Sunday acquires general insurer in Indonesia amplifying its full-stack insurtech model in Southeast Asia

Sunday Ins Holding (“Sunday”), a regional full-stack insurtech group in Southeast Asia, has completed the acquisition of PT KSK Insurance Indonesia in January 2024 after obtaining approval from Otoritas Jasa Keuangan, the financial services authority of Indonesia, making it one of the largest insurtech groups fully licensed in the 2 largest general insurance markets in the region with revenue surpassing US$100 million. Sunday first launched in Indonesia as a registered insurtech and licensed broker in 2022.

Sunday’s mission is to lead a digital-first insurance group applying AI/ML and microservices architecture to offer superior customer experience and services throughout the value chain for health, car insurance, and other retail and commercial products across the region. Known for its focus on product innovation and advanced automation, the insurtech aims to grow personal lines through its omni channels comprising strategic partnerships with multifinance, state-owned enterprises, telecommunications, its direct channels, and intermediary-partners. Regionally, Sunday has grown organically to more than US $70 million premium sold as of 2023 doubling its growth.

PT KSK Insurance Indonesia is a general insurance company growing consecutively above the industry average at c. 35% in the past several years with a gross written premium of approximately US $40 million as of 2023 offering cars, property, and cargo insurance through close-knitted leading insurance agents and brokers across Jabodetabek, Bandung, Surabaya, Medan, and Bali. In collaboration with Sunday, the insurer has also generated more than US $10 million in premiums in 2023 through new products and channels in health and motor verticals.

Sunday’s acquisition of a 99% stake in PT KSK Insurance Indonesia fosters growth in personal lines centered around product innovation and new alternative channels nationwide. This strategic collaboration allows differentiated services powered by AI/ML to be offered throughout the motor, health insurance, and other personal line products offered through existing and new distribution channels in parallel with advanced automation of sales, customer services, underwriting, and claims processes.

CEO and Co-Founder of Sunday, Cindy Kua, stated, “We are extremely excited about our growth prospects and digital collaboration with the licensed insurer. This partnership signifies our deep commitment to Indonesia and our mission to be a leading insurtech group in this region. Our immediate focus will be to extend our product solutions to all our corporate clients, partners, agents, and brokers in our ecosystem to serve the growing middle-income classes with better claim, lifestyle, and risk prevention services.”