“Sunday” raises $10 million fund to do fully-integrated Insure Tech Sunday, an insureTech startup, have succeeded in raising $US 10 million funding from Series A from world-class investors — Vertex Ventures SEA and India.

Sunday, an insureTech startup company of Thailand, has applied Artificial Intelligence (AI) and Machine Learning to offer innovative insurance services with integrated sales and service platforms. The company would analyze risk information and calculate insurance premiums in real time making its services more accurate than other insurance companies. Sunday also assesses individual risks as to provide insurance plans that are suitable for each customer.

At present, the company has more than one hundred insurance plans covering risks of each specific group. Its products range from the extension of the warranty period for car parts, flight delay insurance, to more complexed products such as car and health insurance for fast growing customer segment.

The company’s products and claim services have been designed to support the systems of business partners which include leading companies in automotive industry, communications, retail and tourism. This is in parallel with the company’s own business expansion plan which aims at penetrating the domestic SME market through group health insurance plans and real-time claims systems in order to penetrate the SME market which has about 3 million entrepreneurs, with more than 10 million employees, and generate more than 36 % of Thailand’s GDP.

“Southeast Asia has over 330 million internet users accounting for the 3rd largest in the world. Thai consumers spend more than 4 hours a day on the internet. We see that there are still some services that are needed by customers, but the insurance business is currently unable to meet the requirements. We believe that the only answer is we must own the business and simplify the entire value chain with information and technology. We want to create a platform where people can find insurance plans that are suitable for themselves and for their businesses anywhere, anytime,” said Ms. Cindy Kua, co-founder and Chief Executive Officer of Sunday Ins Co Ltd. As insurance is involved with claims, the company has integrated a technology platform that allows easier claims and enhances efficiency of compensation management.

Sunday plans to expand its businesses to Malaysia, Indonesia and Singapore and it expects to get more funding from foreign investors from its overseas expansion within the end of this year.