Thailand-based insurtech startup, Sunday has raised US$ 9M in a Series B funding round held in September 2020, led by SCB 10X, the venture capital subsidiary of the Siam Commercial Bank. New and existing investors such as Vertex Ventures (Southeast Asia and India), Quona Capital, and LINE Ventures, also participated in the funding round.
The fresh funds will be used to enhance its quick growth plans in Thailand and Indonesia. It is also looking forward to using these funds to expand its exclusive employee benefits platform and app ‘Sunday Service’ for health and motor insurance products and services.
Cindy Kua and Joanne Ying Fei Kua founded the startup in 2017. Sunday offers customized digital insurance products and services that cater to the needs of all kinds of individual and business risks. It uses artificial intelligence and machine learning-driven risk prediction algorithms that control its premium pricing and suggestion engines for health and motor coverages.
Apart from its usual work, it also provides personal facilities, such as a disease symptom checker on the Sunday Service platform. Claims notification for automobile damages is also available to make the claims process easier. The startup also lays emphasis on the fact that they focus excessively on small and medium enterprises (SMEs), as they are the top-most requested “employee benefits” worldwide.
Furthermore, they also provide telemedicine service that is available through API integration with its provider-partners. The startup is also planning to offer medication delivery service. Its app also suggests appropriate hospitals for customers.
CEO Cindy Kua feels that in times of great difficulty, customer demand will be fixated towards affordable and basic insurance products. She further added that her startup Sunday is exclusively positioned to deliver one-stop customized insurance coverages and services that meet the growing risks and demands from businesses and individuals in Southeast Asia.
The startup had previously secured US$ 11M in a Series A funding round from Quona Capital and Vertex Ventures held in December 2019. It had also obtained US$ 10M from Vertex Ventures Southeast Asia and India in another Series A funding round held in August 2018.
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