Sunday, a Bangkok-based fully-integrated gross sales and companies insurtech startup, disclosed right this moment it has secured US$45 million in an oversubscribed Collection B financing spherical.
New and present traders joined the spherical, together with Tencent, SCB 10X, Vertex Progress, Vertex Ventures Southeast Asia & India, Quona Capital, Aflac Ventures, and Z Enterprise Capital.
As per the press assertion, Sunday will use the cash to strengthen its on-line platform structure to supply a retail product suite comprising medical insurance and electronics and motor insurance coverage safety.
Additionally learn: Why now’s the appropriate time for disruption within the insurance coverage trade?
The startup additionally intends to develop its portfolio to Indonesia and prolong its product and platforms to insurance coverage brokers, SMEs and companions.
“Consciousness for medical insurance will proceed to extend, and we consider extra customers could be open to buy insurance coverage on-line,” stated Cindy Kua, CEO and co-founder of Sunday.
Based in Bangkok in 2017, Sunday goals to unravel the present inefficiencies of the entire insurance coverage worth chain, from the event of disruptive merchandise, quicker advanced declare settlements to a preventative strategy.
Its USP is the end-to-end insurance coverage worth chain, from underwriting to distribution of personalised insurance coverage services and products.
Capitalising on its handcrafted AI engine, Sunday can scale its underwriting course of for advanced dangers of each people and companies, automate pricing, and early display screen and detect signs by means of AI chatbot.
It additionally gives an HR administrative platform for company purchasers and a super-app for on a regular basis members to entry cashless main care and handle their coverages.
Apart from, the corporate distributes subscription-based smartphone care and insurance coverage by means of its accomplice community.
“With our sturdy analytics basis, we’re nicely geared up to scale our capabilities to swiftly reply to the danger and buyer expectations which can be altering quickly,” stated Suradej Panich, chief information scientist of Sunday.
Additionally Learn: Sunday raises US$9M to develop its AI-powered insurance coverage enterprise in Thailand, Indonesia
The platform claims to have clocked a complete of 1.6 million prospects with over 90,000 present well being members from its banking, manufacturing and retailers, and companies sectors. Its income doubled in 2020.
Final 12 months, Sunday obtained US$9 million in a pre-Collection B spherical led by Siam Industrial Financial institution’s enterprise arm SCB 10X.
In recent times, insurance coverage tech startups have drawn consideration because the pandemic put a lot of individuals’s deal with healthcare. Whereas insurers suffered from a loss of round US$55 billion on account of COVID-19, international traders nonetheless funded insurtech companies to the tune of US$7.5 billion final 12 months and had been anticipated to speed up within the Southeast Asia market in 2021.
Vietnam’s Medici, Indonesia’s Fuse and Lifepal, Thailand’s Fairdee and Singapore’s Bolttech are some outstanding insurtech startups which have obtained funding in 2021.
In April, Malaysian early-stage VC agency 1337 Ventures and pan-Asian insurance coverage agency FWD Insurance coverage joined palms to launch a bi-annual pre-accelerator programme for Malaysian fintech and insurtech startups.
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Picture credit score: Sunday
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