Thai insurtech Sunday has raised $10m in a Series A funding round.
Led by Vertex Ventures, the investors believe that the Thai insurtech has great potential for growth in Southeast Asia.
Go deeper with GlobalData
Furthermore, an insurance company owns a stake in the start-up and has contributed the use of its general insurance license. This also transforms Sunday in a full blown insurance company.
Sunday
Thai insurtech Sunday is multi-line with fully integrated sales and services platforms. It hopes to reinvent the entire insurance value chain. In addition, 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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataCindy Kua, co-founder and CEO of Sunday, expects the company to expand into Malaysia, Indonesia and Singapore. In addition, she expects further investment before the end of the year.
She said: “We want to create a platform where people can find insurance plans that are suitable for themselves and businesses anywhere, anytime. There are many ways that will allow us to reach current and future customers. This is the reason that we develop the potential to integrate our products to provide opportunities for various business groups.”
Sunday claims that there are over three million SMEs in Thailand, as well as over ten million workers, representing 36% of the country’s GDP.
“Vertex Ventures SEA and India is pleased to partner with Sunday on their digital insurance journey. This is a long-awaited transformation that the insurance industry must undertake given the confluence of technology and data. If e-commerce can provide dynamic pricing, then a digital insurer like Sunday can provide personalised premium pricing depending on insights into consumers’ behaviour and needs. As part of the insurance journey revolves around claims experience, Sunday’s integrated technology platform will enable a more seamless claims experience, where pay-out will be carried out efficiently,” said Chua Kee Lock, Managing Partner at Vertex Ventures SEA and India.
Thailand
There are also other firms expanding into the region. Munich Re has bolstered its presence in Asia by opening a new representative office in Bangkok, Thailand in February 2019.
Commenting on the move, Munich Re Asia Pacific – Japan, Korea, India and South East Asia chief executive Roland Eckl said: “We see Thailand as a strategic growth market in South East Asia, where we have made a long term commitment to our clients.
“This new milestone will enable us to enhance our existing relationships with local and international insurers and develop new partnerships here in 2019 and beyond.”
However, despite some firms expanding into Thailand, others are not so keen. IAG agreed to divest its Thai and also Indonesian insurance businesses to Japan-based insurance form Tokio Marine, in a deal worth A$525m ($388m).
Under the terms of the agreement, Tokio Marine & Nichido Fire Insurance, a unit of the Japanese company, will buy IAG’s 98.6% in Thailand’s Safety Insurance and 80% of PT Asuransi Parolamas in Indonesia.
