Sunday, an insurance technology start-up in Thailand, has raised $45m in a Series B funding round that was joined by investors like Tencent.
Apart from Tencent, the round was joined by SCB 10X, Vertex Growth, Vertex Ventures Southeast Asia & India, Granite Oak, Quona Capital, Aflac Ventures and Z Venture Capital.
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The company, which doubled its revenue growth in 2020, noted that the finding round was oversubscribed.
The insurance start-up intends to use the new funding to expand retail product range and enter Indonesian market.
The Thai insurtech also plans to make fresh investment build new distribution channels, including insurance agents and SMEs.
Sunday CEO and co-founder Cindy Kua said: “Awareness of health insurance will continue to increase and we believe more consumers will be open to shopping for insurance online. We plan to expand our platform architecture to offer retail insurance to our members and health partners while continuing to grow our portfolio in Thailand and Indonesia.
“We are honoured to have Tencent to help us achieve our plans as a data and technology-driven player in Asia.”
SCB 10X chief venture and investment officer Mukaya (Tai) Panich said: “SCB 10X is excited to continue to be a part of Sunday’s journey in Thailand and Southeast Asia. By controlling the insurance value chain from end to end, from the application process to the distribution channel, this puts Sunday in a unique position and different from other InsurTech companies
“We believe in Sunday’s direction in digital innovation that uses data, AI and machine learning to deliver personalized and affordable insurance services to consumers. We look forward to continuing to work with the Sunday team to propel the insurance industry towards the next digital innovation.”
Sunday
Thai insurtech Sunday is multi-line with fully integrated sales and services platforms. It hopes to reinvent the entire insurance value chain. It utilises machine learning and AI to analyse and calculate insurance premiums.
Multiple dimensions of an individual risk profile are analysed and aggregated to offer personalised and affordable coverage.
As a result, Sunday has created over a hundred variations of products and platforms. This covers products such as extended warranties, motor insurance, and health insurance.
