Sunday; An insurance business based in Bangkok has announced a $45 million Series B funding round according to the bangkokbased ai 45m series tencentshutechcrunch. Tencent, SCB 10X, Vertex Growth, Vertex Ventures Southeast Asia & India, Granite Oak, Quona Capital, Aflac Ventures, and Z Venture Capital are among those that have invested. According to the company, the transaction was oversubscribed, and revenue growth in 2020 would be doubled.
Sunday, founded in 2017, describes itself as a “full-stack” insurtech, which implies it handles everything from underwriting to policy distribution. Its current offerings include online-only vehicle and travel insurance packages, as well as Sunday Health for Business, a healthcare coverage program for enterprises. Sunday also works with partners to provide subscription-based smartphone programs.
The company utilizes AI and machine-learning-based technology to sell its motor insurance and employee health benefits products and told that its data models also ensure automated pricing and scale its underwriting process for complex risks. According to company data, Sunday presently offers services to around 1.6 million customers.
The new funding will further support the expansion bid of the company in countries like Indonesia and build new distribution channels comprising insurance agents, SMEs, and more. Insurance reach is minimal in several Southeast Asian markets like Indonesia, but the industry is achieving momentum due to increasing customer awareness. Further, the onset of the Covid-19 pandemic also brought focus on areas like investment, insurance, health coverage, financial planning, and more.
Other insurtech startups in Indonesia that have recently raised funding include Lifespan, PasarPolis, Qoala, and Fuse. “Awareness for health insurance will continue to expand, and we expect more people will be open to shopping for insurance online,” said Sunday co-founder and CEO Cindy Kuo in an official statement. While we continue to grow our portfolio in Thailand and Indonesia, we want to expand our platform architecture to offer retail insurance to our health members and partners.”