Thailand insurtech player Sunday gets $45m Series B
Thailand-based insurance technology start-up Sunday has received $45 million in Series B funding from a group of investors including Tencent Holdings.
Temasek Holdings-owned Vertex Growth and Vertex Southeast Asia & India also participated. They were joined by SCB 10X, the VC arm of Siam Commercial Bank, as well as Quona Capital, Granite Oak, Aflac Ventures, and Z Venture Capital.
Sunday aims to provide personalized motor insurance and employee health benefits products via what it calls a “handcrafted” artificial intelligence (AI) engine able to solve inefficiencies across the insurance value chain. The company claims to leverage dynamic data models to automate pricing and scale its underwriting process for complex risks.
Additional offerings include an AI chatbot for early symptoms detection screening, an HR administrative platform for corporate clients, and an app that allows individual members to access cashless primary care and manage their coverages. The fresh capital will be used to expand the retail product suite – currently comprising health, electronics, and motor insurance.
“Owning the insurance value chain end-to-end, from underwriting all the way to distribution, is a unique differentiating factor for Sunday compared to other insurtech companies,” Mukaya Panich, chief venture and investment officer at SCB 10X, said in a statement.
“We believe in Sunday’s direction on digital innovation by using data, AI and machine learning-based optimization to serve personalized, affordable insurance products and services to the consumers in the region.”
Sunday said it doubled its revenue growth during 2020. The company has served 1.6 million customers in total and has more than 90,000 current health members across the banking, manufacturing, retail, and services sectors. It aims to accelerate an Indonesian expansion with products targeting insurance agents and small to medium-sized companies.
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