Thailand-based insurtech firm, Sunday, has secured US$10 million funding in a round led by Vertex Ventures Southeast Asia and India to expand its data team and conduct research and development. Beyond that, Sunday also provided equity to an insurance group, which in return, provides the use of its general insurance license to transform the startup into a full-blown insurance company.
Disrupting the rapid evolving insurance landscape is no easy task, but the investors behind Sunday believe that the company has the right model and potential for massive growth in Southeast Asia.
Sunday is a multi-line insurtech with a fully-integrated sales and services platforms designed to reinvent the entire insurance value chain, where the nature of risk is rapidly shifting under an increasingly digital economy. Its integrated technology platform offers customizable non-life insurance products through a risk-prediction model driven by Artificial Intelligence (AI) and machine learning for feature engineering and more accurate risk-pricing in real time. The platform also enables a more seamless claims experience, where payout can be carried out efficiently. On top of its platform, the startup also provides employee health benefits and claims management solutions for small and medium enterprises (SME).
The company argues that incumbent insurers currently act only as risk aggregators with very limited understanding of capabilities to meet customers’ needs. With data and technology, Sunday aims to disrupt insurance to meet these demands, so that insurance can be made affordable and available anytime, anywhere.
With the newly acquired funding, the company plans to expand to key Southeast Asian markets, including Singapore, Malaysia, and Indonesia.
“If e-commerce can provide dynamic pricing, then a digital insurer like Sunday can provide personalized premium pricing depending on insights into consumers’ behavior and needs,”
Chua Kee Lock, managing partner of Vertex Ventures Southeast Asia and India