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December 12, 2019

Insurtech start-up Sunday raises $11m in Series A funding round

Thailand-based insurtech start-up Sunday has raised $11m in the extension of Series A financing round.

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The round was led by fintech venture capital (VC) firm Quona Capital, along with Temasek-backed investor Vertex Ventures.

Including the fund raise in the latest round, Sunday has raised a total of $21m in the Series A round. Earlier, it rake in $10m in round that was led by Vertex Ventures.

The Thai insurtech plans to use the money to expand its operations and add new features to its proprietary core technology.

Sunday’s proprietary core technology leverages machine learning to determine insurance premiums for health, motor, and travel policies in real-time.

Sunday co-founder and CEO Cindy Kua said: “Over the last two years, Sunday has been focussed on redesigning the entire insurance journey using data and technology.

“Today we’re able to deliver personalised coverage and superior customer experiences from initial insurance purchase all the way through to any claims, whether on the Sunday system or through its partner channels.”

Quona Capital co-founder and managing partner Ganesh Rengaswamy stated: “Insurance is such a vital part of how people all over the world achieve financial resilience.

“Quona Capital is proud to back Sunday to not only make insurance more readily available to Thailand and other parts of Southeast Asia but to do so in a way that is consumer-friendly, fairly priced and transparent for users.”

Lanched in 2017, Sunday using its machine-learning risk prediction engines provides end-to-end insurance products and services.

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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