Wednesday, 23 September 2020

Sunday raises $ 9 million led by SCB 10X, venture capital arm of Siam Commercial Bank

Sunday, a full-stack insurtech has raised a $ 9 million pre-series B bridge round despite Covid-19 outbreak and global economic recession. The round was led by SCB 10X, the venture capital arm of the Siam Commercial Bank PCL (SCB), with participation from new and existing investors Vertex Ventures Southeast Asia and India, Quona Capital and LINE Ventures.

Sunday aims to deploy the new capital to support its rapid growth plans in Thailand and Indonesia while deepening its proprietary employee benefits platform and superapp - Sunday Service - for health and motor insurance products and services. The multi-line insurtech applies data models and technology to provide comprehensive products and services across the whole insurance value chain. It utilises machine learning to develop risk prediction algorithms that power its premium pricing and recommendation engines for health and motor coverages.

“In times of great uncertainty, consumer demand will shift towards affordable core insurance products that truly help with risk management. As a team, we believe Sunday is uniquely positioned to deliver one-stop personalised insurance coverages and services that meet these evolving risks and growing demands from businesses and individuals in Southeast Asia.” said Sunday co-founder and CEO Cindy Kua. “We are excited to push through our mission to build an insurance group that is truly adaptive and most importantly, always there for people in times of need. We are honoured to be supported by a strong team of global investors with the addition of SCB 10X as our latest partner as we expand our market beyond Thailand starting with Indonesia.”

“SCB 10X is proud to be part of Sunday’s journey in Thailand and Southeast Asia. Southeast Asia has more than 360 million internet users, who are the most engaged mobile internet users in the world. This makes it an attractive market for InsurTech companies to offer online personalized products. Utilising data and AI, Sunday is bringing its full-stack, affordable, always available, and personalized insurance products to fit the needs of consumers in the region. In SCB 10X’s perspective, owning the insurance value chain end-to-end is a unique differentiating factor for Sunday among InsurTech companies”, said Mukaya (Tai) Panich, Chief Venture and Investment Officer, SCB 10X Founded in Thailand in 2017, Sunday has scaled its health, motor, and electronics device protection book through its direct B2B channel and B2B2C partners. The insurtech has steadily grown since launch and is on track to achieving 100% revenue growth despite the lockdown measures and challenging economic environment due to the COVID-19 pandemic. Sunday offers self-services such as disease symptom checker, driven by its proprietary machine learning engine, on its superapp – Sunday Service. Claims notification for vehicle damages is available to make claim journey easier on the same app. Corporates and SMEs are deeply rooted in Sunday’s business model as it is the number one requested employee benefits globally. In a very short time, Sunday manages over 100,000 active health members and believes demand for health insurance will remain robust post- COVID.

Telemedicine service is available through API integration with its provider-partners, completing the digital insurance and healthcare ecosystem for its members. Medication delivery service will be offered, while recommended hospital, an in-app feature that is directly synced with customer coverage limit will recommend suitable hospitals for them.

Re-disseminated by The Asian Banker

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