Sunday acquires general insurer in Indonesia amplifying its full-stack insurtech model in Southeast Asia

Carmen YUEN | 07 Mar 2024

Singapore, 7 March 2024 - Sunday Ins Holding (“Sunday”), a regional full-stack insurtech group in Southeast Asia, has completed the acquisition of PT KSK Insurance Indonesia in January 2024 after obtaining approval from Otoritas Jasa Keuangan, the financial services authority of Indonesia, making it one of the largest insurtech groups fully licensed in the 2 largest general insurance markets in the region with revenue surpassing US$100 million. Sunday first launched in Indonesia as a registered insurtech and licensed broker in 2022.

Sunday’s mission is to lead as a digital-first insurance group applying AI/ML and microservices architecture to offer superior customer experience and services throughout the value chain for health, car insurance and other retail and commercial products across the region. Known for its focus on product innovation and advanced automation, the insurtech aims to grow personal lines through its omni channels comprising strategic partnerships with multifinance, state-owned enterprises, telecommunications, its direct channels and intermediary-partners. Regionally, Sunday has grown organically to more than US$70 million premium sold as of 2023 doubling its growth.

PT KSK Insurance Indonesia is a general insurance company growing consecutively above industry average at c. 35% in the past several years with a gross written premium of approximately US$ 40 million as of 2023 offering cars, property and cargo insurance through a close-knitted of leading insurance agents and brokers across Jabodetabek, Bandung, Surabaya, Medan and Bali. In collaboration with Sunday, the insurer has also generated more than US$10 million premiums in 2023 through new products and channels in health and motor verticals.

Sunday’s acquisition of a 99% stake in PT KSK Insurance Indonesia fosters growth in personal lines centered around product innovation and new alternative channels nationwide. This strategic collaboration allows differentiated services powered by AI/ML to be offered throughout motor, health insurance and other personal line products offered through existing and new distribution channels in parallel with advanced automation of sales, customer services, underwriting and claims processes.

CEO and Co-Founder of Sunday, Cindy Kua, stated, “We are extremely excited about our growth prospects and digital collaboration with the licensed insurer. This partnership signifies our deep commitment in Indonesia and mission to be a leading insurtech group in this region. 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.”

About Sunday

Founded in 2017, Sunday is a fully-integrated sales and services Insurtech that uses artificial intelligence and digital platforms to offer personalized insurance products and services that suit all individual and business risks. To reinvent the entire insurance value chain, the company provides its end-to-end solutions via its partners and proprietary distribution channels. 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.

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