Sunday Insurtech Raises $45M Series B - Tencent Invests

Sunday Secures $45 Million Series B Funding

Bangkok-based insurtech company, Sunday, has announced the successful completion of a $45 million Series B funding round. This investment was led by a diverse group of investors, including Tencent, SCB 10X, Vertex Growth, and Vertex Ventures Southeast Asia & India.

Granite Oak, Quona Capital, Aflac Ventures, and Z Venture Capital also participated in the round. Sunday reported that the funding exceeded initial targets and that the company experienced a doubling of revenue growth throughout 2020.

Company Overview and Products

Established in 2017, Sunday operates as a “full-stack” insurtech provider. This means the company manages all aspects of the insurance process, from initial underwriting to the final distribution of policies.

Currently, Sunday’s product offerings encompass motor and travel insurance, available for direct purchase online. Additionally, they provide Sunday Health for Business, a comprehensive healthcare benefits solution designed for employers.

The company also facilitates the provision of subscription-based smartphone plans through strategic partnerships.

Leveraging AI and Machine Learning

Sunday utilizes advanced AI and machine-learning technologies in the underwriting of both its motor insurance and employee health benefit products. These data-driven models enable automated pricing and facilitate the scaling of underwriting operations for intricate risk assessments.

The company presently serves a customer base of 1.6 million individuals.

Future Expansion Plans

The newly acquired funding will be strategically allocated towards expansion into the Indonesian market. Furthermore, Sunday intends to cultivate new distribution channels, including collaborations with insurance agents and small and medium-sized enterprises (SMEs).

Southeast Asian Insurance Market

Despite relatively low insurance penetration rates in many Southeast Asian countries, particularly Indonesia, the industry is experiencing significant growth. This is fueled by increasing consumer awareness and a growing understanding of financial security.

The COVID-19 pandemic has further accelerated interest in financial planning, with a notable increase in demand for both investment and insurance products, especially health coverage.

Other Indonesian insurtech companies that have recently attracted investment include Lifepal, PasarPolis, Qoala, and Fuse.

CEO Statement

Cindy Kuo, co-founder and CEO of Sunday, stated, “Consumer awareness regarding health insurance is projected to continue its upward trajectory. We anticipate a greater openness among consumers to explore insurance options online.”

She further added, “Our plans involve expanding our platform architecture to offer retail insurance to our health members and partners, while simultaneously continuing to broaden our portfolio in both Thailand and Indonesia.”

Note: Granite Oak was added to the list of investors following initial publication.