Thailand-based Sunday raises $10 Mn from Vertex Ventures SEA and India
Bangkok-based under-the-radar insuretech startup Sunday has raised $10 million in its Series A funding round, led by Vertex Ventures SEA and India. An undisclosed insurance company has also participated in the round.
Founded in August 2017 by Cindy Kua, Co-founder and CEO, Sunday is a multi-line insuretech startup offering affordable insurance. Having spent several years in the insurance industry in Southeast Asia, Kua saw the many pain points that customers face with respect to insurance, which has resulted in trust issues.
"For instance, insurance is almost pushed to customers and customers do not understand what they're buying and the claims process is a hassle," Cindy said in her statement.
These issues are what drove her to start Sunday, a full-stack insuretech player. "The insurance market is fragmented with huge gaps in current offerings, coupled with many pain points throughout the entire customer journey. In addition, the digital economy continues to change the way customers shop on-demand. At Sunday, we believe the only way to solve this is to own and simplify the entire value chain using data and technology," she explained.
Cindy Kua, CEO and Co-founder of Sunday
Besides building their brand, Sunday will use the funds to build their tech and data team. The company will also use the fund for further research and development. Chua Kee Lock, Managing Partner at Vertex Ventures SEA and India, said in a statement,
"If eCommerce can provide dynamic pricing, then a digital insurer like Sunday can provide personalized premium pricing depending on insights into consumers’ behaviour and needs. As part of the insurance journey revolves around claims experience, Sunday’s integrated technology platform will enable a more seamless claims experience, where pay-out will be carried out efficiently.”
Sunday leverages data and technology to redesign and own the full insurance value chain. The startup wants to create a platform where people are able to find any insurance for themselves and their businesses at anytime and anywhere.
"There is more than one way to reach customers now and in the future, which is why we have built capabilities to also integrate our solutions into various businesses and ecosystems,” Cindy added.
Sunday's business model, data, and technology are primarily designed for the Southeast Asian market. The startup, which currently has a 120-member team, has piloted and is testing its business model in Thailand first. "If our business model works in Thailand, we are confident it will work for other Asian markets," Cindy said.
Sunday's USP is that they offer personalised insurance and services, based on customers' lifestyle. The startup also has a licence to create its own products. It also leverages its artificial intelligence (AI) and machine learning (ML) capabilities for product development and claims services.
The startup expects to expand to Malaysia, Indonesia, and Singapore soon. Towards the end of the year, it aims to raise a significant round of funding to continue its expansion.