Sunday's "Full-Stack" Insurtech Platform Intensifies Expansion in Indonesia

insurtech platform full stack from Thailand, Sunday wants to reach more users, both individuals and corporations, in the Indonesian market.

Little information, Sunday was founded in 2017 and is under the auspices holding company in finance and technology, Singapore-based Sunday Ins Holdings.

"The reason we chose the name Sunday is because we wanted to be brand simple and doable recounts with future generations," Sunday Co-founder and CEO Cindy Kua told DailySocial.id.

Cindy explained further about the development of Sunday and its business plans in Indonesia to enrich the broader insurtech ecosystem.

Sundays position

Officially launched in Indonesia this year, Sunday offers a number of insurance products, ranging from policies for motor vehicles and travel, Sunday Health for Business, to health protection programs for employers by making it easier to submit customer insurance claims. In addition, Sunday offers packages smartphone subscription based through partners.

As an insurtech full stack, Sunday has a differentiating value compared to similar players who apply the concept of Managing General Agent (MGA) or insurtech which targets the B2B segment. In Indonesia, this model is used by several startups, such as PasarPolis, Qoalaand Safe.

"Because of us full stack, we operate like an insurance company. We monetize via underwriting, we manage everything. That's the reason we are under OJK regulations. We have to make sure we can pay our customers' claims," ​​said Cindy.

According to Cindy, conventional insurance companies do have a license to process underwriting, but they don't have the flexibility to digitally transform. Currently, Sunday has provided more than 1 million policies and actively protects more than 100.000 health insurance customers.

"Conventional banks and insurance companies need years to be able to transform into adopting technology. Sundah, as a technology company, cannot wait. We have to keep pace with consumers," he said.

Technology implementation

By adopting AI and machine learning, Sunday seeks to strengthen business process and more product development personalized, to strengthen aspects compliance data and security.

In addition, Sunday's data is stored in microservices architecture thereby enabling it to adopt different technologies in the future. For example, blockchain and its derivatives. "We're building an architecture that allows us to deploy AI and machine learningg."

Currently, Sunday has placed a number of local human resources in Indonesia to expand services and reach more users. For the initial stage, Sunday has just partnered with Pegadaian in Indonesia for the program employee benefits. Sunday is also intensifying strategic partnerships with technology companies, such as used car platforms and logistics.

For information, Sunday has secured series B funding worth $75 million from KSK Ventures, Vertex Ventures, Quona Capital, Tencent, SCB10X, LINE Ventures, Z Venture Capital, Granite Oak, Aflac Ventures, and OSK-SBI Venture Partners.