Fun days for insurtech start-up Sunday with $10m funding
Thailand-based insurtech start-up Sunday is enjoying its Monday as it has raised Series A funding of $10 million in a round led by Vertex Ventures SEA & India.
The Sunday team
Sunday offers integrated sales and services platforms. It says it provides a risk-prediction model using artificial intelligence (AI) and machine learning.
Cindy Kua, Sunday’s co-founder and CEO, says: “We want to create a platform where people are able to find any insurance for themselves and their businesses at anytime and anywhere. There is more than one way to reach customers now and, in the future, which is why we have built capabilities to also integrate our solutions into various businesses and ecosystems.”
According to Kua, South East Asia is home to over 330 million internet users – representing the third largest region globally. She reckons Thai consumers spend more than four hours a day on mobile internet.
With this large market in mind, it has launched over a hundred variations of products and platforms to cover “niche risks” such as extended warranty and flight delay to “more complex” coverages such as auto and health insurance.
Products and claims services designed are offered via its partnerships with companies from the auto, telecommunications, retail and travel industries.
In parallel, Sunday also offers personalised employee health benefits and real-time claims management solutions for Thailand’s SME market. The firm says this market comprises three million SMEs with over ten million workers, generating over 36% of Thailand’s GDP.
Looking ahead, Kua expects the insurtech firm to expand its operations to other markets in Southeast Asia, Malaysia, Indonesia and Singapore, and aims to raise “significant” funding for its expansion towards end of this year for this.
