Sunday, an insurtech startup based mostly in Bangkok, introduced it has raised a $45 million Collection B. Traders embrace Tencent, SCB 10X, Vertex Progress, Vertex Ventures Southeast Asia & India, Quona Capital, Aflac Ventures and Z Enterprise Capital. The corporate says the spherical was oversubscribed, and that it doubled its income progress in 2020.
Based in 2017, Sunday describes itself as a “full-stack” insurtech, which implies it handles the whole lot from underwriting to distribution of its insurance policies. Its merchandise presently embrace motor and journey insurance coverage insurance policies that may be bought on-line, and Sunday Well being for Enterprise, a healthcare protection program for employers. Sunday additionally gives subscription-based smartphone plans by companions.
The corporate makes use of AI and machine learning-based expertise underwrite its motor insurance coverage and worker well being advantages merchandise, and says its information fashions additionally permit it to automate pricing and scale its underwriting course of for complicated dangers. Sunday says it presently serves 1.6 million clients.
The brand new funding might be used to develop in Indonesia and develop new distribution channels, together with insurance coverage brokers and SMEs.
Insurance coverage penetration continues to be comparatively low in lots of Southeast Asian markets, together with Indonesia, however the trade is gaining traction because of growing client consciousness. The COVID-19 pandemic additionally drove curiosity in monetary planning, together with funding and insurance coverage, particularly well being protection.
Different insurtech startups in Indonesia which have not too long ago raised funding embrace Lifepal, PasarPolis, Qoala and Fuse.
In a press release, Sunday co-founder and chief government officer Cindy Kuo stated, “Consciousness for medical insurance will proceed to extend and we imagine extra shoppers could be open to buy insurance coverage on-line. We plan to develop our platform structure to supply retail insurance coverage to our well being members and companions whereas we proceed to develop our portfolio in Thailand and Indonesia.”