Tencent Invests $45 Million in Bangkok Insurtech Start-Up Sunday
Sunday; An insurance business based in Bangkok has announced a $45 million Series B funding round according to the Bangkok-based ai 45m series tencentshutechcrunch. Tencent, SCB 10X, Vertex Growth, Vertex Ventures Southeast Asia and India, Granite Oak, Quona Capital, Aflac Ventures along with Z Venture Capital are among the companies that have made investments. As per the firm, this investment was not fully re-subscribed and the growth of revenue in 2020 will be doubled.
Sunday, founded in the year 2017 it is described as a “full-stack” insurance, which means that it handles everything from underwriting to distribution. The current offerings include online-only automobile and travel insurance policies along with Sunday Health for Business, a health insurance program designed for businesses. Sunday also partners with other companies to offer subscription-based smartphone apps.
The company utilizes AI and machine-learning-based technology to sell its motor insurance and employee health benefits products and told that its data models also ensure automated pricing and scale its underwriting process for complex risks. According to the company’s data, Sunday is currently providing services to 1.6 million customers.
The funding increase will aid in the expansion of the company to countries like Indonesia and create new distribution channels, including insurance agents SMEs, insurance agents, and more. The reach of insurance is limited in many Southeast Asian markets like Indonesia However, the business is growing due to the increased awareness of consumers. In addition, the emergence of the pandemic Covid-19 has also brought attention to aspects like insurance, investment health insurance financial planning, and many more.
Other startups are insurance from Indonesia which has recently raised money including Lifespan, PasarPolis, Qoala, and Fuse. “Awareness for health insurance will continue to expand, and we expect more people will be open to shopping for insurance online,” stated Sunday’s founder as well as CEO Cindy Kuo in an official statement. As we continue to expand our coverage of insurance products in Thailand and Indonesia we are also looking to build a platform to provide insurance at a retail price to our healthcare members and our partners.”