InsurTech startup Sunday raises Series A funding of USD 10M led by Vertex Ventures SEA and India
MALAYSIA, INDONESIA AND SINGAPORE ARE THE NEXT STOPS FOR THE INSURTECH PLAYER IN THE REGION
Singapore, 25 February 2019 – Redefining insurance is no easy task, but the investors behind Sunday, an under-the-radar startup, believe that the InsurTech has the right model and is set for massive growth in Southeast Asia. This firm has successfully raised USD 10 million in its Series A funding round led by top VC firm, Vertex Ventures SEA and India making the Thailand-based InsurTech one of the emerging startups to keep eyes on. Beyond that, an insurance group also owns a stake in the business and has contributed the use of its general insurance license to the InsurTech which transforms the startup into a full-blown insurance company.
Sunday is a multi-line InsurTech with fully-integrated sales and services platforms designed to reinvent the entire insurance value chain where the nature of risks is rapidly shifting as we progress towards a digital economy. Incumbent insurers currently act only as risk aggregators with limited understanding of capabilities to meet customers’ needs which are rapidly evolving. With data and technology, Sunday aims to reboot insurance to meet these demands, so that insurance is always affordable and available anytime anywhere.
Sunday differentiates itself based on its risk-prediction model driven by AI and machine learning, where it currently uses more variables than any insurer in South East Asia for feature engineering and more accurate risk-pricing in real time. Multiple dimensions of an individual risk profile are also aggregated to offer more personalised and affordable coverages for every customer segment. The InsurTech has since launched over a hundred variations of products and platforms to cover niche risks such as extended warranty and flight delay to more complex coverages such as auto and health insurance, for its rapidly growing customers. Products and claims services designed are offered via its partnership ecosystems comprising leading players from the auto, telecommunications, retail and travel industries. In parallel, Sunday also grows its business organically with its personalized employee health benefits and real-time claims management solutions used to penetrate the local SME market comprising 3 million SMEs with over 10 million workforce, generating over 36% of Thailand’s GDP.