Vertex Ventures Southeast Asia and India led the Series A investment in Thailand-based startup for on-demand and personalised digital insurance
Thailand-based insurtech firm Sunday has announced today that it has secured US$10 million Series A funding in a round led by Vertex Ventures Southeast Asia and India. Aside from funding, Sunday also shares its equity with an unnamed insurance group that in return contributes its general insurance license for the company.
Sunday describes itself as an integrated sales and services platform designed to shift the insurance value chain where the nature of risks progress towards a digital economy. The company argues that Incumbent insurers currently act only as risk aggregators with limited understanding of capabilities to meet customers’ needs.
In bridging this gap, Sunday uses data and technology to try to reboot insurance to meet these demands, so that insurance is always affordable and available anytime anywhere
The company’s approach is driven by its AI-based and machine learning risk-prediction model, where it currently uses more variables for feature engineering with more accurate risk-pricing in real time. Using multiple dimensions of an individual risk profile, the company is able to offer more personalised and affordable coverages for every customer segment.
Personalised insurance by the insurtech has covered over a hundred variations of products and platforms, ranging from niche risks such as extended warranty and flight delay to more complex coverages such as auto and health insurance.
The company offers its personalised products and claims services via its partnership ecosystems comprising leading players from the auto, telecommunications, retail, and travel industries.
Other products by Sunday include its personalized employee health benefits and real-time claims management solutions, which seek to penetrate the three million local SMEs with over 10 million workforces, generating over 36 per cent of Thailand’s GDP.
Cindy Kua, co-founder, and CEO of Sunday gave her thoughts on how the insurance industry has gaps that need to be solved to eliminate pain points in customer journey and to meet customers on-demand needs.
“We believe the only way to solve it is to own and simplify the entire value chain using data and technology. We want to create a platform where people are able to find any insurance for themselves and their businesses at any time and anywhere. There is more than one way to reach customers now and in the future which is why we Sunday also integrates our solutions into various businesses and ecosystems,” said Kua.
Moreover, the representative from Vertex Venture Southeast Asia and India highlighted the e-commerce nature of dynamic pricing that can also be applied in digital insurance.
“A digital insurer like Sunday can provide personalized premium pricing depending on insights into consumers’ behavior and needs. As part of the insurance journey revolves around claims experience, we believe 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.
The plan for the company after the funding would be expanding operations to other markets such as Malaysia, Indonesia, and Singapore, as well as raising significant funding round for its expansion towards the end of this year.
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