Sunday, a Thailand-based full-stack insurtech company, has closed the purchase of KSK Insurance Indonesia for an undisclosed sum.
According to Sunday, the deal positions it as one of the largest fully licensed insurtech groups in the region’s two biggest general insurance markets, with revenues exceeding $100m (Bt3.54bn).
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KSK Insurance Indonesia, a general insurance provider, reported gross written premiums of around $40m as of 2023.
The company’s portfolio includes car, property and cargo insurance, distributed through a network of agents and brokers in key Indonesian cities such as Jabodetabek, Bandung, Surabaya, Medan and Bali.
This acquisition, which sees Sunday taking a 99% stake in KSK Insurance Indonesia, is expected to drive growth in personal insurance products, focusing on innovation and alternative distribution channels across the nation.
The move is also expected to enhance service offerings with AI/ML technology across motor and health insurance, as well as other personal lines.
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By GlobalDataFurthermore, the merger will support the automation of key insurance processes including sales, customer service, underwriting and claims handling.
Founded in 2017, Sunday aims to lead as a digital-first insurance group by leveraging AI/ML and microservices architecture.
Its strategy to grow personal lines involves an omni-channel approach, including partnerships with multifinance companies, state-owned enterprises, telecommunications, direct channels and intermediaries.
Sunday CEO and co-founder Cindy Kua said: “We are extremely excited about our growth prospects and digital collaboration with the licensed insurer. This partnership signifies our deep commitment in Indonesia and mission to be a leading insurtech group in this region.
“Our immediate focus will be to extend our product solutions to all our corporate clients, partners, agents and brokers in our ecosystem to serve the growing middle income classes with better claim, lifestyle and risk prevention services.”
In September 2021, Sunday attracted $45m in its Series B funding round.
Aflac Ventures, Granite Oak, Quona Capital, SCB 10X, Tencent, Vertex Growth, Vertex Ventures Southeast Asia & India and Z Venture Capital participated in the round.
