Malaysia, Indonesia and Singapore are the next stops for the InsurTech player in the region

SINGAPORE- Media OutReach - 25 February 2019 -Redefining insurance is no easy task, but the investors behind Sunday, anunder-the-radar startup, believe that the InsurTech has the right model and isset for massive growth in Southeast Asia. This firm has successfully raised USD10 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 contributedthe use of its general insurance license to the Thailand-based InsurTech whichtransforms the startup into a full-blown insurance company.

Sunday is a multi-line InsurTechwith fully-integrated sales and services platforms designed to reinvent theentire insurance value chain where the nature of risks is rapidly shifting aswe progress towards a digital economy.

Sunday differentiatesitself based on its risk-prediction model driven by AI and machine learning forfeature engineering and more accurate risk-pricing in real time. Multiple dimensionsof an individual risk profile are also aggregated to offer more personalised andaffordable coverages for every customer segment. The InsurTech has sincelaunched over a hundred variations of products and platforms to cover nicherisks such as extended warranty and flight delay to more complex coverages suchas auto and health insurance. Products and claims services designed are offeredvia its partnership ecosystems comprising leading players from the auto,telecommunications, retail and travel industries. In parallel, Sunday alsogrows its business organically with its personalized employee health benefitsand real-time claims management solutions used to penetrate the local SMEmarket comprising 3 million SMEs with over 10 million workforce, generatingover 36% of Thailand's GDP.

"Sunday is on a mission to serve customersvery differently as an InsurTech in South East Asia. The insurance market isfragmented with huge gaps in current offerings coupled with many pain pointsthroughout the entire customer journey. In addition, the digital economy continuesto change the way customers shop on-demand. At Sunday, we believe the only wayto solve this is to own and simplify the entire value chain using data andtechnology," says Cindy Kua, co-founder and CEO.

"Vertex VenturesSEA and India is pleased to partner with Sunday on their digital insurancejourney. This is a long-awaited transformation that the insurance industry mustundertake given the confluence of technology and data. If eCommerce can providedynamic pricing, then a digital insurer like Sunday can provide personalizedpremium pricing depending on insights into consumers' behavior and needs. Aspart of the insurance journey revolves around claims experience, Sunday'sintegrated technology platform will enable a more seamless claims experience,where pay-out will be carried out efficiently," says Chua Kee Lock, a ManagingPartner at Vertex Ventures SEA and India.

Looking ahead, Kua expects the InsurTech toexpand its operations to other markets like Malaysia, Indonesia and Singapore,and aims to raise significant funding round for its expansion towards end ofthis year for this.