Digital insurance platform Sunday has scored big with investors, raising $10 million in a Series A funding round led by Vertex Ventures Southeast Asia and India.
Based in Thailand, Sunday’s platform offers customizable non-life insurance products through an artificial intelligence-driven risk-prediction model. The insurtech firm also offers employee health benefits and claims management products for small and medium enterprises.
The company said that it will use the investment to expand its data team and grow its research and development efforts.
“If e-commerce can provide dynamic pricing, then a digital insurer like Sunday can provide personalized premium pricing depending on insights into consumers’ behaviour and needs,” said Chua Kee Lock, managing partner at Vertex Ventures Southeast Asia and India.
“As part of the insurance journey revolves around claims experience, Sunday’s integrated technology platform will enable a more seamless claims experience, where payout will be carried out efficiently.”
Moving forward, Sunday has ambitious plans to expand its footprint to key Southeast Asian markets, including Singapore, Malaysia, and Indonesia.
“We felt that piloting and testing our business model in Thailand makes sense since this market is one of the most fragmented when it comes to insurance,” Cindy Kua, co-founder and CEO of Sunday, told The Business Times. “If our business model works in Thailand, we are confident it will work for other Asian markets.”