Malaysia, Indonesia and Singapore are the next stops for the InsurTech player in the region
- Media OutReach - 25 February 2019 -
Redefining insurance is no easy task, but the investors behind Sunday, an
under-the-radar startup, believe that the InsurTech has the right model and is
set for massive growth in Southeast Asia. This firm has successfully raised USD
10 million in its Series A funding round led by Vertex Ventures SEA and India.
Beyond that, an insurance group also owns a stake in the business and has contributed
the use of its general insurance license to the Thailand-based InsurTech which
transforms the startup into a full-blown insurance company.
Sunday is a multi-line InsurTech
with fully-integrated sales and services platforms designed to reinvent the
entire insurance value chain where the nature of risks is rapidly shifting as
we progress towards a digital economy.
itself based on its risk-prediction model driven by AI and machine learning for
feature engineering and more accurate risk-pricing in real time. Multiple dimensions
of an individual risk profile are also aggregated to offer more personalised and
affordable coverages for every customer segment. The InsurTech has since
launched over a hundred variations of products and platforms to cover niche
risks such as extended warranty and flight delay to more complex coverages such
as auto and health insurance. Products and claims services designed are offered
via its partnership ecosystems comprising leading players from the auto,
telecommunications, retail and travel industries. In parallel, Sunday also
grows its business organically with its personalized employee health benefits
and real-time claims management solutions used to penetrate the local SME
market comprising 3 million SMEs with over 10 million workforce, generating
over 36% of Thailand's GDP.
"Sunday is on a mission to serve customers
very differently as an InsurTech in South East Asia. The insurance market is
fragmented with huge gaps in current offerings coupled with many pain points
throughout the entire customer journey. In addition, the digital economy continues
to change the way customers shop on-demand. At Sunday, we believe the only way
to solve this is to own and simplify the entire value chain using data and
technology," says Cindy Kua, co-founder and CEO.
SEA and India is pleased to partner with Sunday on their digital insurance
journey. This is a long-awaited transformation that the insurance industry must
undertake given the confluence of technology and data. If eCommerce can provide
dynamic pricing, then a digital insurer like Sunday can provide personalized
premium pricing depending on insights into consumers' behavior and needs. As
part of the insurance journey revolves around claims experience, Sunday's
integrated technology platform will enable a more seamless claims experience,
where pay-out will be carried out efficiently," says Chua Kee Lock, a Managing
Partner at Vertex Ventures SEA and India.
Looking ahead, Kua expects the InsurTech to
expand its operations to other markets like Malaysia, Indonesia and Singapore,
and aims to raise significant funding round for its expansion towards end of
this year for this.