Sunday was the announcement by an insurtech startup in Bangkok that it had raised $45 million in Series B. Tencent, SCB 10X and Vertex Growth are among the investors. Vertex Ventures Southeast Asia & India is Quona Capital, Aflac Ventures, Z Venture Capital and Vertex Ventures Southeast Asia & India are also among them. According to the company, the round was highly subscribed and it has doubled its revenue growth for 2020.
Sunday was founded in 2017 and is a full-stack insurance company. This means that it does everything, from underwriting to distribution. The company's current products include travel and motor insurance policies that can easily be purchased online and Sunday Health for Business which provides healthcare coverage for employers. Sunday offers smartphone subscription plans through its partners.
The company uses AI- and machine learning-based tech to underwrite its employee health benefits and motor insurance products. It also claims that its data models allow it to automate pricing, scale its underwriting process for complex risk and automate pricing. Sunday claims that it currently serves 1.6million customers.
This new funding will be used for expansion in Indonesia and development of new distribution channels including agents for insurance and SMEs.
Although insurance penetration in many Southeast Asian countries, including Indonesia is low, it is increasing due to increased consumer awareness. Interest in financial planning, including investment, insurance and health coverage, was also sparked by the COVID-19 pandemic.
Lifepal, PasarPolis and Qoala are just a few of the insurtech startups that have raised funding in Indonesia.
Sunday's co-founder Cindy Kuo, chief executive officer, stated in a statement that awareness for health insurance will continue increasing and she believes more consumers will be willing to shop online for insurance. While we grow our portfolio in Thailand, Indonesia and Thailand, we plan to expand our platform architecture and offer retail insurance to our members and partners.
