Sunday raises US$9M to grow its AI-powered insurance business in Thailand, Indonesia
Sunday, a full-stack insurtech startup based in Thailand, has raised US$9 million in pre-Series B bridge round of funding led by SCB 10X, the venture capital arm of the Siam Commercial Bank.
New and existing investors, including Vertex Ventures (Southeast Asia and India), Quona Capital, and LINE Ventures, also participated.
The Bangkok-headquartered firm aims to deploy the new capital to support its rapid growth plans in Thailand and Indonesia, while deepening its proprietary employee benefits platform and superapp ‘Sunday Service’ for health and motor insurance products and services.
Launched in 2017, Sunday uses Artificial Intelligence/Machine Learning and digital platforms to offer personalised insurance products and services “that suit all types of individual and business risks”. It has developed risk prediction algorithms that power its premium pricing and recommendation engines for health and motor coverages.
The insurance venture also offers self-services, such as disease symptom checker on the Sunday Service platform. Claims notification for vehicle damages is also available to make claim journey easier.
According to Sunday, corporates and small and medium enterprises (SMEs) are deeply rooted in its business model as it is the number one requested employee benefits globally.
In addition, telemedicine service is available through API integration with its provider-partners. Medication delivery service will also be offered. The app also recommend suitable hospitals for customers.
Over the past two years, the company raised two rounds of funding — US$11 million Series A extension led by Quona Capital in December 2019 and US$10 million led by Vertex in February 2019.
“In times of great uncertainty, consumer demand will shift towards affordable core insurance products that truly help with risk management. As a team, we believe Sunday is uniquely positioned to deliver one-stop personalised insurance coverages and services that meet these evolving risks and growing demands from businesses and individuals in Southeast Asia,” said Sunday Co-founder and CEO Cindy Kua.