, an insurtech company located in Bangkok announced that it had raised a whopping $45 million in Series B. The investors include Tencent, SCB 10X, Vertex Growth, Vertex Ventures Southeast Asia and India, Granite Oak, Quona Capital, Aflac Ventures, and Z Venture Capital. The company claims that the round was well-subscribed and that it tripled its revenue growth by 2020.
The company was founded in 2017 and is described as a “full-stack” insurtech, which means that it manages everything from underwriting to the distribution of policies. The products it offers currently include travel and motor insurance policies that are available online and Sunday Health for Business, a plan to provide healthcare coverage for employers. Sunday also provides subscription-based smartphone plans with partners.
The company uses AI and machine-learning-based technology to underwrite its motor insurance and employee health benefit products, and says its data models also allow it to automate pricing and scale its underwriting process for complex risks. Sunday claims it currently serves 1.6 million clients.
The money is intended to increase the number of SMEs the reach of Indonesia and create new distribution channels. This includes insurance agents as well as SMEs.
The percentage of people who have insurance is very low in a number of Southeast Asian markets, including Indonesia; however, the business is growing in popularity due to an increase in consumer awareness. The COVID-19 pandemic has also stimulated an interest in financial plans as well as insurance and investments, especially health insurance.
Other startups using insurtech from Indonesia that have recently received funds include Lifepal, PasarPolis, Qoala, and Fuse.
In a statement, Sunday’s CEO and cofounder Cindy Kuo said, “Awareness of health insurance will continue to grow, and we believe more people will be willing to shop for insurance online. We’re planning to expand our platform structure to provide insurance at a retail price for our health members as well as our partners as we continue to expand our coverage of insurance in Thailand as well as Indonesia.”
New update: Added Granite Oak to the list of investors.