Sunday, a leading full-stack insurtech has raised a USD 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.
As the first Southeast Asia insurtech with an underwriting licence within their group, Sunday is able to own the full customer journey to offer more comprehensive and creative products, and after-sales services compared to its peers.
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.
Sunday is a fully-integrated sales and services insurtech that uses artificial intelligence and digital platforms to offer personalised insurance products and services that suit all types of individual and business risks. Here to reinvent the entire insurance value chain, the company offers its end-to-end solutions via its partners and proprietary distribution channels.
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