South East Asian full-stack InsurTech Sunday raises Series B round with a strong set of new and existing investors including Tencent, SCB 10X, Vertex Growth, Vertex Ventures Southeast Asia & India, Quona Capital, Aflac Ventures, and Z Venture Capital. Investors had shown overwhelming interest to join the cap table alongside KSK Ventures and the round was oversubscribed.Capital raised will be used to expand its retail product suite comprising health insurance, protection for electronics and motor insurance through its online platform to its existing health members, corporate and SME clients and partners.
“Awareness for health insurance will continue to increase and we believe more consumers would be open to shop for insurance online. We plan to expand our platform architecture to offer retail insurance to our health members and partners while we continue to grow our portfolio in Thailand and Indonesia. We are honoured to have our investors onboard to help us achieve our plans as a data and tech-driven player in Asia.”, said Cindy Kua, CEO and co-founder of Sunday.
“SCB 10X is excited to continue to be part of Sunday’s journey in Thailand and South East Asia. Owning the insurance value chain end-to-end, from underwriting all the way to distribution, is a unique differentiating factor for Sunday compared to other InsurTech companies. We believe in Sunday’s direction on digital innovation by using data, AI and machine-learning-based optimization to serve personalized, affordable insurance products and services to the consumers in the region. We look forward to continue working closely with Sunday team to drive the insurance industry to further digital innovation.”, said Mukaya (Tai) Panich, Chief Venture and Investment Officer, SCB 10X
Founded in Bangkok in August 2017, the company adopts AI/ML to underwrite its motor insurance and employee health benefits product while deploying a HR administrative platform for its corporate clients and superapp for its everyday members to access cashless primary care and manage their coverages.
The company adopts more dynamic data models to automate pricing, scale its underwriting process for complex risks. “Our handcrafted AI engine is poised to solve the current inefficiencies of the whole insurance value chain from the development of disruptive products, faster complex claim settlement to a preventative approach with our AI chatbot for early symptoms detection screening. With our strong analytics foundation, we are well equipped to scale our capabilities to swiftly respond to the risk and customer expectations that are changing rapidly.” said Suradej Panich, Chief Data Scientist of Sunday.
The company doubled its revenue growth at 100% during 2020, served a total of 1.6 million customers with over 90,000 current health members from its banking, manufacturing and retailers, and services sectors. Aside from this, the company distributes subscription-based smartphone care and insurance through its partners. Now in Indonesia, new market growth is planned for the company to extend its product and platforms to insurance agents, SMEs and partners.