Age and health risks often determine the type of insurance policies agents push to consumers. Frequently, consumers don’t understand what they’re buying into, and the insurance claims process can be off-putting as well.
Cindy Kua, co-founder and CEO of Thailand-based insurtech startup Sunday, claims that incumbent insurers only act as risk aggregators with limited understanding of how to meet their customers’ needs.
“We want to reinvent the entire insurance value chain. The nature of risks is rapidly shifting as we progress towards a digital economy,” she explains.
To help its ambitions, the startup has raised US$10 million in a series A round led by Vertex Ventures Southeast Asia and India.
Sunday uses AI and machine learning to offer personalized insurance products for all kinds of business and individual risks. It also offers “more accurate” risk-pricing in real time.
The company will use the money to bolster its tech and data team, as well as bankroll its research and development activities.
Sunday plans to broaden its operations beyond Thailand, with Malaysia, Indonesia, and Singapore in the pipeline. The startup aims to raise a significant amount of funding for its expansion by end-2019.
Source: Tech in Asia