www.dealstreetasia.com/stories/indonesia-insurtech-fuse-series-b-273673"> $25-million funding</a> in December 2021 and Lifepal’s <a href="https://www.dealstreetasia.com/stories/lifepal-series-a-probatus-256697">$9-million</a> round last August. 
Sea Ltd is also venturing into this sector through a new insurance feature on its Shopee platform. The company also is also reportedly in talks to acquire Indonesian insurance company Asuransi Mega Pratama.

Jakarta-based insurtech firm Rey Assurance raises $3.8m in seed funding

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Jakarta-based insurtech firm Rey Assurance raises $3.8m in seed funding

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