Sunday - Insurtech

Sunday, a Bangkok-based fully-integrated sales and services insurtech startup, disclosed today it has secured US$45 million in an oversubscribed Series B financing round. 

New and existing investors joined the round, including Tencent, SCB 10X, Vertex Growth, Vertex Ventures Southeast Asia & India, Quona Capital, Aflac Ventures, and Z Venture Capital.

As per the press statement, Sunday will use the money to strengthen its online platform architecture to offer a retail product suite comprising health insurance and electronics and motor insurance protection. 

Also read: Why now is the right time for disruption in the insurance industry?

The startup also intends to grow its portfolio to Indonesia and extend its product and platforms to insurance agents, SMEs and partners.

“Awareness for health insurance will continue to increase, and we believe more consumers would be open to shop for insurance online,” said Cindy Kua, CEO and co-founder of Sunday.

Founded in Bangkok in 2017, Sunday aims to solve the current inefficiencies of the whole insurance value chain, from the development of disruptive products, faster complex claim settlements to a preventative approach.

Its USP is the end-to-end insurance value chain, from underwriting to distribution of personalised insurance products and services. 

Capitalising on its handcrafted AI engine, Sunday can scale its underwriting process for complex risks of both individuals and businesses, automate pricing, and early screen and detect symptoms through AI chatbot. 

It also provides an HR administrative platform for corporate clients and a super-app for everyday members to access cashless primary care and manage their coverages. 

Besides, the company distributes subscription-based smartphone care and insurance through its partner network.

“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.

Also Read: Sunday raises US$9M to grow its AI-powered insurance business in Thailand, Indonesia

The platform claims to have clocked a total of 1.6 million customers with over 90,000 current health members from its banking, manufacturing and retailers, and services sectors. Its revenue doubled in 2020. 

Last year, Sunday received US$9 million in a pre-Series B round led by Siam Commercial Bank’s venture arm SCB 10X. 

In recent years, insurance tech startups have drawn attention as the pandemic put much of people’s focus on healthcare. While insurers suffered from a loss of around US$55 billion due to COVID-19, global investors still funded insurtech firms to the tune of US$7.5 billion last year and were expected to accelerate in the Southeast Asia market in 2021.

Vietnam’s Medici, Indonesia’s Fuse and Lifepal, Thailand’s Fairdee and Singapore’s Bolttech are some prominent insurtech startups that have received funding in 2021.

In April, Malaysian early-stage VC firm 1337 Ventures and pan-Asian insurance firm FWD Insurance joined hands to launch a bi-annual pre-accelerator programme for Malaysian fintech and insurtech startups.

Image credit: Sunday

The post Tencent, SCB 10X, Vertex back insurtech startup Sunday’s US$45M Series B appeared first on e27.

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