Insurtech firm Sunday expands SEA presence with KSK Indonesia acquisition

Sunday CEO Cindy Kua / Photo credit: Sunday

Singapore-registered Sunday Ins Holdings, the holding firm for Thai insurtech firm Sunday, is strengthening its position in Southeast Asia with the acquisition of a 99% stake in KSK Insurance Indonesia.

The acquired firm offers car, property, and cargo policies with a strong presence in key Indonesian regions, including Jabodetabek, Bandung, Surabaya, Medan, and Bali.

With the acquisition, KSK Insurance will gain access to Sunday’s tech, including its AI-powered risk assessment platform. The deal will also help Sunday broaden its distribution reach in the archipelago’s insurance market.

The deal took place in January, following approval from Otoritas Jasa Keuangan, Indonesia’s financial services authority.

There were reports last year saying that Sunday was mulling an IPO in New York. However, Ryuji Wolf, group CFO of Sunday, told Tech in Asia in a previous interview that a financial debut may be a few more years away for the company.

However, the executive added that regional expansion was in the cards for the company – with markets like Vietnam and the Philippines as potential targets.

Sunday first launched in Indonesia as a registered insurtech firm and licensed broker in 2022. It operates as a full-stack carrier, which means that in addition to distribution and claims, it also underwrites the policies it sells.

See Also: Insurtech firm Sunday’s next opportunity: Thailand’s booming EV space

Correction (March 8, 2:52 pm): This article previously stated that Sunday was an alumnus of Peak XV’s Surge, while it is not. Tech in Asia regrets the error.