Bangkok-headquartered insurtech firm Sunday recently announced to have raised USD 45 million in a Series B round. The round saw participation from investors like Tencent, Vertex Growth, SCB 10X, Vertex Ventures Southeast Asia & India, Aflac Ventures, Quona Capital, and Z Venture Capital. The round was allegedly oversubscribed, and it doubled the company’s revenue growth in 2020.
Sunday was founded in 2017 and defines itself as a “full-stack” insurtech, which means it manages everything from underwriting to distribution of its policies. Its products presently include motor and travel insurance policies that can be bought online, and a healthcare coverage program named Sunday Health for Business for employers. Sunday also provides subscription-based smartphone plans through partners.
The company makes use of machine learning and AI-based technology to underwrite its motor insurance and employee health benefits products, and states that its data models enable it to automate pricing and regulate its underwriting process for complex risks. Sunday serves around 1.6 million customers presently.
The new funding will be utilized for expansion in Indonesia and developing new distribution channels, comprising SMEs and insurance agents.
It is to be noted that penetration of insurance is still comparatively low in many Southeast Asian markets, including Indonesia, but the industry is progressing owing to growing consumer awareness. The Covid-19 pandemic fostered an interest in financial planning, together with investment and insurance, mainly health coverage.
Sunday’s co-founder and CEO Cindy Kuo stated that awareness regarding health insurance will keep on increasing, and they believe more consumers would shop for insurance online. They plan to expand their platform architecture to provide retail insurance to their health members and partners while continuing to amplify their portfolio in Thailand and Indonesia, she added.
Other insurtech startups in Indonesia including Lifepal, Qoala, PasarPolis, and Fuse, have also recently raised funding.
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