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Simon Huang · · 5 min readInsurtech firm Sunday’s next opportunity: Thailand’s booming EV space
Sunday may be the day of rest, but there’s little time for relaxation for the Thailand-based insurtech player that goes by the same name.
In 2022, Sunday Ins Holdings, its holding company in Singapore, recorded losses before tax from continuing operations of S$10 million (US$7.5 million), nearly double the previous year’s loss of US$4.1 million, according to data platform Alternatives.pe.
While revenue figures for the holding company were not available, Sunday’s annual revenue is already in excess of US$100 million, according to a source familiar with the company who declined to be identified.
Ryuji Wolf, group CFO of Sunday, declined to comment on these numbers. He cautions that the figures from the Singapore entity “could be misleading” since it is “just a holding company” and Sunday does not operate in the city-state.
Wolf adds that the numbers for 2022 – and 2023 – do not take into account the firm’s business in Indonesia, given that it just entered the market in the past year.
Sunday, which has raised over US$75 million to date, was founded in 2017 by sisters Cindy Kua and Joanne Kua.
Sunday CEO Cindy Kua / Photo credit: Sunday
It first launched in Thailand, the largest non-life insurance market in Southeast Asia by gross written premiums.
The firm operates as a full-stack carrier, which means that in addition to distribution and claims, it also underwrites the policies it sells. Moreover, it is responsible for financing and reinsuring them.
In contrast, most insurtech startups focus on distribution and claims on policies underwritten by other insurance companies.
As a full-stack insurtech firm, Sunday owns the entire value chain. While this gives it more control over the entire process, there are trade-offs – including higher costs and regulatory barriers.
See also: Full-stack insurtech is taking over SEA
Riding with BYD
Sunday offers products in three areas of non-life insurance: health, electronic devices, and vehicles.
According to Wolf, Sunday’s business has primarily been B2B-focused, working with companies to provide health insurance to their employees. He expects this to continue being an important part of the business.
Not so Jolly
IPO and regional expansion
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While the company is still loss-making, its annual revenue may already exceed US$100 million.
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