Sunday CEO and co-founder Cindy Kua
Sunday, a full-stack insurtech group in Southeast Asia, has completed the acquisition of a 99 per cent stake in KSK Insurance Indonesia for an undisclosed amount.
This collaboration allows differentiated services powered by AI/machine learning to be offered throughout the motor and health insurance through existing and new distribution channels in parallel with advanced automation of sales, customer services, underwriting and claims processes.
Also Read: Sunday raises US$9M to grow its AI-powered insurance business in Thailand, Indonesia
Sunday also looks to grow personal lines through its omni channels comprising strategic partnerships with multi finance, state-owned enterprises, telecommunications, its direct channels, and intermediary partners.
“Our immediate focus will be to extend our product solutions to all our corporate clients, partners, agents and brokers in our ecosystem to serve the growing middle income classes with better claim, lifestyle and risk prevention services,” said Sunday CEO and co-founder Cindy Kua.
Founded in 2017, Sunday is a fully integrated sales and services insurtech firm that uses AI and digital platforms to offer personalised insurance products and services that suit all individual and business risks. As of 2023, Sunday claims to have grown organically to over US$70 million premium sold across the region.
The firm has obtained approval from OJK, the financial services authority of Indonesia. Sunday first launched in Indonesia as a registered insurtech and licensed broker in 2022.
Sunday is backed by global investors including Vertex Ventures Southeast Asia and India, Quona Capital, Tencent, SCB 10X, Z Venture Capital, Vertex Growth, Aflac Ventures, OSK-SBI and KSK Ventures.
Also Read: AI’s transformative role: Making insurance accessible and affordable globally
KSK Insurance is a general insurance company offering car, property and cargo insurance through agents and brokers across Jabodetabek, Bandung, Surabaya, Medan, and Bali. As of 2023, it claims to have a gross written premium of approximately US$40 million.
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