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Sunday, a Thailand-based full-stack insurtech firm, has closed the acquisition of KSK Insurance coverage Indonesia for an undisclosed sum.
In keeping with Sunday, the deal positions it as one of many largest totally licensed insurtech teams within the area’s two largest basic insurance coverage markets, with revenues exceeding $100m (Bt3.54bn).
KSK Insurance coverage Indonesia, a basic insurance coverage supplier, reported gross written premiums of round $40m as of 2023.
The corporate’s portfolio contains automotive, property and cargo insurance coverage, distributed by way of a community of brokers and brokers in key Indonesian cities corresponding to Jabodetabek, Bandung, Surabaya, Medan and Bali.
This acquisition, which sees Sunday taking a 99% stake in KSK Insurance coverage Indonesia, is anticipated to drive progress in private insurance coverage merchandise, specializing in innovation and different distribution channels throughout the nation.
The transfer can be anticipated to reinforce service choices with AI/ML expertise throughout motor and medical insurance, in addition to different private traces.
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Moreover, the merger will help the automation of key insurance coverage processes together with gross sales, customer support, underwriting and claims dealing with.
Based in 2017, Sunday goals to steer as a digital-first insurance coverage group by leveraging AI/ML and microservices structure.
Its technique to develop private traces entails an omni-channel method, together with partnerships with multifinance corporations, state-owned enterprises, telecommunications, direct channels and intermediaries.
Sunday CEO and co-founder Cindy Kua mentioned: “We’re extraordinarily enthusiastic about our progress prospects and digital collaboration with the licensed insurer. This partnership signifies our deep dedication in Indonesia and mission to be a number one insurtech group on this area.
“Our speedy focus shall be to increase our product options to all our company shoppers, companions, brokers and brokers in our ecosystem to serve the rising center revenue lessons with higher declare, way of life and threat prevention providers.”
In September 2021, Sunday attracted $45m in its Collection B funding spherical.
Aflac Ventures, Granite Oak, Quona Capital, SCB 10X, Tencent, Vertex Progress, Vertex Ventures Southeast Asia & India and Z Enterprise Capital participated within the spherical.
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