An overcrowded Series B fundraising round of US $45 million was announced by a Bangkok-based fully integrated sales and services insurtech firm.
Tencent, SCB 10X, Vertex Growth, Vertex Ventures Southeast Asia & India, Quona Capital, Aflac Ventures, and Z Venture Capital were among the new and current investors in the round.
Sunday is to utilize the funds to improve its web platform architecture in order to offer a retail product suite that includes health insurance, electronics, and automobile insurance cover, according to a news release.
The company also plans to expand its portfolio to Indonesia and expand its product and platform offerings to insurance brokers, small businesses, and partners.
“Awareness for health insurance will continue to increase, and we believe more consumers would be open to shop for insurance online,” said Cindy Kua, CEO, and co-founder of Sunday.
Sunday, which was founded in Bangkok in 2017, promises to eliminate inefficiencies across the whole insurance value chain, from innovative product creation to quicker complicated claim settlements to a proactive strategy.
The company’s USP is the end-to-end insurance value chain, which includes everything from underwriting to the distribution of individualized insurance products and services.
Sunday can expand its underwriting process for complex risks posed by people and companies, automate pricing, and screen and identify symptoms early using an AI chatbot thanks to its customized AI engine.
It also offers a super-app for daily members to obtain cashless primary care and manages their coverages, as well as an HR administrative platform for corporate clients.
In addition, the company’s partner network offers subscription-based smartphone care and insurance.
“With our strong analytics foundation, we are well equipped to scale our capabilities to swiftly respond to the risk and customer expectations that are changing rapidly,” said Suradej Panich, chief data scientist of Sunday.
The platform claims to have 1.6 million clients, with over 90,000 active health members in the banking, manufacturing, and retail, and services industries. In 2020, its income will have doubled.
Last year, Siam Commercial Bank’s venture arm SCB 10X led a $9 million pre-Series B investment for Sunday.
Insurance tech firms have gotten a lot of attention in recent years, thanks to the epidemic, which has focused a lot of people’s attention on healthcare. While insurers lost around US$55 billion as a result of COVID-19, global investors continued to finance insurtech businesses to the tune of US$7.5 billion last year, with growth predicted in the Southeast Asia market in 2021.
Insurtech firms such as Medici in Vietnam, Fuse and Lifepal in Indonesia, Fairdee in Thailand, and Bolttech in Singapore got financing in 2021.
1337 Ventures, a Malaysian early stage venture capital company, and FWD Insurance, a pan-Asian insurance corporation, teamed together in April to create a bi-annual pre-accelerator program for Malaysian fintech and insurtech firms.