Thai insurtech platform Sunday has bagged USD 45 million 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.
The firm will use the fresh capital to expand its product selection for existing members, as well as corporate and small business clients. Sunday currently has four main product lines—motor insurance, group health insurance, travel insurance, and electronic protection.
Founded in Bangkok in 2017, Sunday claims to be the first full-stack insurtech group in Thailand that uses data models and advanced technology to shape insurance products and services. It utilizes artificial intelligence and machine learning to offer personalized packages, automate pricing, and underwrite its motor insurance and employee health benefits product.
Sunday’s chief data scientist Suradej Panich said in a statement that the platform’s AI engine will solve inefficiencies in the insurance value chain, from complex claim settlement to early symptom detection. “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,” he said.
The platform recently expanded into Indonesia. In 2020, Sunday doubled its revenue growth, and it has served 1.6 million customers so far, including 90,000 enterprise clients in various sectors such as banking, manufacturing, and retail.
“Owning the insurance value chain end-to-end, from underwriting all the way to distribution, is a unique differentiating factor for Sunday compared to other insurtech companies,” said Mukaya “Tai” Panich, chief venture and investment officer of SCB 10X. “We believe in Sunday’s direction on digital innovation by using data, AI, and machine-learning-based optimization to provide affordable insurance products and services to the consumers in the region.”