Thai insurtech Sunday bags $45m in Series B

Investors in the round include Tencent, SCB 10X, Vertex Growth.

Thailand-based insurance technology, Sunday, has raised $45m in a Series B funding round led by investors such as Tencent, SCB 10X, Vertex Growth, Vertex Ventures Southeast Asia & India, Quona Capital, Granite Oak, Aflac Ventures, and Z Venture Capital.

Investors had shown overwhelming interest to join the cap table alongside KSK Ventures and OSK-SBI Venture Partners and the round was oversubscribed.

Sunday plans to use the funds to expand its retail product suite comprising health insurance, protection for electronics, and motor insurance through its online platform to its existing health members, corporate, and small and medium enterprise clients and partners.

“Awareness for health insurance will continue to increase and we believe more consumers would be open to shop for insurance online. We plan to expand our platform architecture to offer retail insurance to our health members and partners while we continue to grow our portfolio in Thailand and Indonesia. We are honoured to have our investors on board to help us achieve our plans as a data and tech-driven player in Asia.”, said Cindy Kua, CEO and co-founder of Sunday.

Founded in Bangkok in August 2017, the company adopts artificial intelligence and machine learning to underwrite its motor insurance and employee health benefits product whilst deploying an HR administrative platform for its corporate clients and superapp for its everyday members to access cashless primary care and manage their coverages. 

In 2020, the company doubled its revenue and served a total of 1.6 million customers with over 90,000 current health members from its banking, manufacturing and retailers, and services sectors. 

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The digital payments platform has teamed up with bolttech for this latest project.
Digital personal P&C insurance penetration rate in the region is at 1%-2%.
Recent increase in new auto sales help get the industry back to the growth path.
The startup was launched in September last year.
The insurer recently obtained the necessary license from CAAS.
Rey will work with AXA to remove friction from its cashless claims platform.
Ratings firm AM Best, however, cautions insurers to be careful of underwriting risks.
Cigna has operations in seven markets in Asia-Pacific.
The insurers avoided coughing up an estimated A$10b in payouts.
This is in partnership with medical home care provider Speedoc.
This marks the 10th market the insurance firm has entered.
They aim to create a seamless and personalised experience for customers.
The merger will form Taiwan’s second-largest financial holding corporation.
Natural disasters, drop in sales are main risks SMEs could suffer from.