Sunday InsurTech startup raises Series A, aims to transform insurance

Breaking News February 25, 2019 16:38

By The Nation

Sunday, an InsurTech startup has raised Series A funding of US$10 million (Bt313 million), led by Vertex Ventures of Southeast Asia and India.



 

 

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Malaysia, Indonesia and Singapore are the next stops in the region for Sunday, according to the company’s release on Monday.

Redefining insurance is no easy task, but the investors behind Sunday, an under-the-radar startup, apparently believe that InsurTech has the right model. It managed to raise $10 million in its Series A funding round led by top VC firm Vertex Ventures Southeast and India.

The fundraising success has made Thailand-based InsurTech one of the emerging startups to keep an eye on.

An insurance group also owns a stake in the business and has contributed the use of its general insurance licence to the InsurTech, which gave the startup the status of an insurance company. 

Sunday is a multi-line InsurTech with fully-integrated sales and services platforms designed to reinvent the entire insurance value chain, where the nature of risk is rapidly shifting under an increasingly digital economy. Incumbent insurers currently act only as risk aggregators with a limited understanding of, and capability to meet, customers’ needs, which are rapidly evolving, the firm said in a Monday release.

With data and technology, Sunday aims to reboot insurance to meet these demands, so that insurance is always affordable and available anytime, anywhere.

“Sunday is on a mission to serve customers very differently as an InsurTech and in Southeast Asia, home to over 330 million internet users representing the third largest region globally, and with Thai consumers spending more than four hours a day on mobile internet,” said Cindy Kua, co-founder and CEO.

‘The insurance market is fragmented with huge gaps in current offerings, coupled with many pain points throughout the entire customer journey. In addition, the digital economy continues to change the way customers shop on demand,” said Kua.

“At Sunday, we believe the only way to solve this 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 anytime and anywhere. There is more than one way to reach customers now and in the future, which is why we have built capabilities to also integrate our solutions into various businesses and ecosystems,” she concluded. 

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