Thailand's first full-stack InsurTech group.
The Thai InsurTech platform Sunday raised $45 million (approximately 4.5 billion yen) in a Series B funding round from investors including Tencent, SCB 10X, Vertex Growth, Vertex Ventures Southeast Asia & India, Quona Capital, Aflac Ventures, and Z Venture Capital. InsurTech is a portmanteau of "insurance" and "technology," referring to the combination of insurance and technology. It is abbreviated as Insurance Technology. In the "FinTech Vision" published by the Ministry of Economy, Trade and Industry in May 2017, it is defined as "FinTech in the insurance field."
With this funding round, Sunday plans to expand its product offerings not only for existing members but also for corporate and small-to-medium-sized enterprise customers. Currently, Sunday has four main product lines: auto insurance, group health insurance, travel insurance, and electronic protection.
Founded in Bangkok in 2017, Sunday is Thailand's first full-stack InsurTech group, utilizing data modeling and advanced technology to shape insurance products and services. Leveraging artificial intelligence and machine learning, it offers personalized packages, automates pricing, and underwrites auto insurance and employee health insurance products.
In the press release, Sladjan Pantich, the Chief Data Scientist, stated that the AI engine of this platform aims to address inefficiencies in the insurance value chain, from complex claims settlements to early symptom detection. Additionally, he mentioned, "With a robust analytics infrastructure, we are well-prepared to expand our capabilities to quickly respond to rapidly changing risks and customer expectations."
Expansion into Indonesia.
Sunday has expanded into Indonesia. In 2020, it doubled its revenue growth and provided services to 1.6 million customers, including 90,000 corporate clients from various sectors such as banking, manufacturing, and retail.
Mukaya Tai Panich, Chief Venture & Investment Officer at SCB 10X, stated that owning the entire insurance value chain from underwriting to sales is a unique differentiating factor for Sunday compared to other InsurTech companies. He mentioned, "Believing in Sunday's direction towards digital innovation by leveraging optimization based on data, AI, and machine learning to provide affordable insurance products and services to regional consumers."
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